Best Starter Markets in Salt Lake County, Utah

[Angel Montanez]

Hello all. I currently have approximately $1,300/month of income not invested in any market or real estate. I currently have $5,000 in capital that I am looking to invest in to real estate. My question is: what are the best starter options for me as a new investor? What are some markets/areas you have seen? (If not Utah specific your feedback is still much appreciated)

[Brittney Peabody]

Originally posted by @Angel Montanez:

@Brittney Peabody

That’s good to hear! Thank you! I really wish I got into the Utah real estate market a few years ago. I’ve thought of the idea of wholesale real estate. Are there any resources that you have that could take me through the details of closing a deal like that?

There are tons of podcast on BP about whole selling that are great resources. If you would like to learn the process, you can always work for a whole seller too. I have a friend who works for a whole seller at their own time and just makes phone calls in the phone book and asks people over the phone if he could buy their house. The basic idea of whole selling is to look for distressed properties (have you seen signs "i buy ugly houses" or heard of the app "driving for dollars" are good resources for finding distressed properties or side hustles. Find out what they want/need and then find an investor and assign the contract to them. If you find a property and need to find an investor, bigger pockets is a good resource, but also finding local real estate whole sellers who are established and teaming up with them to send out the property to their list of investors. I know Utah Whole Sale does this with clients if you bring them a property they can advertise for you for a price. 

It really is fascinating that from a starting stand point it seams hard on what to do, but when you have that first whole sell house, the more you talk to people, the more the next steps are going to be clear. Its intimidating, at least for me when I first started, but once I was in the process the next steps came easy because of my network of friends I had and the amount of resources available via online. Its like a snowball going downhill, it just keeps going with momentum. The hardest part is getting started, the second hardest is finding a property in this market! But it is possible :) Once you do though, it will all come together as you keep hustling throughout the deal.