Newbie finding multi-family deals in Utah

[Jake McKay]

I am new to the REI arena and have been listening to BP podcasts and am starting to read books. I am continually shocked when I am listening to how low the purchase prices are that I am reading about - single family units under $50K, duplexes under $100K. It seems these prices are necessary to operate under the 1-2% rule, 50% rule, etc.

I'm in Utah and in areas I want to invest it seems a duplex costs 160-180 and rents for ~$700 per unit. The numbers don't seem to add up in the areas I'm looking. Do I need to look a bit farther away in different areas, do I need to stop looking at MLS for listings, or do I need to lower my standards? In Utah when I look at MLS listings the only area that seems to fit well for price is Ogden. Any locals with some advice for a rookie? Anybody for that matter.

[Anthony Vandyke]

Hey Jake

Saw your post

I am a mortgage broker here in Draper.

Utah is not the place to find $50,000 homes, or even homes that meet the 1% rule.

Most of these will be in places like Memphis, Indianapolis, Atlanta, etc.


One strategy is you can look into HOMEPATH properties. www.homepath.com.

These properties can be bought with a Homepath Non Owner Occupy Loan for as little as a 10% down payment. You could buy a nice $80,000 home in one of the cities outside of Utah for as little as a $8,000 down payment.

Good Luck