Utah investors... I'm back! Now, how do I find a 4-plex here?

[Jim Huish]

Hey Utahns! I just moved back home to Utah after playing music in Nashville for 7 years. Chasing my music dream to Tennessee forced me to become a landlord, and during my first few years in Music City, I was able to acquire a handful of single-family rentals between TN & UT. But then the music career got serious and I was full-time, playing 100's of shows each year and managing some exciting YouTube success. But after going full-speed in entertainment for almost 4 years, the music died (my last Nashville show) on New Year's Eve (2016). So this year, I've been trying to get my real estate going again. After reading lots of new books, listening to a million podcasts, and then applying for HELOC's and Refi's through multiple lenders, I was turned down by everyone. I've been pretty dang discouraged since the start of 2017. But I just found a fantastic mortgage broker in Utah that just approved me for $300,000 (off income from my rentals)!!! So stoked! I really really want to get into multi-family, but this market is rough. Do any of you guys do multi out here? I'm dying for a 4-plex, but is there anything in the state that's still affordable ($300k), and that actually cash flows with conservative estimates? Times have changed since my last investment, and Utah is way different than Tennessee. But man, it's just sooooooo good to be home!!

[Justin Morgan]

With that said... if you are very active looking for deals, marketing, networking, and patient you will find what you're looking for.  Maybe next week, maybe next year.  Deals are created, they are not found (like the old days).  ANY area you go you will find deals, some are just harder than other areas. 

I love Southern Utah market, but deals are very hard to create and nothing is found these days.   The retail value of rentals makes it much easier to flip and "cash out" and buy 3 rentals in another market, if you choose.