House hacking with a basement apartment Provo/Orem Utah

[Jonathan Escobar]

So it looks like in the Provo/Orem market, it is not a good time to buy multi family properties because many people are looking for them and the price to rent ratio is very very low. The only way that I could see how house hacking working is to buy a single-family house With a basement or a mother-in-law apartment and renting out the top unit.

Does anyone have any insight on whether I should buy on the MLS, or find an off market deal? Do you think this would work? How many houses would I have to analyze to find a deal that's worth it.

If I do find the house, and the closest I can get is -$400 Cash flow, it is still worth it (Married housing goes from $700-$900 a month vs. putting a down payment 3.5% down plus $400 a month in mortgage costs and expenses)?

[Jaiden Olsen]

@Jonathan Escobar, I've seen you posting a lot lately on Bigger Pockets. I think that is awesome! I'm glad you are involved online! The best piece of advice I could give you would be to get out and start attending the local REIA's (there are four of them in Utah). You will meet some incredible people and you will have plenty of networking opportunities. I would recommend meeting all the wholesalers you can and ask to be put on their buyers lists. The wholesalers in Utah are awesome resources for finding great deals! There are 2-3 great deals that hit my desk every week (both single and multi family, and even in Utah County). Make sure that when you receive these deals, interact with the wholesaler and provide feedback. Let them know why, or why not the deal fits your needs, and be ready to jump on a deal when it works for you. When the deal works, know how you are going to finance it and JUMP! These guys are great resources and will save you a lot of time and headache when finding a great deal. Once you find a deal, reach out and ask for help analyzing the deal and you will find plenty of help!

Best,

-Jaiden