Looking to House Hack in Utah County/Salt Lake County

[Benjamin Reneer]

Hi! Newbie investor here. Looking to start by house-hacking in Utah, but the market here is wild right now -- prices are climbing and buyers are paying significantly over appraised value. I've had 4 offers not accepted. My most aggressive was offering 55k over the asking price (390 for one listed at 355), but the house went to someone who was willing to waive the appraisal contingency. Wondering if anyone out there is also dealing with the Utah market, or somewhere similarly competitive. Any thoughts on where to look to avoid competitors who have the cash to pay over appraisal?

Thanks!

[Will Fraser]

Hi @Benjamin Reneer, welcome to the BiggerPockets forums!  I'm sorry you're having this trouble, and yes this is happening all over the SLC metro.  It's been hot for a while and the inventory squeeze along with the nationwide relocation shuffle happening are putting more pressure on the Salt Lake MSA as a whole, especially Salt Lake County.

I think a fundamental retooling of how we think of offers is in order.  I did a video on this recently (here) and it's the best way I've come up with to pursue homes in a way that allows me to sleep at night AND have a solid shot at winning.