Any Provo, UT Multifamily investment groups?

[Vikram Brar]

Hi All, I'm interested in Small/ medium multifamily investments in the Provo area and was wondering if there are any groups/investors that were active in that area. I'm interested in C, B- properties with value play. I would love to meet investors that are active in that area and learn more about the market there. Thank You All, Vikram

[Jack Aduwo]

Hi there @Vikram Brar, i am assuming you're referring to Provo Utah and i am guessing you're out of state investor. If you're looking for multi-family investment group in the Provo area then i would recommend you connect with @Steven Bond , i think he is working on some A or B or C class properties project in the Provo area. 

I am not sure why you're specif to just Provo but i believe there are other great areas in the Wasatch front area

I wish you best of luck. 

[Steven Bond]

Jack Aduwo thank you for the endorsement. Vikram Brar I would love to chat. All contact info is below.

[Jeffrey S. Breglio]

If you ever do get to town, the Utah Valley REIA is great. They meet monthly In Orem and have a luncheon as well. Great networking opportunity, as well as education of the local market.

Happy Investing!

Jeff

[Jeffrey S. Breglio]

Oh, and for you Utah Valley folks, there is a BP meet up on Thursday night at The Huddle on Fort Union at 6:30. It's a great event!

Jeff

[Vikram Brar]

@Jack Aduwo @Steven Bond @Jeffrey S. Breglio  Thank you all for your feedback.

Jack - Yes, i'm an out of state investor and looking to invest in the Utah market. I'm not specific on the Provo market , but due to lack of knowledge of the local market their i chose Provo as a starting point of research. I would love to know more about the. other great areas in the Wasatch front area. Thanks for Steven's reference.

Steven - I had come across your website before i posted this thread. I'm glad we could connect. I will call you tomorrow and would love to know more about the investment opportunities in the area.

Jeffrey - I'm planning to be in the area around April and would love to attend the REIA meeting in Orem. Hopefully i can align my plans around the meeting. Would love to connect with you in person.

[Steve Theobald]

I have not seen as many good deals in the Utah County area in the last 6 months compared to Salt Lake, Davis, and Tooele counties. Of course there will always be the needle in the haystack, but as an investor you want to maximize the ROI.

The Wasatch Area Real Estate Investor Association now broadcasts some of its meetings, and I would get on their radar.

http://www.wareia.com/

The benefit of the other associations is the networking.  But BP is the best I have found in this regard.

[Tim Mellor]

If you are interested in Provo, I live and work here (part time agent & investor).  Let me know if I can get you any info such as comps, active/sold listings, etc..  I'm open to partnerships and have many contacts in the area.

[Taylor Chiu]

It's not often that I see people inquiring about Provo, Utah, as an out-of-state investment spot! But I love investing in Provo/Orem myself, so I can't blame you :)

[Randy Scott]

Provo has a good future for a city with just over 110k pop.

1.  430 Million $ Hospital Expansion (2018)

2.  New Federal Court house about to break ground.

3.  New Provo Temple just opened DT Provo

4.  65k-70k college students within 3 miles of DT Provo (BYU, UVU)

5. Provo airport slowly increasing flights

6. Two separate 150 unit class A apartments under const. DT Provo

7. 108 Million bond passed Nov 2015 to improve Provo schools

8. 51k sq ft new Provo Power building under Const. 

9.  2.5% unemployment rate for Utah County (Dec 15)

10.  Utah County has a median resident age of 24 who love that Provo has Google Fiber.

There's a lot more, but that's my top ten.

[Jack Aduwo]

Hi there @Randy Scott can you please point me to where you obtain those statistics from so i can go drill deep on the details

[Randy Scott]

Provo has a good future for a city with just over 110k pop.

1. 430 Million $ Hospital Expansion (2018)

http://www.deseretnews.com/article/865630925/430M-Provo-hospital-upgrade-kicks-off-to-healthy-start.html?pg=all

2. New Federal Court house about to break ground. (70 million est)

http://www.utahbids.net/government-agencies/salt-lake/utah-division-of-facilities-constuction--management-dfcm-1104/6560342-new-provo-fourth-district-courthouse.html

3. New Provo Temple just opened DT Provo

http://fox13now.com/2016/01/04/reservations-for-provo-city-center-temple-open-house-available-now/

4. 65k-70k college students within 3 miles of DT Provo (BYU, UVU)

http://www.ksl.com/?sid=36847972&nid=148&title=uvu-now-the-largest-public-university-in-state-new-enrollment-numbers-show

5. Provo airport slowly increasing flights

http://www.sltrib.com/home/2987562-155/provo-now-utahs-no-2-airport

6. Two separate 150 unit class A apartments under const. DT Provo

http://www.provo.org/home/showdocument?id=3919
http://provomayor.com/2016/01/19/16159/

7. 108 Million bond passed Nov 2015 to improve Provo schools

http://www.heraldextra.com/news/local/voters-approve-bond-to-rebuild-provo-schools/article_98645dd2-fbca-5b8c-9889-30ffaa8d9336.html

8. 51k sq ft new Provo Power building under Const.

http://www.provo.org/home/showdocument?id=5435

9. 2.5% unemployment rate for Utah County (Dec 15)

https://research.stlouisfed.org/fred2/series/UTUTAH9URN

10. Utah County has a median resident age of 24 who love that Provo has Google Fiber.

http://www.city-data.com/county/Utah_County-UT.html

There's a lot more, but that's my top ten.

They also built one of the nicest, most financially successful Rec Centers in the country.

This should give you a general idea.

[Sothea K.]

@Taylor Chiu Hello Taylor, I would love to chat about your investments in Provo if you have some time.

[Hardik Patel]

@Vikram Brar Hi Vikram, seems like its been over 2 years since this post from you.. would you mind sharing how has your investment interest in Utah market turned out? if you took a different route.. it would be interesting to know about as well. 

[Dan Handford]

I was just in Provo, UT a couple months ago and the area has a great vibe. Seems to be a great market! Another hidden gem for out of state investors. Shhhh...let's not tell anyone else. :-)

[Vikram Brar]

@Hardik Patel It's mostly a university town and we found a limited inventory of medium to large multi-family in Provo. It is a great area for new development. One of my friends did a new mixed-use construction in the area and he is happy with it. 

We personally did not end up investing there and are currently investing in Arizona. We can chat more I will send you my number.

[Joel Brown]

Provo is a great place and will not likely drop much even in a downturn (I have 2 buy and hold rentals there now) Trying to cash flow any new purchases in Provo is extremely difficult unless you buy condemned property and rehab it all your self (and don't mind still paying $150/sq ft for that) There are to many wanting to pay too much and gamble on appreciation. I'm not playing that game but still keep an eye on the new listings. I think there are a lot better options for a better return. 

The city is cracking down on rentals and so we are seeing more that were rented illegally hitting the market. If they appreciate your taxes increase and you cash flow is further in the red. Great city though!

[Taylor Chiu]

@Sothea K. My pleasure, feel free to send me a pm

[Kyle Costa]

@Jeffrey S. Breglio when are where are these meet ups? I live in Salt Lake but looking to buy in Provo.

[Jeffrey S. Breglio]

You can google Utah REIA, Salt Lake REIA, Utah Valley REIA. Their main monthly meetings and luncheons or other meet ups will be on their websites. I host the downtown luncheon for SLREIA on the third Friday of each month at Legends Sports Grill in SLC. You can find that on the Events page on my website, along with any other webinar or event that I am teaching at. So that is always a good place to start.

Happy Investing!

Jeff

[Daniel Densley]

@Jeffrey S. Breglio your website isn't working. Do I need to RSVP to the monthly meeting?

[Jeffrey S. Breglio]

you do not need to RSVP to the SLREIA Downtown Luncheon. It's just an event on the calendar. For my other events, there is a registration process by purchasing the product in the store.