Beginning Investor in SLC

[Matt C.]

Hello Everyone! My first post here!

I live in SLC - where homes have been increasing in value extremely quickly. I have already gotten into my first home in which we are renovating the basement into its own unit. We will continue to live upstairs for some time. 

Ideally, I want to get into another home ASAP to repeat the process (waiting for the 1 year mark at residence #1). I've been trying to keep track of home values out here and I've been trying to do some quick calculations to determine potential ROI. Am I missing something if I am seeing that most of the homes out here are not hitting the 2% or 50% rules? Are these rules still relevant today and in this market? Or is this just the way the market is right now? (I know this has been asked a million times in this forum, apologies for that lol).

The bottom line here for me is this: What is the strategy to get into this market and maintain a positive cashflow?

If anyone out here is interested in meeting up for coffee or a beer, I'd love to chat and pick your brain. Suffice to say that the beverage will be on me!