Utah Investors- what have you done in RE & what's next?

Question

This Utah specific part of bigger pockets seems pretty stale and inactive. I'd love to hear from more investors in my area rather than what people are doing in Florida and Ohio....

➡️What have you accomplished in real estate up to this point, and what project or goal are you working on next? ❓

As for me, I have accomplished my first home, first long term rental out of state, and working in mortgages for the day job. Next goal is to accomplish a few house flips.

Carl Davis · Answer

Active Realtor, Just converted my previous house hack into a LTR and just purchased my third property to house hack. Looking to do a flip in the upcoming year If I can take some equity using a HELOC out of my STR in Arizona.

Account Closed · Answer

I'm an active agent in UT. We bought our primary here in 2020. This year we purchased two out of state long term rentals. Current goals are to keep building my business helping others buy real estate, as well as buying more properties in our home state & out of state market. Next move will hopefully be turning our current residence into a LTR and finding a new primary here in UT that we can house hack..

Masyn Grant Barney · Answer

Actually, no. It was an off market deal and the seller wanted $450k. I knew it was worth $500k+ so we paid him $480k with $24k commission and $6k in closing costs. Being an agent, I was able to credit that commission toward the down payment. So he got his $450k and we financed closing costs and down payment into the loan essentially. My brokerage split is just $499 + $120 transaction fee and then there were some miscellaneous closing costs above the $6k. It appraised for $525KSo being an agent definitely helped on it, but more than anything it was finding an off market deal at a good price. Deals are won in the buying, not the selling.

Scott Mac · Answer

I think Utah originally heated up several years back with the exodus from Las Vegas due to the (07) economic downturn and increase in crime.

All the way up to the Logan area.

That seems to me to have been the spark that today's fire still burns on.

Typically Real Estate Growth follows job growth (and a lot of new population moving into the area) and if we see a lot of real estate values increasing where there is not a lot of job growth those areas may be the first to suffer in a downturn (although it's total unpredictable).

Look for large scale new Job Creations--without that, it adds to your risk.

Good Luck!

Zac Stiles · Answer

@Masyn Grant Barney All three of those accomplishments are amazing! I'm guessing on number two, all the cash required more than $800 came from the HELOC? And on number three, that is probably the most difficult accomplishment at least by comparing to what others have been able to do. Great hustle, would love to connect with you and brainstorm more.

Masyn Grant Barney · Answer

I'm an agent/investor fixing up a duplex to rent out long term in Orem. I'm also fixing up my house to be ready to either rent/sell come June next year so we can get into a house hack. Trying to grow my small portfolio by 1+ properties per year.

What I have accomplished:

1. Increased primary home value by $100k and pulled out HELOC

2. Got a duplex for $45k under appraised value and $800 out of pocket

3. Closing 1 client deal per month in year 1 of being an agent

Stewart VanValkenburg · Answer

Working on my 3rd and 4th flip for this year. I have 2 out of state rentals and one one in state duplex in Sprimgville.

Duane Richards · Answer

I am particularly looking for creative financing solutions to keep moving forward, like "Subject To" or seller-finance, that I've read a bunch of forum posts and articles now on this way to obtain real estate. In my market (Utah County), as you all know, prices escalated quickly from 2020 to now, and they are declining a bit, but not very much and not quickly.

I put my first LTR (townhome new construction) under contract in 2019, closed in April 2020 right during the COVID shutdown - we were extremely nervous. But by the end of the year, we had 4 units. 2021 with cheaper loans, we closed on another 4 units (one with my son who is house-hacking near the university, and one vacation/STR in Florida). Money has become much more expensive lately, so cash flow on purchases here with the current sticker prices is pretty difficult!

I've been a bit strapped for capital enough to keep putting 25% down for a better investor interest rate, so I'm looking for more creative options. So if anyone has any pointers, I'd love to hear them. We had a condo under contract scheduled to complete in November, but with current rates, the PITI + HOA puts the monthly obligation over $2000/mo, and there is no cash flow in that deal. We are negotiating with the builder, but may just walk away from this one.

Zac Stiles · Answer

@Masyn Grant Barney epic, I like the creativity.

Utah Investors- what have you done in RE & what's next?

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