Real Estate Investor · Midvale, UT · Member since 2014 · 20 posts · 10 votes
Hello everyone!
Vince here, I have some experience investing in houses in Salt Lake City, Utah. Got out of the market and just held on to two rentals and a home I live in a short sale and remodeling. Ready to take the plunge and start a fix/flip in the next few months. And/or more buy and hold properties.
I came across the biggerpockets podcast/website and found sound advice. Seems like a great network to be a part of. Really looking for a utah investor/ partner that are willing to do deals together and build wealth.
One thing I really want to find is proof that there are still (70% rule)deals that everyone talks about. I have watched the market and really haven't seen any even from so-called wholesalers.
Vince -
Welcome to BP! Those type of deals will always exist, they will just be harder to find. You may just need to start a direct mail campaign or build relationships within your community so that you can get pocket listings. You want to find deals that the general investor public have not seen. And then you have to be ready to move!
Professional · Salt Lake City, UT · Member since 2008 · 38 posts · 5 votes
11y
Welcome Vince. Those deals are hard to come by in SLC. I'm sure it won't be new advice but along with BiggerPockets going to the local REIA meetings will help. But you'll need to network. You've got tens if not hundreds of folks that have been doing it for a long time looking for those same deals. Don't let that discourage you though because they are out there. You also may want to get together with a few newer agents that'll put in the leg work for/with you.
Property Manager · Bountiful, UT · Member since 2014 · 19 posts · 5 votes
11y
Hey Vince,
I'm new here as well and live in the Bountiful area. Would love to get together sometime. I am an amateur investor myself with 1 rental, but I manage apartments for a local company here and property management and leasing is my strong suit. I was hoping to purchase a multi family this year, maybe we can work together some day. Welcome, its good to know there are others like me so close!
Welcome to BP! Those type of deals will always exist, they will just be harder to find. You may just need to start a direct mail campaign or build relationships within your community so that you can get pocket listings. You want to find deals that the general investor public have not seen. And then you have to be ready to move!
Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
11y
Welcome to Biggerpockets!
We are buy and hold investors too! We invest in single family homes predominately short sales although our first was a foreclosure. WE have had no luck with 70%. We have done very well with 5-20%. We actually don't follow any of the rules. For us the key has been to create our own business plan/niche and than follow it.
We invest both locally and long distance. Our business plan in class A rentals that we highly leverage to provide the highest returns. We have small margins so we have learn to be very efficient. We are not into it for the cash flow now but long term. Therefore we invest in long term appreciating assets to preserve our cash flow.
Don't forget to check out the blogs and podcasts. Participating in the forum is a great way to network, learn and give back. Another GREAT resource is everyone's signature. MANY of us, including myself have put together a blog/website about our niche, strategy and business model. Think of them as "free" books. These are GREAT free resources too!
Look forward to seeing you around! Please feel free to pm me if I can help!
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
11y
Welcome to BP community @Vince Williams It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:
If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below. He or she will be notified of being tagged so that the conversation will continue.
Real Estate Investor · Midvale, UT · Member since 2014 · 20 posts · 10 votes
11y
thank you for all the posts already, just between the 500 miles listening to BP podcasts today and the comments I have learned so much. I had misconceptions that all investors did not want to help or willing to help for fear of future competition but that is not the case at all here. I really do welcome the help and comments.