Investing in Provo, Utah
My wife and I plan on purchasing our next investment property in four to six months, and we are looking to invest in Utah. Provo, Utah has caught our eye. I was wondering if anyone has had any success investing in the Provo area. If so, please let me know if there is anything about the market that we should keep in mind while evaluating deals.
Also, we would like to start building our team, so if you are a realtor/lender/property manager in the Provo/Salt Lake/Park City area, please feel free to message me. Many thanks.
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I'd actually recommend you avoid Provo itself. There are better deals in the surrounding cities with less zoning issues. The company I run manages 1,200 rental units from north Salt lake down to the south end of Utah County and out to Park City--everything from small condos to larger complexes--so we've been fortunate to see a good sample of returns. Provo has the BYU premium, so the cap rates are much lower and there is intense demand for investment. I prefer Pleasant Grove, Springville and a handful of other cities that still get good rental rates but stay under the radar so don't trade at such a premium. The reason the above posters are upbeat on Provo is really more a reflection on the Wasatch Front in general. The Wasatch Front is made up of several counties in and around Salt Lake and has seen incredible growth. You can get the overall stability of Utah County with better deals if you make sure to expand beyond Provo. The changes in the area are mind blowing: Utah's Last Ten Years