Newer investor in the Utah market.

[Matthew P.]

I am a newer investor in the Utah with a descent sIze HELOC to invest with. I have made 4 offers in the last two weeks on estate sale homes, all cash, closing in 4 days, 100k earnest money, with only due diligence as a contingency. These homes have been marketed as most likely needing to be torn down or as is. I have about 4 years experience as a new residential home building partner pre-2008 before the crash. I have done thorough rehab analysis on each home factoring that in my offer, but I keep getting run over with what seems to be overpaying investors with stupid money. I have stayed pretty up to date on material costs, and do not think I’m over estimating myself out of deals. Any advice? i am not afraid opportunities and know that I’ve grown and evolved even only submitting the few offers I have.

[Jackson Pontsler]

@Matthew P.

Welcome to a sellers market where people may be purchasing not to flip or invest at all but just to live in.  My wife are actively flipping in the utah market the biggest advice I can give is to keep making offers (like one every day) it took my wife and I 1.5 months and made over 30 offers.  After our 30th offer we went under contract on a property and all of a sudden one of the other houses we made an offer on came back and wanted to work with us. So roughly 35 ish offeres to get 2 deals.  Based on what I see  with us and other investors you will need to make roughly 20 offers to get a deal.  I know that can be daunting but if you just launch head first into it and have a willing agent it is possible.  Best of luck after 15 offers it because pretty normal unless there is an anomally.