All Forum Posts by: Andy Okamoto

Hey all!

I'm Andy, a recent University of Utah Computer Science graduate and now a full-time, 100% remote software engineer. I bought my first house-hack SFH property in Sandy, Utah in 2022 where I currently reside.

I am now 22, single and have enough saved for another down payment (targeting small multi-family). The combination of interest rates + high prices is making me consider moving to a more affordable market. Although my income is great for my first job out of college, I've talked to a couple lenders in Salt Lake City and got the feeling my salary (~85k) will not be enough without bringing a larger (~20%) downpayment. This larger downpayment would require me to liquidate stocks which I am not too keen of doing at the moment.

As an active listener of the BiggerPockets podcast, I'm well aware that midwest markets like Indianapolis, Cleveland, etc. are the "top" markets these days in terms of current growth + affordability. I am very interested in potentially moving/buying in these markets next to universities or areas with high job growth potential.

I am looking for advice/direction on what you would do in my position. My current 10 year goal is to get to 10k a month in cash flow. I greatly appreciate all responses and will take each into careful consideration.

Best,

Andy Okamoto

Hey everyone! My name is Andy Okamoto and I'm currently a junior at the University of Utah in Computer Science. I am currently house hacking a Single Family Home in Sandy, Utah (Room Rental Model) but, I want to invest in Multi-Family properties after I graduate in the Spring 2024. I was wondering if anyone has any REI groups that a 21 year old like me could attend. I am passionate about about RE, Investing, Software and Entrepreneurship!

@Chris Winslow Thanks so much! I can definitely feel a little bit of my nerves coming in and thinking a lot about the "what ifs". But, as long as I keep the rooms occupied with quality tenants, I will be about break even when I'm living there and cash flowing when I move out (in a great area in Utah!). 

I'm definitely going to check out those apps. I'm a software guy so I was considering making my own app haha! (Probably not worth it since reinventing the wheel is not too useful).

I agree with you on that. For me getting students would be most ideal but, unfortunately its about a 25 minute drive to campus which isn't very appealing to students. But, young and single people who are responsible will work for me! My biggest obstacle is to just keep the rooms occupied with quality tenants (who come in all shapes and sizes)!

Thanks so much for your input Chris, I'd love to connect so I sent a friend request!

Agreed!

@Forester Tesche Thanks for your reply David! I would love to chat and talk about your experiences! Also, maybe a little more about the SLREIA!

@Leo R. Sorry for the late reply but, I really appreciate your insight. While I am living in the home, I will be making a payment of roughly $300 - $400 a month which is very easy for me to do. Then, once I move out I should be cash flowing (as long as I keep the rooms occupied).

Hey BP Community! I'm excited to announce that I am currently under contract for my first home (house hack) at 20 years old! I am a current college student at the University of Utah and plan to do single room rentals while I take up one room. A couple questions regarding the landlord side,

1) From your guys' experience, have you found including the utilities in the rent for a flat rate was worth the time it would save calculating utilities for each person? (Divide total cost of utilities amongst every tenant in home).
2) Also, what is your guys' favorite way for collecting rent efficiently? I've heard Rentler is popular but, just wanted the opinions from people with more experience than me!

3) For doing room rentals, do you guys advise picking a specific "niche" of tenants? For example, only college students... (Without breaking tenant discrimination laws)

Thanks so much for any responses! If you are in the Salt Lake Valley, I would love to chat real estate!

@Theresa Harris Thanks so much for your input! Yes I have been analyzing a lot of deals but what makes me hesitate are metrics like the Cash on Cash, Cap Rate, etc. I'm a number guy so seeing a Cash on Cash in the 4-6% doesn't excite me. I want to scale and I want to scale fast to eventually get into apartment complexes and commercial real estate.

I'm just stuck on what kinds of returns I can expect in this market and what kind of returns I should be shooting for to get to where I want to be. Then how!

@Nicholas L. I currently live for free since my parent's home is close to my University so there there isn't necessarily a "rush" to get in so to speak. I am currently working my side hustles to continue to save and invest. Once I get a full time job in software in 2 years, I will use that income to continue to invest in RE.

I want to have cashflow but, also have a property in a great area (really hard to find) so I figured I need to choose one over the other at least for my first property in this current market (I will be house hacking). So, I was trying to figure out which is the better approach for me. Greater Cash On Cash in a "less desirable" area that doesn't appreciate as much? Or, small COC in a desirable area that historically appreciates more. I will make sure that I cash flow once I move out but, my cash on cash return isn't going to be in the 10% range like I have heard many investors say they must.

Hey everyone! I'm Andy and I'm a 20 year old software college student at the University of Utah. I'm looking to buy my first house hack in the Salt Lake area (already prequalified) and wanted to share my thoughts and questions about the current market.

As I'm sure all of you know, interest rates are on the rise and the Fed has announced they will continue to do so. Thus, this makes it difficult to find cash-flowing properties (at least on market) unless I search for properties farther out into the "undesirable" areas of Utah. What is everyone's thoughts on moving more towards an appreciation play? Where although I won't be cash-flowing, I will be making small monthly payments for a nice property in a great "desirable" area with "higher-quality" tenants. As an avid listener of the BP podcast and reader of real estate books, I have heard many times that investing in appreciation is more "speculative" which is understandable. I just wanted to hear everyone's thoughts and any advice they can give for an aspiring investor like myself.

P.S. If you are in Utah, I would love to connect as I am always eager to learn!

Thanks so much in advance,

Andy Okamoto