All Forum Posts by: Chase Nye

@Jordan Atkin Thank you for the response. It's great to hear that you are finding cash-flow properties east of I-15. We would love to buy our own place in the areas that I mentioned above. Finding an agent that can help us find a middle ground will likely be a great place to start. As far as time, we will likely commit to renting upon our arrival, which will give us a year to find something. Hopefully, a little patience will land us a good deal. 

If we intend to arrive in July, what steps do you think that we should take before then? I assume building a network by making contacts on BP is the best place to start. 

Thanks again for the help.

Great insight. We are definitely open to a multi-family, and would love to hold one long term. @Jeff Brower We would love to get some help finding something, although we don't arrive for four months. We are definitely open to a multi-family, but assumed that the neighborhoods that we want to be in ourselves will not cash flow. I'm sure it's no surprise that we want to be east of I-15 and north of ~3000 south. We had therefore concluded that we should separate our investment and our own place, but didn't want to give up on using some investment strategies to try and cushion the costs of our own place.

Still sorting all of this out. Thanks everyone for the advice.

Hello,

I am hoping to get some general advice as well as some Salt Lake City insight. My wife and I are moving to SLC this summer and hoping to find a place for ourselves as well as a buy-and-hold property. We will be in SLC for a minimum of three years and like the idea of converting our own place into a rental. We also have no problem doing some rehab, and hope to nudge our liability (our own place) as close to an investment as possible

My question is this: we have studied a bit about finding deals for rental properties that will cash flow, but should we apply those same strategies to our own home? Obviously, we will be considering different criteria when looking at neighborhoods. (schools, interests, hotspots, etc.) Now that we have narrowed our search to an area, should we be speaking with wholesalers, going to auctions, and working with a rock star agent to find these deals? Or should we stick to the path that non-investors take?

For some reason, my hunch is that those methods will only work when we are considering a home/neighborhood based on cash flow, and looking for money-maker prices. Do they work when we are focused on our own place? Or do our different standards render those methods less effective?

Hoping that someone can help us divide these two worlds that we are trying to navigate.

Thanks!

Hi Melissa,

My wife and I are interested in buy and hold properties in the Salt Lake area after a likely move mid year. Would love to hear what you think about the current climate, as we are just perusing online at this point.

Chase

Hello BP! 

My wife and I are finishing a two-year stint teaching high school in Beijing. Having been able to save real money for the first time (something that teaching state-side never allowed), we are eager to invest our new-found savings. As we finish up our final four months, we are anticipating a move to Salt Lake City where we are hoping the market will be a bit more inclusive than some of our other considerations. 

Once there, we hope to start working towards our goal of creating passive cash flow that will allow us to retire earlier and more comfortably. At this point, we are looking to slowly purchase buy-and-hold properties. I have a background in home building and plan to studying house-flipping, as a way to generate capital to further our buy-and-hold strategy. Again, slowly.

Our preparations so far include, perusing BP, listening to BP podcasts, reading the Ultimate Beginners Guide, and reading Rich Dad Poor Dad (much to say about that one!).

I think that is as far as we have gotten. We look forward to picking your brains and connecting with folks in the Salt Lake City area (assuming we don't get sidetracked and end up elsewhere). I've thrown a lot out here; thanks for reading.

Chase and Lauren