All Forum Posts by: Cody Steck

Hey River, I'll throw in my 2 cents.

I am a bit biased, having grown up here, and now investing and selling real estate in the area, but ultimately I see the Utah market overall continuing to have very strong growth. Depending on why you are coming here (job, recreation, family, other, etc.) can help you determine what area/city you decide on. 

I personally believe the Utah/Salt Lake county will see the most growth, especially the northern end of Utah county where the tech corridor sits. There are multiple very large developments set to go in, in this area, and the population in Utah county is expected to more than double from ~600k to 1.3M in the next 30 years. 

That being said, the market, home, and financing type you decide to go with entirely depends on your own strategy and criteria. I have house hacked 4 times (still doing it) and I have done a conventional loan on all of my transactions. If you are planning to hold the home for the long term, conventional is usually better if you can swing it. The interest rates can still be VERY competitive compared to FHA.

Hope this helps!

As an agent who works with relocating buyers a lot, It is very common to submit offers sight unseen for my buyers. A lot of times it is simply not possible for the buyer to be here for every showing. That being said, i usually tour the property and provide facetime video, or recorded video to the buyer so they have at least seen the layout and have heard my own feedback about the property including the good, the bad, and the ugly. I personally think this comes down to having a plan in place for what you are looking for (including the numbers for multi-family/investment deals) and having an experienced agent on your side that you trust.

The market here in Utah is moving very quickly, especially in the multifamily and investment space. If it's truly a good deal, it will have multiple offers in the first few days.

You guys can definitely make this happen! I have done this 4 different times, and it was the best investing decision I have ever made! There are a lot of different loan options when it comes to house hacking and multi family properties. I would recommend working with an investor friendly mortgage broker who knows the in's and out's of what you guys are able to do in your situation. This will make a huge difference!

Luis, welcome to BP! It is awesome to hear that you now day dream about house hacking. That's how I got started in real estate over 5 years ago, and am actually still doing it today, to grow my portfolio (have done it in 4 homes now). It is hands down the easiest way to get started in real estate. Happy to answer any questions you may have, or show you any of the properties and/or numbers we have produced. 

@Ridge Rees congrats on the house hack! I have done this 4 times now, and it has absolutely changed my life. Best decision somebody could make, so you are on the right path.

As for the other home mentioned, It sounds like you probably need an updated ARV on the home. Whatever that ARV was 2 years ago is going to be significantly different today. If it truly was 155k two years ago, it could be 180k, or it could be 225k, depending on the area, condition, etc. I'd recommend doing some research on that stuff first (use an agent if necessary) and get an idea of:

1) What you can buy it for
2) Repairs needed and the cost associated (including things like hard money costs for somebody to flip it)
3) What the actual ARV is.

This will help you know whether or not there is room in the deal to wholesale it. You could also try to purchase it subject to, or on a seller finance or lease option. There are potentially a lot of things to do with it.

Hope this helps! Best of luck!

Hey @Paul Park I manage all of my own properties as well and have found success through doing so. For me, the fees that PM's charge are hard to swallow given the times that go bye when nothing needs to be done to the property, other than make sure that rent is coming in each month. Filling the property with a new tenant is generally the hardest part I have found. If you are out of state, that would be much different though, and having a PM on your side could be very beneficial.

There are still good deals to be had. I bought a property last year as a BRRRR and it cash flows $700/month with none of my money left in the deal (15% equity now). You just have to be picky about what you are looking for, and be ready to pull the trigger ASAP when something comes up. Happy to chat further about it!

@Justin Hendrickson that's awesome man! Congrats on getting ready to graduate. That's a big step, and you are headed in the right direction by starting with a house hack. This is how I got started, and I've repeated the process 4 times now to build my rental portfolio. Don't hesitate to reach out with any questions!!!

Like others mentioned, it sounds like you have a great plan in place. For what you described, I believe a townhome would be the better fit for you, especially if it is in a good neighborhood and newer. I have a townhome as a rental, and multifamily, and they have been about equal for me as far as the work needed, time investment, financial investment, etc. But depending on your investing strategy and long term plan, one may be better than the other. 

Hey David congrats on getting your first place and welcome to biggerpockets. Take the “formulas” or “rules” that you find here with a grain of salt. If you can get a tenant to cover at least half your mortgage, you are doing pretty well. This is what I have done on my last 3 homes. It worked as a great strategy for me, so I did it a few times. 

Time to prep for the next one!

Hey Kramer, I am also in Salt Lake, so I know the market you are looking in.

I would highly recommend getting a single family home with a mother in law apartment that you can rent out. If you find the right home, this will easily cover at least half of your mortgage, if not more. If you are in a position to also rent out any other potential bedrooms in your personal unit, this could allow you to have little no housing expense.

I have done this 3 times personally. I'd be happy to chat further if you have questions.