All Forum Posts by: Max Bradshaw

Hey @Casey Haight, I'm also based in Salt Lake, and was in a similar position back in 2017. It's definitely going to be more difficult in this market to cashflow on Long Term Rentals, but parking your cash into real estate is still a great long term mindset to beat inflation. I've been investing in this market for several years now, and would be more than happy to chat if you're interested. Sent you a direct message. 

I agree with @Jonathan Greene here. If possible, I think the best thing would be to boost earnings and use savings for your second primary. My strategy has been buying a primary every year, and since 2017, it's helped me build a pretty great portfolio with the minimum down every year. It sounds like you're already in an excellent cashflow position with your current home, so if you can make a second primary work as a house hack, there are also ways to save. 

If you're interested in exploring options further, I specialize in house hack properties across the Wasatch Front and would be more than happy to chat. 

@Kenny Banuelos, I love your ambition! I was once in your shoes and totally understand the drive. Lets connect and I'll share my honest thoughts. Also massive kudos for you. Saving that much money at your age speaks to your dedication. I'll send you a separate DM. 

@Rick Reeder, I'd love to connect! 

@Tori Trent, I think @Bill B., @Jesse Poll, and @Theresa Harris all have great points. I was in a similar situation last year. Purchased a rental in 2019 as an investment in Salt Lake City. I was barely covering expenses and many months lost $100-$200. However, I had over $200K in equity, and took the advice of David Greene and took a long hard look at my return on equity. I decided to sell in early 2023 and use the equity to buy a short-term rental in Southern Utah. Went from a mid 4% rate to a 7.8% rate, but my cashflow is significantly greater. I'm glad I did. I was also able to reduce the tax on the sale to virtually nothing because I immediately ran a cost seg on the new purchase. All without a 1031 exchange, because I wanted to hang onto some of the proceeds from the sale to purchase furniture for my new short term rental. 

If you're now in Salt Lake City (or surrounding area), a house hack may not be the worst option, because you'll get favorable terms and require less down. Possibly allowing you to live there for 1-2 years, hold onto some of that equity from the sale, then do it again.

Hey @Jeff Miller, good for you taking the jump. I'm also a local Utah investor and agent and would be more than happy to meet up. I agree with @Dana Lively and @Logan M.. Utah is a tremendous market, meet ups are always a good place to start, and I think it would be a good idea to start in your backyard. Ogden is a great market with lower price points. House hacking is the method I used to get started and scale my portfolio. I did fall into the trap of looking outside of Utah, and I still have one of those deals in my portfolio, but the equity position on my units here are substantially better. Let me know if I can help or if you'd like to meet up. 

@Josh Leigh - sending direct message! But yes, I've invested in Utah primarily but bought in Georgia and North Carolina

@Sofia Sharkey, At this point you're probably established, but wanted to let you know that Duck Creek Village, UT is a solid market. Outside of a few subdivisions, Kane County allows STRs. Market tucked in Dixie National Forrest and my rental has been booked pretty solid throughout the shoulder season. 1 hour away from both Zion, and Bryce Canyon national parks so good centralized location for those looking to see both. 

I'm an investor and agent in Utah so would love the opportunity to work with you if you're still in this market

@Peyton Jubeck, Totally agree with @Logan M. and @Ryan Davies. 

I too have made seller financing deals work and it totally depends on your long term strategy. If you're looking for immediate cashflow, I'd say you're going to have to look at southern Utah and invest in short term rentals. I own a cabin with a 7.8% interest rate and we have cashflowed every month even throughout the shoulder season. 

But my favorite deals here have to be my long term rentals in salt lake. If you can house hack or cover the majority of your expenses long term you will be happy for it. I bought a tiny bungalow in sugarhouse in 2017 as my first deal. Went 3% down and house hacked for one year. Bought it for $303K and now it's more than doubled in value. So depending on the capital you have and what strategy you're looking at there are options for you in Utah. 

I'm an investor and agent here and would be happy to walk through your priorities if interested. 

@Rob Arthur, I've been investing and living in Utah my entire life. Would definitely avoid salt lake city as a short-term rental market. That goes for most big metro cities across the country outside of some in the south. 

There still are profitable markets in Southern Utah that I'd explore. I own and operate one currently and I'm still able to cashflow with my crazy 7.8% interest rate. Feel free to send me a message if you're interested in exploring