@Tyler Ruff & @Brian Harker Utah is a VERY heavy sellers market and prices are extremely inflated right now. Any "deal" that comes on the MLS will have multiple offers and sell above asking every time. Even the foreclosure market is pretty combed over. I analyzed hundreds of deals in Utah and SL Counties, and almost all of them sold between a 4-5 Cap and were negative cashflowing or very close to $0. Consequently, my partner and I started investing out of state. If you have all of your ducks in a row and you watch the MLS like a hawk and you are ready to submit an over-asking offer, you might be able to get an okay deal. If you really want to stay in Utah your best bet would be to network heavily with the wholesalers, but even then, you need to run your numbers carefully because most of their offers won't be that great either.
The inflation of home prices is far outpacing the wage growth in Utah, which means residents won't be able to afford housing prices for much longer and that we are due for a correction in the near future. People who are buying negative cashflow properties either don't know what they are doing or they are playing the LONG game and hoping for appreciation. My plan is to focus out of state now then when the correction happens I will look to buy properties on the cheap in Utah. Good luck!!
