Investing in Stone Cliff Homes St. George Utah

Buying rental properties are great investments and some people buy and manage rental properties for a living. Utah's population and real estate market is booming. If you looking to buy a rental property in Southern Utah such as St George, Washington, Ivins or anywhere in between. Or if your want to buy up in Northern Utah such as Salt Lake City, Park City, South Jordan then continue reading below for 8 helpful tips to investing in the Utah's real estate market.

Educate yourself

Educate yourself so you know exactly what you want to do. A lot of times we think that the path is really complicated and difficult to get something done, but in reality, our lack of action, our lack of movement is simply because we have not decided. We've not decided what we want to do. And so the first step is to gain a basic general education so you can decide what it is you want to do.

Now, in utah real estate market you've got a lot of options. It's one of the reasons we love utah real estate investing. You want to buy giant skyscrapers up in Salt Lake City? You can do that. You want to buy simple little houses? You can do that. You want to buy a mobile home? You can do that. So you can choose what you want to do, but the key is you've got to decide. You've got to make that decision. If you don't have a very clear idea of what you want to do, you're just going to keep wandering around, wandering around. It's like looking for a job. If you don't know any idea what kind of job you want, where do you even start? How do you start having the conversations you need to?

It's really, important that you decide what you want to do, and the way you get that is through a general education. For a example a great way to do that would be listening to podcasts. If you can listen to an interview style podcast, like the BiggerPockets Podcast, or any interview style real estate podcast. Youtube local real estate agents, and listen to the stories of other people and look for stuff that just resonates with you, that makes you get fired up and says, "Yeah, that's what I want to do. Step number one is to get a basic education so you can define exactly what you want.

Analyze the deal

I want you to practice the math over and over and over for that type of real estate deal until you're an expert at it. I believe that knowing how to analyze a deal is the number one, number one most important skill a real estate investor can have. The great thing about utah real estate is that, unlike the stock market, or any other investment in the world, starting a business, doesn't matter, whatever, you really don't know how it's going to turn out, but in real estate, you can get really accurate predictions on what the future looks like, because we know what the general water bill of the property is. We know what the general cost of electricity's going to be on that property. We know what a property's going to rent for. Those are all questions that we can answer. So when you know how to analyze those deals, you can see what next year looks like in profit, the year after, 20 years down the road.

Now, is it going to be perfect? Of course not. But you can get a pretty good estimate of what your future looks like. Therefore, when you know how to do the math really well you can find great deals, avoid bad ones. When you have great deals, you can bring in partners, you can find more money. You can get easier financing. You can make earlier retirement happen. Those are all the benefits of knowing how to analyze a deal.

Finds Homes Online

Start looking for deals online, use to setup searches for the homes your interested in. This kind of relates to step number two, the deal analysis, but I want you to start looking at this site Best Utah Real Estate and start looking for deals. Start running the numbers. In fact, I would recommend like, do one deal a day. If you just set a goal of doing one deal every day... It's kind of like working out. If you just worked out every single solitary day, you'd understand every machine in the gym pretty soon. You'd understand how it all works. You'd build up that momentum and you'd start getting in shape. So the important thing is the consistency. So start finding one deal every day that you can just find online. And don't even worry about buying it. In the beginning, just get good at running the numbers, which was step two, and finding those deals online, which is step number three. Again, doesn't have to be good deals, you're just getting your reps in right now.

Get a licensed Utah Real Estate Agent

Get a real estate agent, and have that agent set you up with automatic emails for whatever criteria you've defined. If you are looking in the Greater St. George area then give us a call! You’ve already, remember in step one, defined what it is you want. So if you're looking for duplexes or triplexes, great. Have your Utah real estate agent set you up with automatic emails for the type of property you want. Not only are you looking online for deals but now you've got actual pipeline. You've got a pipeline of deals coming into your inbox that you can start running the numbers on.

Because here's the truth about real estate, guys, this is so important, fundamentally important, every property out there has a number that could make it a good deal. This house, that house, that house, every house. Every property has a number that could make it a good deal. So your job as an investor is not to blindly walk around trying to find some mysterious great deal that nobody seems to have found, your job is to go out there and just find leads, which is what we just talked about, get them and analyze them to find out how much you can pay for them. And then, look, maybe your number is close to what they are asking, maybe not, but your job is not to go and land a deal, your job is to work that process over and over and over.

Get Pre-approved

Go get pre-approved from a local mortgage lender. Sellers like to have local lender who can close deals fast. Stay away from national lender they will make your deal far apart. Now there are a lot of ways to buy real estate especially if you want to get creative with it and use other people's money. Go get qualified or pre-approved for an investment loan. It's probably going to be 20% or 30% down. If you don't have that money, then you're going to need to get a little more creative. But either way, step five is go to a bank or a lender and go try to get pre-approved.

Maybe you'll get it, maybe you'll find out that they have some cool bank loan that'll let you do it for less money down, or maybe you'll have to do something more creative, but either way you'll know because you went to that lender and had a conversation. So step five is go find a lender or a bank and have that conversation.

Analyzing Utah's Real Estate Market Daily

This relates back actually to a similar thing we talked about earlier but I want you to do it again, is start analyzing one deal every day. Look at rental prices in different cities. St George Utah will have higher rent prices then real estate in Hurricane Utah. Park City rental prices will be much higher than anything in Southern Utah, but town homes in Park City will cost you 2 million dollars just for a base model. You understand that this is not a very complicated process. We're just getting leads and we're analyzing them, but now that you're pre-approved, or at least have an idea of how you're going to finance that deal, now I want you every single day to analyze one property. No matter how you get the lead, every single day analyze one property.

Make an Offer once a Week

Which moves on to step number seven, make an offer once a week. Once a week, make an offer. You've analyzed seven deals that week, so find the one that's closest to whatever it is they are asking and make an offer. Because you know how much money it costs to make an offer? Nothing. It's free to make an offer. So why not ask? A lot of people are so afraid of making an offer.

In fact, when I talk to new investors all the time, they tell me, "I can't find any deals." The question I always ask them is, "How many offers did you make this week?" You know what the answer always is? "None." Well, of course you're not getting any deals, you're not making any offers. It's like the guy who's sitting at home at 50 years old without a girlfriend or a wife saying, "I can't find anybody." I'm like, "Well, have you ever asked anybody out?" "Well, no." "Well, there's your problem." You're not going to get the results you want if you don't go out and pursue those things. That's why step number seven was start making one offer every single week.

Analyze Offer

And step number eight, repeat step six and seven. Analyze offer. Analyze offer until you land a deal. I said earlier that this is a guaranteed process. That's what I mean by it. If you just repeat step six and seven over and over and over... Analyze, make an offer. And you're going to get better. You're going to find out how to get better leads. You're going to get better at the financing. You're going to find people that you can work with. But as long as you stick with that, find leads, and run the numbers on them, and make offers, you're going to get the deals you want long-term.

Call a Utah licensed real estate agent to get help with all your investing needs. We are available at 435-414-8597.

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