How to Buy Your First Investment Property in Salt Lake City Utah

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January 31, 2011, by Kathy Opolski in Real Estate Investing

Buying your first investment property is a big financial step. Salt Lake City Utah is a great market for you to make your first move. In this article, we’ll go over several tips for you to help make your first investment purchase a smooth and profitable one. By the end of this article, you’ll have a very solid idea of how you can buy investment property in Salt Lake City Utah.
Know Your Numbers
Knowing your numbers beforehand is a big part of a making a successful investment. Make sure you know exactly how much you can afford so you don’t get yourself into properties you can’t afford. Get pre-qualified so you know what price range to be looking in.
You should also know how much you can support on your own if there is no rental income. Although the goal is often to have rental income either help cover or even pay your mortgage, there will inevitably be vacancies.
Know Your Market
As a real estate investor, it’s important to know your market like the back of your hand. Some of the important things to know include …
Cashflow. If you’re buying to rent out, what are the comparable rental rates of houses like yours in your area?
Vacancy Rates. What are the vacancy rates in your area?
What Are Buyers Looking For? If you’re buying to sell, do your research and make sure you know what buyers in your area are looking for.
Market Trends. What’s the market trend in your area? This is crucial piece of real estate investors.
Hire Competent Professionals to Help With Your Paperwork
Having a great real estate agent or lawyer helping you with your purchase will pay for itself many times over. Make sure that your purchase contract works in your favor.
A competent agent won’t just help you make sure all your paperwork is in your favor. Your agent will also negotiate on your behalf and educate you on topics you may not have learned about on your own.
Learn to Increase Your Property’s Value
Whether you’re buying to rent out or sell, learning how to increase the perceived value of your property is a very important skill.
Often times spending as little as $1,000 can pay off over ten times on your investment in rent or your sale price. Simple things such as replacing old windows with double-pane windows, cleaning the carpet or a fresh coat of paint can make a huge difference.
If you’re interested in learning more about how to make a great first investment in Salt Lake City Utah, one great way to do that is to speak with an experienced professional. For a free consultation, just give me a call at 801-518-4599 or send me an email at kathyo@kathyohomes.com.

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