How To Start a Utah Real Estate Investment Business

Are you thinking about buying your first rental property in Utah? You're not alone. Now is the best time to start with many people relocating and moving into the State. If you are excited about the prospect of real estate investing in Utah, you can buy investment property in Utah to get started.

Here are tips on how to get the ball rolling on becoming a Utah real estate investor.

Prepare to become a landlord

Just because you have the money to invest means things will work out. Are you managing the property or hiring a property manager to do all the work?

Hiring a property manager may be a good idea since they can handle maintenance and repairs, screen tenants, and collect payments.

Pick the right location

Finding the best location is always crucial when investing in real estate. If you want to succeed in real estate investing, your rental should be near schools, parks, shops, malls, and restaurants, plus have easy access to public transport.

If you want to know if you qualify for a mortgage in Utah, get in touch with one of our loan officers today.

Crunch the numbers

Real estate investing involves a considerable amount of money, so you should review the numbers to determine if you’ll make money on the investment and if you have the budget to see the project through.

Compute your possible expenses like maintenance, staff salaries, repairs, and maintenance and analyze if you have returns of around 10%, which is a viable profit margin.

To know more about investment home loans in Utah, you can ask our loan experts at Boom Mortgage for more information.

Save up for a downpayment that’s higher than usual

If you’ve bought a residential home before, it’s good to note that real estate investing is very different. You’ll first notice the larger down payment you’ll need to save up for. You need to prepare at least 20% down since mortgage insurance isn’t available for most rental properties.

With primary homes, you can pay as low as 3% and pay for PMI or private mortgage insurance. With investment properties, this may not work.

Are you ready to buy your first rental property in Utah?

Buying rental properties has made many people rich, but you can’t just dive into it without doing your homework. To fund your purchase, you need to work with an experienced and trusted lender that can make the whole experience smoother.

If you want a stress-free buying process, you can apply for an investment home loan with Boom Mortgage.

Let’s work together to make your dream of owning your first investment property a reality.

Give us a call or send us a message on our website today.