Whether you’re new to the real estate investment game or you’re a seasoned veteran who is looking to expand their portfolio, you’re likely interested in investment opportunities that are more exciting than your traditional ‘buy and rent’. In this blog post we’ll explore the non-traditional real estate investment potential here in Salt Lake City and the surrounding area.
Look Around Salt Lake City – What Do You See?
The next time you’re out driving around Salt Lake City or one of our local communities like West Jordan or Ogden, take a closer look at the area. What do you see? Look for residential developments that stand out to you. Are older homes being converted into small business office spaces? Are new multi-unit buildings being constructed to house a certain population demographic? A bit of detective work inside of your community can unlock the secrets that other real estate investors have been holding on to and give you an idea of where you might want to begin with your next investment.
A Growing Population of Seniors Needs Housing
There are few better multi-unit real estate investments than seniors housing. Most seniors are stable tenants and tend to enjoy the company of their neighbors and the community. Depending on the size of your investment and how long you plan on holding the property, you can look toward a more service-oriented development such as an assisted-living or nursing care facility, or you can stick with a more independent living approach that might include communal dining and housekeeping services. Whatever the case, know that there are permit and other hurdles you’ll need to clear so be sure to check in with city and state officials.
Consider Larger Homes for Multi-Unit Student Housing
With more than 33,000 students attending the University of Utah each year, multi-unit student housing makes for an excellent real estate investment opportunity. Although a small minority of student tenants can cause headaches throughout the year, the vast majority are excellent tenants that provide a steady stream of rent paid on-time. Look for properties near the campus that can be renovated into more luxurious accommodations, as there are students that are interested in upscale living and have the means to pay for it.
Other Options Include Self-Storage, Child Care Facilities
If you’re willing to think a little bigger, there are other investment opportunities available. Self-storage facilities have been incredibly popular in recent years, with major REITs and other funds snapping up inventory wherever they can find it. Child care centers are also a popular investment choice, especially in densely-populated residential areas where the average income would support paying for child care. These are just a few options – there are many ways to make use of residential and commercial real estate properties you’ve invested in.
Are you ready to explore the income potential that real estate investing in Salt Lake City and elsewhere in Utah can provide? The Exit Realty Success team is happy to help you find investment properties and assess them to ensure they suit your goals and budget. Contact us today at (801) 352-8000 and let’s get started.