I'm looking for my first investment property, and I'm looking for a: advice on the location and b: recommendations for a realtor in the area who has experience with investments.
I'm thinking Fountain because its not a huge drive from Denver, and my parents live a few miles away so I'm down that way somewhat frequently. Prices are also still somewhat approachable, so thats a big plus. There is also a military base nearby, so I'm counting on having prolonged rental interest. I'm hoping for a cap rate of 10% but I know that will be hard to come by.
I need someone who is local to the area, has experience with investments, and has a pulse on the current market. I'm pre-approved and ready to go, but knowing what to pull the trigger on sounds daunting.
Investor · Colorado Springs, CO · Member since 2015 · 4 posts · 3 votes
9y
Hi @Daniel Linn. I have used @Tyrell Anderson for my last two purchases. He has been great in offering a "full service" experience which included finding, brokering, and leasing the property. I cashflow on every property with the lowest monthly cashflow being $290 a month because of the HOA . I highly recommend him and he can help you in just about every area of investment and is a licensed Realtor.
Real Estate Consultant · Colorado Springs, CO · Member since 2013 · 325 posts · 117 votes
9y
@Daniel Linn - thanks for posting. Seems you have a pretty good feel for what the market is and is not (easily) capable of. Understanding your need to have an experienced, investments focused REALTOR on your team along with knowing what you want and, however daunting, being ready to pull the trigger" will take you a long way towards your goal.
Investor · Colorado Springs, CO · Member since 2015 · 4 posts · 3 votes
9y
Hi @Daniel Linn. I have used @Tyrell Anderson for my last two purchases. He has been great in offering a "full service" experience which included finding, brokering, and leasing the property. I cashflow on every property with the lowest monthly cashflow being $290 a month because of the HOA . I highly recommend him and he can help you in just about every area of investment and is a licensed Realtor.
Accountant · Ferndale, WA · Member since 2016 · 26 posts · 12 votes
9y
A great real estate broker who knows where rents are headed in different areas will be huge for you. We just bought in downtown Colorado Springs (remotely) and the cash flow is very nice. I'm not sure if Fountain offers the same rent/price ratio as the Springs...keep that in mind when selecting location. Is your rent going to be 1% of your the price you pay or have the potential to get there, how old is the property and how will that impact maintenance costs etc.? Also, I recommend going pro if only for the period of your purchase. The tools are worth well more than the fee if you know how to use them. You can get help with using the tools too in the forum.