New to Real Estate · Denver, CO · Member since 2019 · 25 posts · 11 votes
Good morning BP members!
I wanted to introduce myself as a long-time listener/lurker but ready to strap down and get ready for the wild ride of REI. Currently residing just west of Denver in Wheat Ridge, my wife and I are educating ourselves as much as possible and hoping to create our first deal within the next year.
We hope to create connections through this forum whether it be purely business or even personal connections leading to lifelong friendships and are looking forward to everything this great state has to offer.
Rental Property Investor · Victoria TX / Portland, OR · Member since 2019 · 94 posts · 96 votes
6y
Hello Dan,
As a fellow Dan, I felt inclined to reach out to say welcome to the world of REI. It sounds like you and your wife are working to educate yourselves and I commend you. Real estate investing is a never ending educational journey. If you have the drive, if you have a passion, then continuing your education is easy. It's fun, even.
I envy that you are in Colorado. I lived there many years ago in Fort Collins and absolutely love the state. Maybe one day I will make my return and see about getting some properties up there. But until that time, I just wanted to say hi, congratulate you on deciding to take the "wild ride of REI." We are in a great time where the dissemination of information is widespread and the solutions to any problems you encounter are a click away.
Make sure to keep the BiggerPockets community updated on what you're working on. We all want to toss in some motivation and we all want to see you succeed.
Specialist · Englewood, CO · Member since 2017 · 329 posts · 88 votes
6y
Hi Dan,
Welcome to Real Estate in Colorado. Denver has a great market and will see a good recovery soon, if not already. When you look for deals, make sure you stay close to the comp in size, style and LOCATION. Run your own numbers and don't trust others.
New to Real Estate · Denver, CO · Member since 2019 · 25 posts · 11 votes
6y
@Tim Emery, thank you for the advice and thank you for the intro! I will definitely be keeping my eye out for events and meetups as we look to expand our network.
I'm also new to REI and am looking to do my first deal in CO. I'm originally from NYC, am working in GA, but will re-locate to CO for work in the summer. I wish you all the best and look forward in meeting you at networking events on & off-line.
I wanted to introduce myself as a long-time listener/lurker but ready to strap down and get ready for the wild ride of REI. Currently residing just west of Denver in Wheat Ridge, my wife and I are educating ourselves as much as possible and hoping to create our first deal within the next year.
We hope to create connections through this forum whether it be purely business or even personal connections leading to lifelong friendships and are looking forward to everything this great state has to offer.
Hope to meet you all soon!
Welcome to the forums Dan, BP is a great resource and I've made quite a few connections on here. Do you know what you and your wife are looking for in a first deal?
New to Real Estate · Denver, CO · Member since 2019 · 25 posts · 11 votes
6y
@Daniel Haberkost
Thank you for the intro and I must say, you have a fantastic name!
We're looking to start small, focusing on SFH or small MFH (duplex/triplex) as we begin our portfolio. We want to make sure we cover everything an mitigate the amount of mistakes so that we know what to look for while we ramp up in the next year or two.
I'm also new to REI and am looking to do my first deal in CO. I'm originally from NYC, am working in GA, but will re-locate to CO for work in the summer. I wish you all the best and look forward in meeting you at networking events on & off-line.
Best,
Gabriel
Hey Gabriel and Welcome to Colorado! The market is unique compared to most other metros in the country and offers the opportunity to really get creative with your investing. Make sure to check out the Bad *** meetups around town. Looking forward to seeing you there sometime!
Rental Property Investor · Aurora, CO · Member since 2020 · 4 posts · 0 votes
6y
@Dan Kim I am in Aurora, I like to connect with you and see where we may be able to help each other in the Denver market. I'm new to REI so just networking with others to get the ball rolling.
New to Real Estate · Denver, CO · Member since 2019 · 25 posts · 11 votes
6y
@Kevin Grinstead
Thank you!
Our initial strategy is to either house hack our first investment (SFH with a finished basement or even a mother-in-law suite) or to go through the BRRRR method for a small SFH or MFH. From there hoping to wash, rinse and repeat the process until we can replace our W-2 jobs with investing full time.
Investor · Longmont, CO · Member since 2019 · 46 posts · 23 votes
6y
@Dan Kim Welcome to the Colorado market. I am an investor in Longmont up north. Education is key in any market! Put BP to work for you. It is a tremendous resource.
Real Estate Broker · Denver, CO · Member since 2016 · 36 posts · 14 votes
6y
Hi Dan,
Welcome to the wonderful world of REI. You have taken the right first step in joining the Bigger Pockets community. They are an amazing resource and helped me with my first BRRRR strategy and countless other tips on REI. Happy to share some of the lessons I learned through the process.
I own a Denver real estate and property management company. We have helped a lot of investors purchase investment properties and manage them after closing. Happy to chat with you more about investing in real estate.
Welcome to Denver! (Or Wheat Ridge. We'll accept you as a Denverite still.) And congrats on taking some initial steps into investing. My wife and I only bought our first place five years ago, and now we have five doors. Looking to add a sixth. Slow, steady. In another five years, we could probably stop working if we wanted to.
Have you spoken to a lender yet? That's always a good first step.
Sounds like you've got the right idea. Some of our clients come in with ambitious plans, and that's great an all, but I advise my buyers to keep it simple on the first one. Duplex is great if you can find one or just a solid SFH that will work with rental numbers if you move out. And yes! The mother-in-law/basement apartment setup is awesome for that first-time purchase. I have two Denver clients under contract on such properties right now -- one in Aurora, one in Athmar Park -- and another looking for a similar place in Colorado Springs. It's a great way to get a home that you might like living in and income to offset your mortgage (all while maintaining some privacy that you don't get with the rent-by-the-room strategy).
New to Real Estate · Denver, CO · Member since 2019 · 25 posts · 11 votes
6y
@Greg Pond
Thank you for the intro and I agree, with just the little amount of time I’ve spent on this site (until recently) I’ve noticed that there is a ton of resources and information to learn.
I look forward to chatting with you some more regarding property management (as long as that’s ok with you)!
New to Real Estate · Denver, CO · Member since 2019 · 25 posts · 11 votes
6y
@James Carlson
Thanks for including me in Denver! Always loved to be associated with multiple cities ;-)
We haven't spoken to a lender yet. Our strategy is to educate as much as possible, learn the basics (finding a lead source, analysis practice) and then crossing the lender bridge when we get to that stage. Fortunately, I have a core group of friends who have made it really big in REI and plan on going to them and other friends/family for investment capital assistance and if those fail, then going to banks/hard money.
Funny you mention those areas, we were looking into the Springs and Lakewood as well, I’ll have to dive deeper into the Athmar Park area as it still is close to our jobs if we want to house hack.
Thank you for the intro and I look forward to keeping in touch!
I used to live in Wheat Ridge, that's actually where I met my wife. I currently reside in Arvada, so not too far away from you. Good luck with finding partners and networking. I currently do fix/flip investments and have had projects both in Colorado and South Carolina, and invest in Notes. Please feel free to reach out if you ever want to discuss anything.