Rocky Mountain Investor - just getting started
Hi all,
Denver based and ready to dive into mid/long term rentals across the Rockies (CO, MT, ID, WA). I have a lot to learn and am broadly approaching it in two steps:
1. Master the finances
2. Build the operational knowledge (by doing)
Looking forward to buying our first place in 2023 and building connections along the way.
What are the best books, podcast episodes, etc. for mastering the financing part for first-time buyers of mid/long-term rentals?
at least for single family and small multi, I don't think the financing part is that complicated. you could check out Brandon Turner and Scott Trench's books. one big difference in financing options is whether you plan to occupy or not.
here are a few questions for you:
do you own a primary residence already? are you in a position where you can house hack? can you pick a market within driving distance to start in? I know CO is expensive but being able to be physically present in a market is a big advantage.
Thank Nicholas! I do already own a home (mortgage is solely under myself and not affiliated with my partner) and we are looking into if my partner could qualify for an FHA multi-family loan so we can house hack for a year. Another thing I want to look into is cash out refinancing - any advise there? We would rent out our current residence once we house hack, but the downside is that the cashflow equation is not the most advantageous (barely + with BP calculator). Regardless, we could still capitalize on the amortization benefits.
Our pipe dream is to find a multifamily in the CO mountains, but know that may be difficult so we are looking at other areas like Denver, Missoula, For Collins.
While the financing part may not be too complicated, there are still a lot of options for us, so need to dive in and learn. I'll check out that book - any other resources would be appreciated!
Welcome to BiggerPockets, Mason!
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go to local REIA meetings!
another great podcast is the rental income podcast with Dan Lane. this usually features investors with smaller portfolios and goes into more detail than the BP podcast.
Nicholas was right on about the local REI meetings. Get on the Meetup app and start signing up for meetings. The cool thing about those is you can pick everyone's brain from seasoned investors and agents to aspiring real estate junkies.
Hi @Mason Grant. Welcome to REI and BP :)
I find the BP Money Podcast often helpful and insightful re: finances.
I'd also search BP for any questions you have. Up on the right there is the little magnifying glass icon. There is so much info here! If you have specific questions, feel free to reach out.
I grew up in Larimer County and find it a prime market for no/low money down deals. Between Ft. Collins, Loveland and Estes Park there is a strong STR and LTR market.
Hey, @Mason Grant! Sounds like you're in a pretty great position having a house you could rent out soon! Where is your current home located? Have you looked into the various rental strategies (STR, MTR, LTR) and what would work best for cash flow?
Moving into the multifamily space is something my fiance and I are focusing heavily on from here on out. We're currently under contract to purchase two single-family homes which will most likely be our last (the next one will likely be a home for us to live in ourselves).
You're truly in a great place to learn about financing and just real estate investing in general. There are plenty of resources available from BiggerPockets - books, forums, connections, etc. I also echo what others have shared - get over to an REI meet-up and connect with local investors. I've fount that John Fisher's breakfast club has the most "seasoned" investors - they meet once a month on Saturday mornings. Other than that, there are plenty of meet-ups to choose from!
I'll shoot you a DM about your current property - happy to help you run analysis on different rental strategies!
Welcome Mason! I'd focus on the BP House Hacking book, it's pure gold man!
Listen to 2 BP podcasts a day. There are 688 so you'd get through them in about a year and have great foundational knowledge.
Hi Mason-
Welcome to BP! I would love to connect, and offer insight where I can.