New to BP and determined to close on 1st rental prop before year end

Upstate New York, New York
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New to BP and determined to close on 1st rental prop before year end

Emily Holbrook
Investor · Cranston, RI · Member since 2023 · 34 posts · 31 votes

Hello community! While I've been a landlord for a long time now (just by moving out of my house and choosing to rent it instead of sell it), I'm now purchasing my first rental property. I just finished my 3rd book on the subject and, through author Brandon Turner's mentions, found Bigger Pockets.

I'm currently living in my house in the Hudson Valley area of NY and renting out an attached apartment (didn't know there was a term for this until I started engrossing myself in REI books).

Within the next 6 months, I'm looking to purchase a SFH or small duplex, and looking in CO as it is a state I'm familiar with, has low property taxes, and is landlord friendly. I've already gained so much insight just from browsing these forums and I look forward to connecting with this amazing community. Open to any and all thoughts and excited for the future!

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Sloane Kraftsow
Lender · New York, NY · Member since 2023 · 749 posts · 510 votes
3y

Hi Emily! My name is Sloane and I live in NYC where I work for private real estate lender. I just got started a year ago in the real estate investing world and I would love to connect with you and trade tips and tricks as I have learned networking is the best way in this industry to gain knowledge. Good luck!

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  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    3y

    Welcome to the BP family @Emily Holbrook ! Glad you joined the best real estate investing website!

    Check out BP Podcasts: https://www.biggerpockets.com/...

    Wishing you the best!

    2Reply
  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    3y

    Hi Emily, welcome to BiggerPockets!

    561-253-6640
    2Reply
  • Jaron WallingPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
    3y

    @Emily Holbrook Do you have family in Colorado? How much market research have you completed? What levers can you pull speed up this plan? 

    1Reply
  • Emily Holbrook
    OP
    Investor · Cranston, RI · Member since 2023 · 34 posts · 31 votes
    3y

    Hi, @Jaron Walling. I lived in Denver and Arvada (right outside of Denver) for 6 years, part of the time with a primary residence and a rental (the house I moved out of). I sold them both when I moved back to NY 2 years ago (yes, still kicking myself for selling both). Still doing my research on growth rates in various cities. Would like to be max 1 hour from DIA so looking in that circumference. I have secured a HELOC for funding and will be soon researching short sales, pre-foreclosures, REOs, auctions, probate leads, etc.


    Any wisdom would be greatly appreciated.  

    2Reply
  • Sloane Kraftsow
    Lender · New York, NY · Member since 2023 · 749 posts · 510 votes
    3y

    Hi Emily! My name is Sloane and I live in NYC where I work for private real estate lender. I just got started a year ago in the real estate investing world and I would love to connect with you and trade tips and tricks as I have learned networking is the best way in this industry to gain knowledge. Good luck!

    2Reply
  • Brittany Guimond
    Realtor · New Castle, CO · Member since 2022 · 94 posts · 58 votes
    3y

    Eeek so exciting!! Welcome to the community @Emily Holbrook!! I currently live (and house hack) in Wheat Ridge, and I lived in Arvada for 9 years (and now LTR my SFR there). It sounds like you already know a lot about the area, but I'm happy to help you as some stuff has changed since you were last here (like LTR licenses now req'd for Denver landlords). I'll shoot you a DM and we can chat more!

    1Reply
  • Ben Einspahr
    House Hacking Specialist · Denver, CO · Member since 2016 · 411 posts · 396 votes
    3y

    @Emily Holbrook welcome to BP! From the way you are describing it, sounds like you are house hacking your home in Hudson Valley? Excellent strategy!

    Colorado is an excellent market to invest in. You have 2 things going for you:

    1. As you mentioned, you already know the market and familiar with the area living here for 5+ years

    2. Colorado is a excellent place to purchase real estate long term. Robust economy, people are moving here, business' are moving here, great weather (generally speaking), and mountains woohoo!

    You are already on pace and well ahead of the curve to set yourself up for success! Next steps I would take is connect with an investor friendly agent and a lender to see what your buying power looks like. Doing this will help narrow down your buy box and start looking at deals.

    I will DM you some helpful resources (case studies, spreadsheet) to help point you in the right direction.

    2Reply
  • Emily Holbrook
    OP
    Investor · Cranston, RI · Member since 2023 · 34 posts · 31 votes
    3y

    Wow, thanks everyone! Loving the intros and the advice. :)

    1Reply
  • Najma Osman
    Real Estate Agent · Columbus, OH · Member since 2023 · 161 posts · 217 votes
    3y

    Hi @Emily Holbrook, I have to agree with you in that BP is a great place to network and learn! Excited for your purchase and decision to move out of state. I think its great, it forces you to be more of an investor than a landlord. 

    Have you considered investing in other states? I personally focus my investments in Columbus, which has seen a significant increase in property values and is expected to continue this trend in the future. This is due in large part to major corporations like Intel, Honda, Nationwide Children's Hospital, and Wexner Medical Center investing heavily in the region and creating numerous job opportunities. 

      0Reply
    • Remington LymanBusiness Member
      Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
      3y
      Quote from @Emily Holbrook:

      Hello community! While I've been a landlord for a long time now (just by moving out of my house and choosing to rent it instead of sell it), I'm now purchasing my first rental property. I just finished my 3rd book on the subject and, through author Brandon Turner's mentions, found Bigger Pockets.

      I'm currently living in my house in the Hudson Valley area of NY and renting out an attached apartment (didn't know there was a term for this until I started engrossing myself in REI books).

      Within the next 6 months, I'm looking to purchase a SFH or small duplex, and looking in CO as it is a state I'm familiar with, has low property taxes, and is landlord friendly. I've already gained so much insight just from browsing these forums and I look forward to connecting with this amazing community. Open to any and all thoughts and excited for the future!


       I moved from Connecticut to Ohio in 2012. Started buying in 2017. It is a great state to invest in

      [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
      Reafco512 Reviews
      WebsiteView Page
      0Reply
    • James Wise
      Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
      3y
      Quote from @Emily Holbrook:

      Hello community! While I've been a landlord for a long time now (just by moving out of my house and choosing to rent it instead of sell it), I'm now purchasing my first rental property. I just finished my 3rd book on the subject and, through author Brandon Turner's mentions, found Bigger Pockets.

      I'm currently living in my house in the Hudson Valley area of NY and renting out an attached apartment (didn't know there was a term for this until I started engrossing myself in REI books).

      Within the next 6 months, I'm looking to purchase a SFH or small duplex, and looking in CO as it is a state I'm familiar with, has low property taxes, and is landlord friendly. I've already gained so much insight just from browsing these forums and I look forward to connecting with this amazing community. Open to any and all thoughts and excited for the future!


       Welcome aboard.

      0Reply
    • Emily Holbrook
      OP
      Investor · Cranston, RI · Member since 2023 · 34 posts · 31 votes
      3y

      @James Wise thank you and everyone else for the welcomes! I really appreciate the community here. 

      2Reply
    • Ben RhodinBusiness Member
      Realtor · Denver, CO · Member since 2020 · 338 posts · 331 votes
      3y

      Hey @Emily Holbrook! Welcome to the BP community and congratulations on your success so far! Colorado is still a great location for investors and can truly produce some great returns with the right-positioned asset and strategy. Are you targeting strictly LTRs or are you open to the more creative strategies of MTR/STR? Clients of mine, and I have found solid success in the MTR space, especially in the small multifamily space as it provides more flexibility and security than STRs and still provides a good cash flow compared to LTRs.

      I would be more than happy to reacquaint you with the Denver market, as things are constantly changing, and there are some good pockets that are looking strong for the future. Ill shoot you a DM!

      [email protected]
      1Reply
    • Account Closed
      Columbus, OH · Member since 2023 · 427 posts · 254 votes
      3y

      Hi Emily, welcome to the forums! Sounds like you have a great head start, with hands on experience as a landlord! For OOS investing- your team on the ground will make or break a deal. Having reliable, experienced lenders, agents, PMs, and contractors will determine how successful you are in long distance investing. Being from your area initially, I know how expensive it is to invest there. You've got the blueprint right- lower taxes, landlord friendly, lower price points. For me, that was Ohio. I would outline your priorities - cashflow vs appreciation, fix and flip vs BRRRR vs. long-term hold, etc. and then find a city that satisfies your criteria.

      1Reply
    • Drew Patrick Dugan
      Member since 2023 · 9 posts · 4 votes
      3y

      Hello! I am a new investor located in the Denver, CO area! I would love to touch base and help, perhaps even JV on a property together!!

      1Reply
    • Melanie ThomasBusiness Member
      Real Estate Broker · San Antonio · Member since 2022 · 1k+ posts · 491 votes
      3y

      Welcome to the community! We're glad you found Bigger Pockets. It's great to see your experience as a landlord and your decision to purchase your first rental property. The Hudson Valley area sounds like a promising location. Your plan to explore the Colorado market due to familiarity, low property taxes, and landlord-friendly regulations is wise. Feel free to engage with our forums, ask questions, and connect with fellow investors. We're excited to be a part of your real estate journey! Good luck & happy investing!

      [email protected]
      RentWerx Property Management4.73215 Reviews
      WebsiteView Page
      1Reply
    • Huiya Xiao
      Investor · Herndon, VA · Member since 2016 · 23 posts · 11 votes
      3y

      A late welcome! Similar situation for me, renting out 1st property vs. selling it, and good decision in retrospect in terms of building equity and wealth in general. Looking for my 1st "real" rental property same as you. I also plan to cash-out refinance existing rental in a few years and use the money for additional investing.

      0Reply
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