New Member from Denver area

New Member Introductions

New Member from Denver area

Robert Blanchard

Littleton, CO · Member since 2014 · 195 posts · 72 votes

Hi everyone on BP.

My name is Rob Blanchard and I am located in Littleton Colorado, a southern suburb of Denver. I enjoy hiking and Mountain Biking in the Rocky Mountains.

I have attended many REI Meetings, a few Live Events, and have read 1,000s of forum posts in the last decade. I have seen how RE can improve someones life and I know that I will never be truly happy with a conventional Job, as it means "Just Over Broke" for so many people.

I plan on starting out by wholesaling a few properties and then do some fix and flips. Commercial Property also might be an option as I have seen several people do well with Car Washes and Storage Unit Facilities. Even Laundromat's might be an option.

I have always stayed on the sidelines but now want to "get into the game".

The RE Market in the Denver area seems to be recovering quite nicely as I am seeing a lot of new construction and fewer empty commercial spaces.

Off to read some of the forum posts on this site and to make a "to do" list to help me to get off of the couch and become an RE investor,

Rob

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Most Popular Reply

Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes

12y

Hey Rob,

welcome aboard!

I can help with wholesaling and fix and sell deals.

As for laundry mats, You are on your own. I don't

know anything about them other than a funny story.

When I first started buying homes in the mid 90s, I was in a laundry matt doing a load of clothes( because I lived in my rehabs and did not own a washer. LOL)

Anyhow, I remember pitching someone in the laundry mat on moving into one of my homes and they told me to my face that I was full of crap! They said if I were a landlord with properties for sale or rent, why am I in a laundry mat! LOL

Let me know how I can help!

See this reply in the discussion

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Mark Creason
Real Estate Lender and Broker · Dallas, TX · Member since 2013 · 966 posts · 500 votes
12y
Robert,
I went to grad school at the University of Denver. Denver is a great place to live and work. Let me know if you need any help as I have bought and sold residential properties and currently work in commercial as a lender.
Mark Creason
0 Reply
Micki M.
Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
12y
Mark, Welcome to the forums and good for you for wanting to get off the couch! As @Anson Young would say "couches don't make money!" Stop by the the Denver meetup, it's a great place to get inspired and make connections http://www.biggerpockets.com/forums/521/topics/141152-denver-august-25th-meetup.
0 Reply
Brandon TurnerPro Member
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
12y
Hey @Robert Blanchard thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.
By the way - here are my favorite articles on Wholesaling:
Oh - and be sure to set up some Keyword Alerts- especially for "Littleton" so you'll be notified when people mention it here in the forums.
Thanks again for introducing yourself!
Podcast Guest on Show #92
0 Reply
Robert Blanchard
OP
Littleton, CO · Member since 2014 · 195 posts · 72 votes
12y
Good Morning All,
@Mark Creason Thank you for your offer of help. How many Commercial Loans do you see for larger Storage Units complexes? I see more of the larger franchised Storage Unit Companies buying some weird sized lots and making the site work for Storage Units.
@Micki M. I am looking forward looking at the Podcasts on this site. I am still amazed at how large the internet has grown, and how fast the download speeds have become. I had waited almost a year to get a DSL line for my store back in 1997. They promised a whopping 540K DL speeds but most people got 240K. I was a computer guy so I tweaked my W95b settings and got it up to 450K. Nowadays, with a basic external cable modem, I get over 28MB and watch a lot of videos online. Tempted to get the 100MB package that my cable company offers.
The amount of RE info online is immense and with sites like BP, a person not well versed in RE and searching for info, can find it all in one place.
Thank you for the links to the articles for Wholesaling. I will read those and apply the knowledge to my RE Career.
Off to read and watch some info on RE.
Rob
1 Reply
Account Closed
Real Estate Investor · Los Angeles, CA · Member since 2014 · 143 posts · 29 votes
12y
@Robert Blanchard
Welcome to the village!
Andrew
0 Reply
Dave VisayaPro Member
Moderator
Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
12y
Hey @Robert Blanchard welcome to the site! it's great that you have finally decided to introduce yourself and start with REI. Check out the great information you can find here. Definitely, interact in the forums.
See you around!
0 Reply
Edward Synicky
Rental Property Investor · Yorba Linda, CA · Member since 2012 · 336 posts · 69 votes
12y
@Robert Blanchard
Welcome fellow Bigger Pockets member! This is a great forum and I am sure it will help you learn many facets of the real estate investment world. I purchased my first investment property over 40 years ago and only wish that I had a resource like BP community when I got started! So you are in a good company.
Some say that your net-worth equals your network, and this is the place to make right connections. You should also find investors locally and network with them face-to-face. Find people close to you using MEET feature. Also, look for investor meetings on Meetup.
All the best!
0 Reply
Robert Blanchard
OP
Littleton, CO · Member since 2014 · 195 posts · 72 votes
12y
@Account Closed Thank you for welcoming me to BP. How long have you been in California? Do you still have your Motel? Motels peak my interest as an investment but I do not know to much about the ins and outs of them. Do you have to have more than 60-70% of the rooms occupied nightly to pay for all of the operating costs and get some ROI? I was a member of a local group of investors that had monthly meetings. That group ended up disbanding even though there were over 100 members and 80 attending monthly meetings. There are 2 other good groups in the Denver area that I want to try out once I am able to quit my evening job.
Have a great day and I am off to do some research and training.
0 Reply
Christine P.
Real Estate Agent · Westminster, CO · Member since 2013 · 50 posts · 16 votes
12y
Welcome to BP! Hope to see you a meet up.
0 Reply
Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
12y
@Robert Blanchard
Welcome. Thanks for your service. Time to build the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book
Good luck
Paul
0 Reply
Bill Coleman
Real Estate Investor · Westminster, CO · Member since 2014 · 201 posts · 74 votes
12y
Welcome to the land of hard-to-find deals!
0 Reply
Robert Blanchard
OP
Littleton, CO · Member since 2014 · 195 posts · 72 votes
12y
@Christine P. I will plan on going to a meetup once I get my evenings free.
@Paul Timmins Yes, the price point of $200-250K in the Denver area is a tough demographic and range to deal with. I read of people finding houses for $45K and spending $5K on fix up and then flipping them for up to $65K in the eastern states. When I tell them that even the Town home's in my area go for over $150K they are shocked.
Since I am new to investing, I am trying to implement the 75 mile rule of not investing more than 75 miles from home. Maybe later on, I will do some investing in other cities. Remember back in 2002 when developers were selling duplexes in Phoenix and a few other places for $150-250K with all kinds of guarantees including a buy back program? I was so tempted to do 2 of those deals but did not. I know of a few investors that ended up losing their duplexes due to various reasons after the 24 or 36 month guarantees ran out.
Off to my second job... still paying off medical bills :(
0 Reply
Andrew SyriosPro Member
Moderator
Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
12y
Welcome aboard Robert!
Podcast Guest on Show #121
0 Reply
Bill S.Pro Member
Moderator
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
12y
@Robert Blanchard be careful of zoning when you buy to rent out rooms. Make sure you are not running amuck of zoning because some neighbors don't take kindly to all the cars and comings and goings. After all you might park in front of their house and obscure their view of the street. I jest, but some are dead serious about it so do your due diligence before signing any deals.
0 Reply
Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
12y
Welcome to BP community @Robert Blanchard It is a great place to meet new friends and learn about various aspects of real estate and more.
Wishing you the best!
0 Reply
Dave VisayaPro Member
Moderator
Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
12y
@Robert Blanchard Definitely! I hope to see you one of these days on your travel.
0 Reply
Rob Gillespie
Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes
12y
Hey Rob,
welcome aboard!
I can help with wholesaling and fix and sell deals.
As for laundry mats, You are on your own. I don't
know anything about them other than a funny story.
When I first started buying homes in the mid 90s, I was in a laundry matt doing a load of clothes( because I lived in my rehabs and did not own a washer. LOL)
Anyhow, I remember pitching someone in the laundry mat on moving into one of my homes and they told me to my face that I was full of crap! They said if I were a landlord with properties for sale or rent, why am I in a laundry mat! LOL
Let me know how I can help!
1 Reply
Robert Blanchard
OP
Littleton, CO · Member since 2014 · 195 posts · 72 votes
12y
Good Morning all on BP.
@Andrew Syrios Thank you for welcoming me. Are your multifamily properties between 4 and 20 units? My father bought 16 unit apartment buildings and did ok with them in the late 70's. Sometimes it seems that it is easier to get a commercial loan since the lenders weigh the property and what it can bring in vs a SFH which they tend to look at your assets and income.
@Bill S. Thanks for the warning about zoning and parking issues with renting out rooms. In some areas south of Denver, there are strong HOA's that do have strict rules on how many cars or other vehicles or trailers visible to the street.
@Dmitriy Fomichenko Thank you for the greeting. I see that you have invested in 4 plexes. Those interest me as they are a good niche in some areas and you can still usually pay the mortgage if you have one vacancy vs a duplex where it can be harder.
@Rob Gillespie Thanks for the welcoming me and the offer of help. Interesting story about being in the laundromat. When my father had his apartment buildings and would go to work on them, he would always say he was just a maintenance guy since he did not want the tenants to know that he was actually the Owner. Some were not in the best neighborhoods and he did not want his vehicle vandalized by an unhappy tenant. I have learned to never dismiss someone by their looks or other factors when meeting them. Many "millionaire next door" people do not come across as successful but just as the guy next door. He or she might be the one that will provide a lead that will make both of you thousands of dollars.
Have a great day everyone!
Rob
0 Reply
Loren Whitney
Investor · North Idaho · Member since 2011 · 332 posts · 107 votes
12y
Robert Blanchard Welcome to the BP community. I live just up the road in Louisville. Look forward to networking over time. Loren
0 Reply
Frankie Woods
Investor · Arlington, VA · Member since 2012 · 1k+ posts · 491 votes
12y
Welcome @Robert Blanchard ! I have been itching to get into the Denver market (I love the area), but the price point there is soooo high, and it's really hard to find "investor friendly" deals :/
0 Reply
Ken Barrett
Specialist · Anniston, AL · Member since 2013 · 59 posts · 32 votes
12y
@Robert Blanchard -If you are interested in Laundromats let me know. I own 3. I don't own any in that area but I can walk you through all the details and provide demographics, financing, equipment and most of the other info you will need to open one.
Typically they provide a 20%-30% ROI. Think of each washer and dryer as a separate unit. If one is vacant (needs repairs) for a couple of days they just room with the neighbors and pay them.
1 Reply
Derrick Craig
Memphis, TN · Member since 2013 · 969 posts · 524 votes
12y
Welcome to BP!! @Robert Blanchard
We are glad that you joined!!
0 Reply
Andrew SyriosPro Member
Moderator
Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
12y
Originally posted by @Robert Blanchard:

Good Morning all on BP.
@Andrew Syrios Thank you for welcoming me. Are your multifamily properties between 4 and 20 units? My father bought 16 unit apartment buildings and did ok with them in the late 70's. Sometimes it seems that it is easier to get a commercial loan since the lenders weigh the property and what it can bring in vs a SFH which they tend to look at your assets and income.
Rob
Most of our multifamily is between 4 and 20 units. Usually the stuff over 5 units is tough to finance and we've only had luck with local banks it that department. It defintiely is harder than houses and from what I gather, harder than large apartments as well.
Podcast Guest on Show #121
0 Reply
Robert Blanchard
OP
Littleton, CO · Member since 2014 · 195 posts · 72 votes
12y
Hi everyone on BP. Hope your week is going good.
@Loren Whitney Thanks for welcoming me. My brother in law works in that area. Is Lafayette growing as fast as it was 5 years ago?
@Frankie Woods Hi and thank you for the nice greeting. I agree that the price point is high in this area. I read about investors buying houses for $60K out east and then flip them for $90K. A 30% increase where if I buy a house for $240 I would have to sell it for $310 to get the same 30% price increase. I need to check with my Credit Union to see what percentages they use when someone tries to get a Mortgage. If it is still under 28% for an owner occupy mortgage, it will make things harder to do a fix and flip that I live in while doing it.
@Ken Barrett Interesting numbers that you posted on Laundromats. I am unable to invest in one right now but will keep your name in my notes for when I choose to do so.
@Derrick Craig Thanks for the welcome greeting. This site has really gotten big in the last few years.
@Andrew Syrios I will definitely have to check out how hard or easy it is to get financing on a 14 to 20 unit apartment buildings. What got you to look into multi family vs SFH? I like the though of a duplex or 4plex since I could remodel one unit when it becomes vacant while still having some income from the other unit/s.
Have a great day everyone,
Rob
0 Reply
Loren Whitney
Investor · North Idaho · Member since 2011 · 332 posts · 107 votes
12y
@Robert Blanchard
Lafayette is probably growing faster now than it was 5 years ago. But I've only been in Colorado for four so... There are many new developments popping up. Even my in-laws are moving from CA to Lafayette. If you're ever in my area, reach out and lets grab lunch.
0 Reply

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