New Member in Denver, CO

21 Replies

Hey BP community!

My name is Zack, I'm 25 and I live in beautiful CO. A little background: I've lived almost my entire life in CO and just love it here. I am currently employed as a chemist for a pharma company and also working on a Masters in Finance. 

My REI story started when I had the awesome chance of meeting BP's own Josh Dorkin in person at a local meetup and was completely hooked on his passion for REI and BiggerPockets. I can honestly say he was the reason for my subscription to this site and for jump starting my new found passion for REI.

That said I am just getting started in REI. I always had the intention of entering real estate, but never knew where to start. Plus, REI just fits into my passion for investing and creating multiple avenues of passive income.

My intention for BP is to meet some of the awesome people on here and to create fruitful relationships. 

I do have a couple of quick questions to start:

1- What REI book would you personally recommend that I pick up to read?

2- For those local Denverites: Which REIC would you recommend I attend to get to know some of the local real estate investors?

Thanks!

Welcome to BP!

1. Depends on what areas of investing you want to get into, sounds like passive income is your goal so I'd recommend the book on rental property investing by @Brandon Turner

2. check out our Denver BP meetup, its free, and has a bunch of awesome people who come.  
https://www.biggerpockets.com/forums/521/topics/28...

If you have any further questions or need anything, feel free to reach out to me!

Anson

@Zakaria Moumen Welcome!

1. As Anson mentioned it really depends on what you are looking to get started with. You mentioned passive income - John Schaub's "Building wealth one house at a time" is classic. 

2. Lots of great meetings in Denver - search meetup.com for "real esate" and you will find a handful. Try a few out and see which you like best.

Good luck as you get going.

@Zakaria Moumen I recommend Insider Secrets to Financing Your Real Estate Investments by Frank Gallinelli . The title makes it sound like it's just about financing but it's actually a great overview for people thinking of getting into investing. It's available on Amazon

Id also check Meetup.com because they have many investor and real estate industry networking events for every type of investing in every area in Denver. Just look out for the ones that pitch products and services. There are usually a few every day so you'll have your choice

Thank you so much for the quick responses Anson, Travis and Jean!

I should've mentioned that I plan on employing a buy-and-hold strategy to start. And as I gain experience I hope to make a transition into flipping and add that into my repertoire of strategies.

@Anson Young I appreciate your kindness. I'll definitely take you up on your offer and send some questions your way. Thank you!

@Travis Sperr I'll definitely check out some of the REIC on meetup. Thanks!

@Jean Bolger Thanks Jean. I'm putting that book on my reading list right now.

Hello and welcome to BP! Try to get as close to Denver that you can. It might take a little more work. Please learn as much as you can before you start. Mistakes and learning go on forever. Knowledge is a part of picking a market and making a good profit. One of the most important things to make good money is the location you pick to offer on. Cash buyers that can close quickly usually do better most of the time so you need to pay with cash. If you have to finance your property get a pre-approval letter to put a copy of it in with your offers. If you can borrow money up front that will help you get deals. Are you from that area? It would help but not critical.

I am 59 years old and I found BP about 6 months ago and I am still trying to decide what to do.  I am lucky because my wife has been saving money for about 25 years.  I have a college degree that emphasized real establish.  The same year I graduated, 1980, I got a broker license.  Regardless of what I had I felt more comfortable in a good construction business. I have been in the construction business since I was 17.  My father has been involved in real estate for about 40 years and he taught me a little bit.  If you think I could help you please contact me at BP at any time.  Good luck to you,

@Zakaria Moumen welcome to BP and what a great first post, you're already asking good questions.  I'll throw my vote in for the BP meetup Anson runs. Our next one is Monday 3/7, it's the most enjoyable even I attend each month. Great people and great networking.  Hope to see you there.

@Zakaria Moumen welcome. I think the first place to start in this business is with some money. It's really hard to do anything substantial without money. Start saving for a down payment if you haven't already. Live below your means. First take care of your own place to live. Paying rent is a dead end. House hacking is great if it works for you. 

My favorite book is Buy and Hold Investing by David Schumacher. It's a bit old but the principals still apply in my mind.

My opinion is to hold onto your wallet when you attend some of the local meetups (not the BP ones) but some of the clubs are more about the upsell.

Originally posted by @Zakaria Moumen :

Hey BP community!

My name is Zack, I'm 25 and I live in beautiful CO. A little background: I've lived almost my entire life in CO and just love it here. I am currently employed as a chemist for a pharma company and also working on a Masters in Finance. 

My REI story started when I had the awesome chance of meeting BP's own Josh Dorkin in person at a local meetup and was completely hooked on his passion for REI and BiggerPockets. I can honestly say he was the reason for my subscription to this site and for jump starting my new found passion for REI.

That said I am just getting started in REI. I always had the intention of entering real estate, but never knew where to start. Plus, REI just fits into my passion for investing and creating multiple avenues of passive income.

My intention for BP is to meet some of the awesome people on here and to create fruitful relationships. 

I do have a couple of quick questions to start:

1- What REI book would you personally recommend that I pick up to read?

2- For those local Denverites: Which REIC would you recommend I attend to get to know some of the local real estate investors?

Thanks!

 Hello and Welcome!

Originally posted by @Micki M. :

@Zakaria Moumenwelcome to BP and what a great first post, you're already asking good questions.  I'll throw my vote in for the BP meetup Anson runs. Our next one is Monday 3/7, it's the most enjoyable even I attend each month. Great people and great networking.  Hope to see you there.

 @Micki M. Thanks for the warm welcome Micki! 

Gosh, I would love to attend this upcoming meetup, but I will be stuck at work until about 7 unfortunately. I have already circled the 4/4 meetup on my calendar and will make an attendance for sure. 

@Bill S. Thanks for the advice Bill! I spoke to a local investor and they recommended that book as well. I plan on picking it up soon. 

On the subject of saving money, mid-way through I college I decided to move back in with my parents in an effort to avoid having to pay rent to anyone. This decision has saved me countless thousands and has lead me to be on the verge of being completely debt free (student loans included). 

As of right now, house hacking is definitely the first step in REI for me. I have very supportive parents who have promised to give me a significant lump sum to help me begin my REI venture, on top of what I have already saved. The goal right now is to learn the fundamentals, understand valuation methodology and then jump right into the deep end and navigate my way around.

Hi Zack:

While I live in Fort Lauderdale, FL I have a great friend who is a real estate broker / investor in Denver.

Her name is Laurie King --

http://www.denverhomesforsale.com/broker/

I met Laurie at her sister's Christmas party here in Fort Lauderdale a few years ago.  Since then, we've kept in touch and she has shown us around Denver and even introduced us to another realtor in Avon / Beaver Creek area when we were considering buying a condo out there.  I know that Laurie has bought, rehabbed and rented several properties over the years, so her experience could be very helpful to you.  Good luck.

Hanna

@Zakaria Moumen Welcome to BP. I know what you mean by love CO. Lived in Denver for 2 yrs in 96-97, and loved it. If my wife would agree I would move in a heart beat. You can always wish right!

Good luck with your REI journey.

@Upen Patel You're exactly right! Colorado has really come into its own. I still remember the days when people would call Denver a cow town (which it kind of was). 

I have some family friends not too far from Vienna, VA. They seem to like it a lot there. How's the real estate market holding up over there?

Thanks for the kind words Upen. 

@Michael Lee

Hi Michael, 

I appreciate your kind words and advice. I am from the Denver area and am pretty familiar with the area. That said, I do plan on taking my time to understand how to evaluate what makes for a good deal and what makes for a bad deal. Thankfully, I am familiar with valuation, but strictly in the debt and equity markets. I've read a few blog posts on here and just picked up Brandon Turner's new real estate book as well, and I'm extremely excited for this journey.

I will definitely seek you out if I have any questions. 

Thank you!

Hello!  I am so sorry for it taking me so long to get back with you but I just found this option.  I will be happy to help you in the future on construction or real estate.  Best of wishes!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you