Colorado Real Estate Investor

18 Replies

Hello BiggerPockets Community!

My name is Samuel and last month I parted ways with corporate America after 9 years at the same employer, working as a General Manger for a car wash. Thus, I am now looking to devote my full attention toward Real Estate Investing. I am fairly new to the industry, and am excited to get things rolling. 

I currently own two properties. One is my primary residence, and the other one is a townhouse in Thornton that I bought in 2008. I have a tenant in that one currently, getting $1500 per month on a month-to-month lease.

I am looking to purchase properties in the north Denver area, above 84th up to 136th and from US 287 in Broomfield to Holly in Thornton (target area is Broomfield). Boulder, Longmont, Louisville, and Lafayette are also okay.

I am primarily looking for older homes that are in serious need of rehab. Nothing that is already remodeled. Also looking for motivated sellers, although I am fully aware of the sellers market that we are in. I am certainly interested in pre-foreclosures, foreclosures, bank owned properties, REOs, off-listing properties, and the like. 

I'm also looking to do buy-and-hold multi-family units. I passed on a deal to buy 3 condos in Boulder a couple of years ago and now I regret it. I think these deals are interesting, but may need to build up more capital before undertaking them as to avoid donating all of the potential profits to the lenders!

I would also consider the right partner if the situation makes sense for both of us. I bring a lot of things to the table, except for the experience. However, I firmly believe that the best teacher is experience and am not afraid to get out there and get to work! I recently completed a Masters program in Finance at CU Denver, so I am very numbers orientated. I also have my own truck and tools, have a ton of work experience at the car wash in project managing and working with sub-contractors, and have some saved capital. 

I have established a couple of relationships with hard money lenders and also some local real estate agents in the last month and am definitely looking to broaden my relationships with the investing community in Colorado. 

Reach out to me and let's make some money together!

Hey @Samuel Lowell

Welcome to BP! Congrats on making the switch to full time investor. I encourage you to join the local Denver meetups held monthly. This month's is held tonight! Here's a link- https://www.biggerpockets.com/forums/521/topics/28...

These are great events to connect with other investor's and find out what everyone else has going on currently. I'm interested what your goals for 2016 are and what types of partnerships you are seeking? 

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Welcome to BP! I am jumping into RE full time myself, and becoming a licensed RE agent to learn the market, to assist my investing career. Feel free to connect!

You have two local meetups - Denver's is tonight at 6:00 at The Bicycle Cafe and Erie's is 4/20 at The Old Mine on Briggs St. Both are a great opportunity to meet with local investors.

Welcome @Samuel Lowell . As others have stated you should come out to the meetups this month. You'll get a great load of information in a short period of time. Your area is pretty wide spread for the north, but as you already know it's slim pickings. Finding rehabs in that area that make sense are even more difficult. I'm still amazed at what is considered rehab worthy in terms of price.

Originally posted by @Daniel Eisman :

Hey @Samuel Lowell

Welcome to BP! Congrats on making the switch to full time investor. I encourage you to join the local Denver meetups held monthly. This month's is held tonight! Here's a link- https://www.biggerpockets.com/forums/521/topics/28...

These are great events to connect with other investor's and find out what everyone else has going on currently. I'm interested what your goals for 2016 are and what types of partnerships you are seeking? 

 Thank you Daniel. 

Tonight is unfortunately not going to work for me. Thank you for the invite. I am, however, going to make it out on Thursday to the IRROC meeting. Are you part of that group? 

My goals for 2016 are currently under construction, which I know doesn't sound super great, but I am just getting started and there are so many different aspects to REI that it's hard to narrow on just one. As I stated in my introductory post, I am primarily interested in doing fix-n-flips to start, but those deals seem very hard to come by in today's market. I am seeing many multi-offer bids on properties.

This will continue to be my focus, but I am certainly open to other interesting opportunities. My primary goal for right now is to get a deal done. I've been listing to a lot of the BP podcasts and doing my own REI reading, and it seems like the one trend that separates the successful investors from everyone else is getting it done. Get a deal done. Don't over analyze, don't over think, pull some triggers. Now that's not to say that one should not be incredibly careful, especially in today's market, but I'm ready to make some moves.

As for partnerships...I am seeking ones where I can bring what I have to offer to the table that establishes value in getting deals done and making money for myself and my partner(s). I'm willing to work, and I am have some applicable skill sets. I just lack the experience and so I think working with the right people, at least in he beginning can be mutually beneficial. 

Originally posted by @Bill S. :

@Samuel Lowell welcome. I wish you well in your real estate ventures. It's a great community here and a great place to learn. Dig in and enjoy.

 Hell Bill. Thank you for the welcome. It seems like you are an established professional in this industry. Very accomplished. What is one piece of advice you can give a newbie like me, just starting out?

Originally posted by @Gina McKee :

Welcome to BP! I am jumping into RE full time myself, and becoming a licensed RE agent to learn the market, to assist my investing career. Feel free to connect!

Hello Gina. Thanks for the welcome. 

Your profile says that you are a property manager from Mead. Is Rosemont Forest Properties LLC a company that you work for or one that you created to manage your own investment property? I see you're interested in doing buy-holds for the passive income, which is great. What kind of financing are you using? Hard money? Portfolio lending? Conventional?

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Originally posted by @Mindy Jensen :

You have two local meetups - Denver's is tonight at 6:00 at The Bicycle Cafe and Erie's is 4/20 at The Old Mine on Briggs St. Both are a great opportunity to meet with local investors.

 Hey Mindy. The local meetup tonight sounds super fun. I was reading up on it. I wish I could go, but I have prior obligations. I will put it on my calendar for the one on the 20th though. Maybe I'll see you there. 

Originally posted by @Dan Mackin :

Welcome @Samuel Lowell. As others have stated you should come out to the meetups this month. You'll get a great load of information in a short period of time. Your area is pretty wide spread for the north, but as you already know it's slim pickings. Finding rehabs in that area that make sense are even more difficult. I'm still amazed at what is considered rehab worthy in terms of price.

 Hey Dan, House Hacking Specialist is a very cool title, please tell me that's on your business card! As for your assessment of my target area, you right on the money. Very slim pickings right now. Everything seems to have been scooped up long ago. Properties going very quick and with multiple bids. I am going to use this time to build up my knowledge and contacts, while patiently scanning for that first deal. 

@Samuel Lowell I do like my title. It's not on my cards now, but once the current ones run out it will find its way on them. If you're not able to get to the meetups let me know and we can grab a beer sometime since I'm right up the street.

Hey Samuel, welcome to BP.  Have you considered driving for dollars?  This is when you drive a neighborhood to look for run down properties.  You can knock on the door to find out if the seller is interested in selling.  If it is rented, you can speak to the tenant and ask them for the landlord's contact and ask them to air their grievances (better than an inspection).  If they do not give the landlord's contact information, you can at least find out the name and address recorded in the county records.  If you need help with any of that, let me know.

Hi @Samuel Lowell . Rosemont Forest Properties LLC is a company I created to manage my own investment property. I have used gov-sponsored financing so far since they were previous owner occupied properties, but will move to conventional in the future until I hit the maximum!

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