Lakewood , CO · Member since 2016 · 19 posts · 5 votes
Hello BP!
I joined today and am impressed with the wealth of knowledge on here. I am excited to hopefully learn or work with some of you. My goal is to buy my first property this year. I am thinking OKC or FL as Colorado is booming and I'm not sure my backyard will be easiest to cash flow. I am definitely a newbie but I look forward to building a team and meeting smart people. I am sure this something I want to do and hopefully I can teach others one day.
Cheers,
Matt
Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
10y
Hello and welome to BP! I only know what I have been told about Colorado. It is my understanding that there are around Denver that are less expensive houses within a two hour drive. If I was thinking about investing out of state I would probably buy from a turnkey company like Memphis Invest, who have rental single Family homes in Dallas Texas and Memphis and will take care of by doing everything. They have about 600 homes and the minimum investment is around 30k. And they are helped by Chris Clothier, who is on BP every day. That is the only way to live with out of State investing because it is far away. Today's inventory is low and that has driven up the prices and there's more competition wanting the properties. You might have to make three offers a day and do a lot of running. The quicker you can make an offer the better. Just do what you like and be a hustler. Know the market (s) you select and know the best locations within it. If you are not paying cash get a loan pre-approval letter before you start investing. Build good relationships with the sellers and be a problem solver. Use experienced Team leaders. Make sure they are local people Team members that will return your calls.
I am 59 years old and I found BP about 7 months ago and I am still trying to decide what to do. I went to college, not that it is mandatory, and Î got a business degree that emphasized real estate. Being in the state of Texas I was told that I would not have to take anything extra to get a broker license. Regardless of what I had I felt more comfortable with the construction business. I closed a few deals for other people. I have been in the construction industry since I was 17. My father has been in real estate for about 40 years and he has taught me a little bit. If you think I can help you please contact me through BP at any time. Good luck!
Arvada, CO · Member since 2016 · 7 posts · 0 votes
10y
Welcome Matt. I'm new too just trying to meet people and learn the business. Did I read that right, you're trying to invest in OKC or Florida, not here?
Lakewood , CO · Member since 2016 · 19 posts · 5 votes
10y
Hey TJ. That is correct. I grew up in Colorado and knowing the area, I can't justify some of the prices I am seeing. Of course I will jump on a deal if it presents itself. However, I am not seeing the yields I would like.
Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
10y
Hello and welome to BP! I only know what I have been told about Colorado. It is my understanding that there are around Denver that are less expensive houses within a two hour drive. If I was thinking about investing out of state I would probably buy from a turnkey company like Memphis Invest, who have rental single Family homes in Dallas Texas and Memphis and will take care of by doing everything. They have about 600 homes and the minimum investment is around 30k. And they are helped by Chris Clothier, who is on BP every day. That is the only way to live with out of State investing because it is far away. Today's inventory is low and that has driven up the prices and there's more competition wanting the properties. You might have to make three offers a day and do a lot of running. The quicker you can make an offer the better. Just do what you like and be a hustler. Know the market (s) you select and know the best locations within it. If you are not paying cash get a loan pre-approval letter before you start investing. Build good relationships with the sellers and be a problem solver. Use experienced Team leaders. Make sure they are local people Team members that will return your calls.
I am 59 years old and I found BP about 7 months ago and I am still trying to decide what to do. I went to college, not that it is mandatory, and Î got a business degree that emphasized real estate. Being in the state of Texas I was told that I would not have to take anything extra to get a broker license. Regardless of what I had I felt more comfortable with the construction business. I closed a few deals for other people. I have been in the construction industry since I was 17. My father has been in real estate for about 40 years and he has taught me a little bit. If you think I can help you please contact me through BP at any time. Good luck!
Real Estate Investor · Miami, FL · Member since 2010 · 939 posts · 739 votes
10y
@Matt Grace Welcome to the community, of BiggerPockets! Be sure to check out the forums, the blogs, podcasts as well as other parts of this amazing website and like minded community. The people here have a vast amount of knowledge and are more than willing to share their experience and provide sound insight and advice. Do not hesitate, to post questions and bounce ideas around in applicable forums. Much to your success!
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.
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 rehabbers (cash buyers). Find them through Google and meetup.com You can do this via phone till you visit.
Consider checking out HUD homes for small multi's owner occupied gets first crack.
Go to IREM.org search for ARM certified property managers. Call 5 ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.
You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
10y
@Matt Grace welcome. Sounds like you have done some research. I hope your long distance investing goes well. I know others have considered going out of state for better returns. @Mark Ferguson had a long thread about considering moving his operation to Florida. Use the search feature to locate it if you haven't ready read the post. There is a wealth of information on it.
Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
10y
@Matt Grace Hi and welcome to BP! I know the challenge of trying to invest locally only to find that it is too expensive for cash flow. After years of just looking, I started my REI via turnkey in Jacksonville, Florida, and built a small portfolio of properties there via a terrific turnkey company.
Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
10y
@Matt Grace welcome to the community! We have a few great local meetups around town. The next general meetup is the first Monday of May. Details can be found on this event page