Newbie investor in Colorado Springs, CO

Newbie investor in Colorado Springs, CO

Matt AshtonPro Member
Investor · Colorado Springs, CO · Member since 2016 · 7 posts · 2 votes

I am a military member and arrived here in Colorado Springs in Summer 2015.  I grew up in Arvada, CO and am happy to get back to CO after years away.   We intend to retire here so we will be here long term. 

Experience

I have one other single family rental in Texas that was previously my residence so that was an easy transition.  I attempted to invest in a multifamily in Pueblo a few years back but a bad inspection made the financials too risky and I walked away.  I was geographically separated at that point and it made the prospect of renovation too much to take on at that point.  

Real Estate Goals

I am most comfortable with single family residences but I am interested in multifamily and condo/townhome rentals as buy and hold as well.  Managing the properties is definitely not a passion of mine so I am interested in finding a good property manager to manage any future properties if possible.  

Currently Seeking

Investment opportunities in buy and hold real estate.  I have limited capital at the moment for seed money but I am actively working towards that goal.  

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Investor · Claremont, CA · Member since 2014 · 150 posts · 36 votes
10y

Hey @Matt Ashton

I am in the military as well and stationed here at Schriever AFB.

I do a lot of investing in Colorado Springs and Denver, mainly fix and flips and have a few lease option single family homes.

How are you doing your learning. Have you read the books: Millionaire real estate investor and ABC's of real estate investing? great books. also anything by trump on the subject of real estate, especially the ones on audible where he narrates.

Id love to meet up and discuss strategies. @Daniel Eisman maybe we can combine our meeting and all meet up. What the hell, we'll just start a REIA while were at it.

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  • Investor · Lakewood, CO · Member since 2015 · 112 posts · 28 votes
    10y

    Hey @Matt Ashton welcome to BP!

    How's your out of state rental going so far?

    What are you hoping to accomplish as far as acquisitions in 2016?

    I'm an active real estate investor and invest in the Springs as well as Denver metro. I'd be happy to chat sometime and show you some of the properties I've been coming across and see if they might fit your portfolio. I'd also be happy to share with you some creative financing and loan options that might be able to get you into a property with limited or no capital. I'll message you so we can hopefully connect!

  • Jill DeWitPro Member
    Investor · Scottsdale AZ · Member since 2015 · 1k+ posts · 423 votes
    10y

    Hello @Matt Ashton and welcome to BP. BP is great when it comes to real estate investing. From networking with other seasoned investor to getting the information you need on real estate, the possibilities are endless. You came to the right place.

  • Investor · Aurora, CO · Member since 2013 · 55 posts · 13 votes
    10y

    Hello Matt and welcome. 

    I'd suggest looking for B/C multifamily properties in the springs that are under $70k per unit and go from there. I personally always suggest value add deals. Since you are military, make sure you stay on top of the project, especially if you're doing the work yourself, and don't let it sit vacant for too long. Rehab 1 unit at a time while other units are occupied, or hire someone to knock out the work in 4 weeks. 

    All my multifamily I have bought have been from military guys 1-2 years into their investment. They were trying to do the work themselves and they run out of money because they have negative cashflow. I bought a 4-plex there last year for $200k and appreciation is crazy, I haven't found anything close to that since. The overflow from Denver is affecting the Springs market. 

  • Investor · Claremont, CA · Member since 2014 · 150 posts · 36 votes
    10y

    Hey @Matt Ashton

    I am in the military as well and stationed here at Schriever AFB.

    I do a lot of investing in Colorado Springs and Denver, mainly fix and flips and have a few lease option single family homes.

    How are you doing your learning. Have you read the books: Millionaire real estate investor and ABC's of real estate investing? great books. also anything by trump on the subject of real estate, especially the ones on audible where he narrates.

    Id love to meet up and discuss strategies. @Daniel Eisman maybe we can combine our meeting and all meet up. What the hell, we'll just start a REIA while were at it.

  • Houston, TX · Member since 2013 · 1k+ posts · 114 votes
    10y

    Hello and Wlecome to Biggerpocktes @Matt Ashton

  • Matt AshtonPro Member
    OP
    Investor · Colorado Springs, CO · Member since 2016 · 7 posts · 2 votes
    10y

    Hey Guys.  Thank you for the warm welcome.  The BP community seems to be endlessly large and active.  I am excited to begin the process but I am a little cautious to start with and want to approach the deals from the standpoint of analyzing a bunch of deals and then as I gain experience and build a knowledge base, then begin acting on the best ones.  My seed money is also a bit low at the moment so I don't have much firepower to start acting on the deals yet.  Thanks again!

  • Black Hawk, CO · Member since 2015 · 16 posts · 0 votes
    10y

    Welcome @Matt Ashton! 

    I think that's a great idea to analyze many deals while your seed money is still low and build up your experience. However, if you come across a great deal, don't be shy to find the money (or let it find you...as happens so often in RE). Best of luck on all your endeavors! 

  • Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    10y

    Welcome!

    My husband is active duty military and we own 8 houses. we love this world as its a great way to continue investing on limited funds. WE got started with primary, renting the houses out when we left. 

    Look forward to seeing you around.

  • New to Real Estate · Colorado Springs, CO · Member since 2015 · 125 posts · 86 votes
    10y

    Welcome to BP! I'm a fellow military investor in the area, feel free to reach out if you want to meet up or have any questions.

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Matt Ashton

    Welcome. Thanks for your service. We do free MultiFamily investing training for veterans EMAIL me for info my BP PM does NOT work see my profile.

    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

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    To find them 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

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

  • Investor · King of Prussia, PA · Member since 2014 · 1k+ posts · 339 votes
    10y

    @Matt Ashton welcome to BP! Best/first thing to do is get educated. Read read read! Read books on investing in real estate, listen to the podcasts, attend webinars and stay active on the forums while connecting with other investors in your area and pick a niche. Best of luck.

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