Updated over 9 years ago on . Most recent reply
How to get started as a buy and hold investor
Hello folks,
My name is Matt and I have been interested in real estate for many years. I even worked as a licensed Realtor in PA for a couple years in my mid-twenties. I'm now a CO lifer and can't believe the market in the metro areas of the CO front range. It is time for me to take the equity in my home, or some IRA $, and buy my first rental property so that I can start my RE portfolio.
What I have a hard time rapping my head around is finding a property in this super hot market with #'s that work out. I've scoured the foreclosure listings for my county, and other online sources, and don't seem to get how to turn these listings into offers and ultimately close a deal. What system can I use, instead of inventing my own, to organize myself to get to the closing table?
If there is anyone out there who would be willing to mentor me, or just give me some guidance, so I can get from analysis paralysis to a closed deal, I would really appreciate it. I understand the basics, have read countless books and blogs, but just can't seem to get past myself to get going.
Thanks for reading!
Matt
Most Popular Reply
Hello @Matt Anton, I have been in your shoes now for 5 months. Like you, I am determined to find buy-and-hold properties in the Denver area. I think what I am realizing is that although determination and hard work will often lead to success, no amount of either one of those can change the market conditions in a particular local. Not only are market conditions formidable - but there is no shortage of people willing to pay waaaaay above asking price for properties as they come on the market. I'm wondering where those folks are going to be in a year. The duplexes are the biggest head-scratchers. How can you pay upwards of $500K for a duplex that might rent each unit for $1500 (or less) and keep your head above water?? I'm sure there are deals out there and the more clever (and connected) among us will scoop those up faster than you can say jackrabbit. But giving up will not lead to anything - so keep going and stay smart! (I need to listen to my own advice, as well).