Newbie to BP in Denver market

Broomfield, CO · Member since 2016 · 2 posts · 1 vote

Been reading investment books for a few months now. Looking to start putting my thoughts to action and start my path to financial freedom. Looking for some other investors, experienced or not, in the Denver area to bounce ideas and thoughts off each other. Specifically looking at duplex to quadplex investing but am not ruling out single family houses. Looking forward to hearing back from some of you.

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Mark Nolan

Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes

10y

@Ryan Campbell

Welcome to bigger pockets. Make sure to check out the Bigger Pockets Blog: https://www.biggerpockets.com/renewsblog/

It is full of great information.

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Michael S.Pro Member
Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
10y
Welcome to Biggerpockets Ryan. You can find Denver investors to network with here https://www.biggerpockets.com/meet
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Dave VisayaPro Member
Moderator
Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
10y
Hey @Ryan Campbell, welcome to the site! Here are some good places to start: http://www.biggerpockets.com/meet- find and connect with other BP members that are in your area.
http://www.biggerpockets.com/alerts - Set up keyword alerts to be notified of the topics that interest you.
And, of course the
http://www.biggerpockets.com/forums - ask any question about real estate!
See you around!
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Jonathan Harris
General Contractor · Denver, CO · Member since 2016 · 63 posts · 24 votes
10y
Hey Ryan, welcome! I've been bouncing around here for a few months trying to soak up info and am looking to do the same type of buy and hold investments. Are you looking in state or out of state mostly?
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Patricia Miller
Durango, CO · Member since 2016 · 92 posts · 12 votes
10y
Hello @Ryan Campbell, I am in the same boat having been looking at listings since March. It has become clear to me that in Denver you have to develop great strategies and skills for finding the duplex/quadplex that will cash flow outside of MLS listings because you won't find them there. Denver also presents other unique challenges to investors due to population, business, and construction factors. Never mind the fact that there are a whole lot of people looking to buy a property (increasing by the day) to live in themselves.
From what I have seen, most MLS listed duplex properties in Denver (and most other properties, too) are at a purchase price that would put you so far away from the 1% goal - it would be impossible to cash flow them now or in the near future. (1% being the rough guide for considering a property, rent/month is 1% of the purchase price of the property). A duplex for $500k with rents at $2500/month (total) pop up all the time. How you would cover expenses with that scenario, I don't know. I'm sure there are some others available that would work with different numbers, however few there may be, you just have to figure out how to find them.
Others with experience could advise or assist you and there is no shortage of info on BP about how to develop those skills.
Best wishes.
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Jared Bouzek
Lender · Denver, CO · Member since 2015 · 404 posts · 227 votes
10y
Welcome to Bigger Pockets @Ryan Campbell. As mentioned above, Denver can be a challenging market to get started investing into multifamily homes. The key will be using your marketing to locate deals that not everybody has access to. If you don't intend to occupy one unit ("house hack") you might consider looking at some of the cities outside of the metro area that still benefit from the population growth of the city but have a lower price point. Good luck getting started, and I'm happy to answer any financing questions you may have.
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Mark Nolan
Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
10y
@Ryan Campbell
Welcome to bigger pockets. Make sure to check out the Bigger Pockets Blog: https://www.biggerpockets.com/renewsblog/
It is full of great information.
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Ryan Campbell
OP
Broomfield, CO · Member since 2016 · 2 posts · 1 vote
10y
Thank you everyone! I will take a look at that link for meets. To other points, yes I know Colorado is a difficult place at this time as it is boom at time being. But good deals are out there for the creative minds. I am also not limiting myself to just Denver market. Good deals are out there and I would like to go after them. Thanks again, if anyone wants to meet to chat inbox me and we can grab coffee. Cheers!
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Scott TrenchPro Member
Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
10y
Hi @Ryan Campbell Welcome to BiggerPockets and welcome to the Denver Real Estate discussion!
I too invest in duplexes, triplexes and quads here in Denver, and bought my first place in late 2014. Looking to buy my third and maybe fourth this winter. I buy only in the city proper, and only in areas that I would want to live in. I house-hack, meaning that I live in one unit and rent out the others, and then move out to go to the next duplex. I usually look for minor value add opportunities, like paint, drywall, and other cosmetic improvements that can quickly make properties much more appealing.
Best of luck investing! Let me know if you'd like to connect!
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