Newbie in Longmont, CO

14 Replies

Hey Bigger Pockets Members,

My name is Andrew and I am brand new to Bigger Pockets.

  • Bio: I am a 27-year-old husband and father of two little ones living in Longmont, CO. I am an Active Duty military member stationed in Northern Colorado while the Navy pays for me to go to school. I am currently studying Mechanical Engineering at CU looking to graduate in May of 2019. After graduation, I will return to my Active Duty service in either San Diego, CA or Virginia Beach, VA.
  • Real Estate Experience: I have very little experience in true REI. I have purchased two homes in my life with lots of lessons learned in both experiences. The first home purchased was on the island of Oahu while I was stationed there. A fellow service member and I purchased the home together and lived in it. Our get rich plans were to run a vacation rental out of the home while we were away on training. Needless to say, we were in over our heads and it didn't work out. Lessons Learned: 1) Read the HOA documents to make sure vacation rentals are allowed. We battled with the HOA and they almost took us to court for renting our home out as a vacation rental. Rules are rules and we should have seen it going into the property. 2) There is a lot more that goes into vacation rentals than we originally thought. 3) We got a crash course in the costs of actually selling a home. Purchase price: 760k Selling Price: 850k Fantasy: I just made a killing, and am a real estate genius Reality: Net profit - 2k.  My family and I are currently living in our second purchased home in east Longmont and are still learning the in and outs of home ownership.
  • Real Estate Goals:  My wife and I would like to build passive income through either multi-family or single family rental properties.  Our short term goal is to purchase our first rental property by the end of summer 2017 in the North Denver region, specifically Longmont, Greeley or Loveland.  Our mid-term goal is to have two rental properties by the time we leave CO in the summer of 2019 and have a great start to a healthy real estate portfolio.  Lastly, our long-term goal is to continue to acquire properties and build a strong base of passive income to help pay for our children's college and gain financial freedom.
  • Bigger Pockets Goals: I have been addicted to this site ever since I found it a few weeks ago. When I am not buried in a calculus or physics book I am reading through the blog posts and listening to the podcasts. I am looking forward to networking with local investors in my area and soak up any knowledge I can. I also have a healthy understanding in what it means to be part of a give and take relationship with a potential mentor. I would love to contribute to the BP / Local REI community in any way possible. Just this morning I listened to the podcast where they talked about "Bird Dogging". What a great concepts and I can't wait to get my feet wet. I love running the numbers on potential properties for practice and am willing to help out more seasoned investors in any way that I can.

In summary, I truly look forward to interacting with the community and contributing in any way that I can.  I am a sponge and a hard worker with a never quit attitude so please reach out to me with anything I can do to help.  Thank you for the time and talk soon.

Best Regards,

Andrew

Welcome to BiggerPockets, from just across town.

Longmont real estate has skyrocketed in the last couple of years. I'd focus more on Loveland and Greeley, or even look north to Cheyenne, WY. Windsor is hot right now, too with new builds going in like crazy. A friend recently purchased a new build, and a week later the price went up $30k, effectively giving her $30k in equity.

If you look to Greeley, make sure to be upwind from the meat packing plant. That is NOT a delightful aroma.

There's a Northern CO meetup in Erie. @Dan Mackin   runs it. Dan, when's the next meetup?

A reply from the BP community manager on my first post!  It doesn't get much better than that.

@Mindy Jensen thank you for the great advice about the area and the local market. From what I have seen you are completely right about Longmont. You can't find anything for less than 200k. My real estate agent had mentioned considering Greeley and after listening to BP Podcast 215 the idea of student rentals didn't scare me as much. That 0% vacancy is attractive. I look forward to future correspondence and hopefully meeting you at a local REIA meet up. Take care.

@Dan Mackin   - I appreciate the welcome to the BP community.  I will absolutely head over to the Erie meet up and pick the brains of some of the seasoned pros.  Look forward to seeing you there.

- Andrew

@Andrew Lapham

Welcome to the BP family! Here are some recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

Wishing you the best!

@Dmitriy Fomichenko

Thank you for reaching out and these are all of my go-to areas for knowledge.

I listen to a new BP Podcast every day on my commute in the car.  Brandon and Josh are quite the tag team.  I am also halfway through the beginner's guide.  My next step is purchasing Brandon's book on Rental Properties.  He promotes it so much on the Podcast I feel like I have to!

Again thank you for the time and advice and I also wish you the best.

-Andrew

@Andrew Lapham welcome from a reformed engineer (civil). As one of my former bosses said, engineering won't make you wealthy but it will provide a comfortable living. Your main constraint will be your analytical nature.  If you can get by analysis paralysis you should do very well in real estate.

@Bill S.

Great advice.  I have already seen the trends in myself of staring at the numbers too long.  I am taking Statics in school this semester (right down your civil engineering alley!) and sometimes it feels like I am analyzing a truss system when I am looking at deals, rather than just running the simple numbers.  Hopefully I find a healthy blend of both the analysis side and the real estate "street smarts" side.  I assume most of the successful pros use a balance of both.  Thanks again for reaching out and I am excited to be here.

Andrew

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