Firefighter looking to expand into new cash flow markets

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Firefighter looking to expand into new cash flow markets

Jake CohenPro Member
Rental Property Investor · Denver, CO · Member since 2017 · 200 posts · 126 votes
First post but already feel part of the community. I had the pleasure to meet Scott Trench the other night and gave me a warm welcome. Currently helping my mom create cash flow for retirement while also investing for my wife and I. My "real job" is as a firefighter in Northglenn and Broomfield. Married with no kids. Looking forward to participating in some good discussion on here. Just listened to the @michaelswan podcast and inspired by what he has done. In the process of selling a townhouse in Denver doing a 1031 exchange with the money and looking for opportunities in other parts of the county. At this point interested in Kansas City, Birmingham, Cleveland, and Memphis as well as any deals in Colorado (at this point hard to find). Looking for multi family for cash flow. Thanks in advance.
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Todd Dexheimer
Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
9y

I would suggest visiting the market before you invest to be sure that it's a place you want to put your money. All of those markets have good cash flow potential, but all have been known to be traps for investors money. The key to those markets (and all markets) is to buy in the right area. Get in the wrong location and you will make no money and possibly loose

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  • Trexie E.Pro Member
    BiggerPockets Support · Davao, Davao del Sur · Member since 2015 · 937 posts · 163 votes
    9y

    Hi @Jake Cohen

    Welcome aboard! We are glad that you have joined BP! I can't wait for you to get started. Please don't hesitate to reach out if you have any questions or clarifications. We are always happy to help!

    BiggerPockets
    0Reply
  • Matt Motil
    Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
    9y

    Welcome to Bigger Pockets, it's a great community! 

    0Reply
  • Roey Marom
    Vendor · Cleveland, OH · Member since 2016 · 24 posts · 9 votes
    9y

    Hey Jake, welcome to BP! Cleveland is a great city. I've managed hundreds of properties in different cities in Ohio and its a great market to invest in. at the moment the market is a little expensive and good deals are hard to find, but I believe that the prices will go down with the beginning of the winter. 

    DM me if you need more advice on Ohio's market.

    good luck!

    0Reply
  • Bill S.Pro Member
    Moderator
    Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
    9y

    @Jake Cohen welcome. Not sure what you are doing with your non-firefighting time. I know lots of firefighters that have second jobs in the real estate world. Mostly repairmen. You might consider doing some flipping in your off time. I'm sure there are others at the station that could be your subs. One of the hardest things about flipping is finding reliable subs and in my experience firefighters are some of the most dependable you can find. You might consider flipping vs out of state investing.

    0Reply
  • Jake CohenPro Member
    OP
    Rental Property Investor · Denver, CO · Member since 2017 · 200 posts · 126 votes
    9y

    Thanks for the warm welcome. I appreciate it. @Bill S., there are a lot of great handymen/contractors in firefighting and they have been an amazing resource for me so far. My goal is more for cashflow than for the one off deals. While I enjoy a project, I think building a rental business is more in line with my goals. I currently own a 4plex and townhouse in Denver and working to find the next deals... which at this point will likely be out of state for me. Colorado seems to be getting too expensive to find the good cash flow that I am looking for. 

    @Roey Marom I appreciate the advice on Cleveland. It definitely is on my radar. Hoping to come see some property in October to get a better idea on what makes sense out there.

    @Matt Motil Thanks for the welcome. I am looking forward to being part of the discussion!

    @Trexie E. thanks for the support. I will reach out if there is anything I don't understand. 

    Time to get to work and find some deals!

    1Reply
  • Jennifer Slaughter
    Real Estate Agent · Fort Collins, CO · Member since 2016 · 246 posts · 142 votes
    9y

    Welcome to BP @Jake Cohen!  My strategy is similar, I invest in Memphis and Colorado.  The best thing you can have when you're investing out of state is a great team under the same roof.  If something comes up with one of my rentals, I can't go to the house but my broker can walk into my property managers or general contractors office and having the whole team together gives me peace of mind. Good luck as you narrow down your options and take your next step.

    0Reply
  • Jake CohenPro Member
    OP
    Rental Property Investor · Denver, CO · Member since 2017 · 200 posts · 126 votes
    9y

    @Jennifer Slaughter thanks for the info. I just got some info from your company and looking through it. Look forward to working with you.

    Thanks for the advice.

    1Reply
  • Todd Dexheimer
    Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
    9y

    I would suggest visiting the market before you invest to be sure that it's a place you want to put your money. All of those markets have good cash flow potential, but all have been known to be traps for investors money. The key to those markets (and all markets) is to buy in the right area. Get in the wrong location and you will make no money and possibly loose

    2Reply
  • Jake CohenPro Member
    OP
    Rental Property Investor · Denver, CO · Member since 2017 · 200 posts · 126 votes
    9y

    @Todd Dexheimer 100% agree with you. I have trips planned to each of the locations in the coming 2 months. Starting my research on each now so I have good contacts in place on the ground when I get there. Thanks for the advice. Looks like you have quite the out of state investing business going as well! Cheers to that. I hope to follow in your footsteps.

    0Reply
  • Quinten Sepe
    Rental Property Investor · Kansas City, MO · Member since 2016 · 63 posts · 32 votes
    9y

    @Jake Cohen 
    KC local/investor here. I completely agree with @Todd Dexheimer
    I wrote up a brief summary my 2 cents on the KC area. I have shared it on a few other discussions here and others have found it helpful. You can find it here:

    https://www.biggerpockets.com/blogs/9877/62959-new... I'd be happy to talk KC sometime over a skype or hangouts session. No angle for me here, just passionate about my city and being helpful. aka you're stereotypical Midwesterner

    Best,
    -Q

    1Reply
  • Corey Clarkston
    Real Estate Agent · Jacksonville, FL · Member since 2017 · 71 posts · 23 votes
    9y

    @Jake Cohen, feel free to reach out if you are interested in any kind of investments down in Jacksonville! 

    0Reply
  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    9y

    @Jake Cohen Welcome to BP & the world of REI. Are you looking to buy turnkey in those other markets or ?

    0Reply
  • Jeff Wallenius
    Specialist · Indianapolis, IN · Member since 2014 · 670 posts · 352 votes
    9y

    @Jake Cohen hit me up. Always excited to work with a fellow firefighter and I can provide some insight into what you may be looking for. Happy to assist in anyway!

    Cheers!

    0Reply
  • Jake CohenPro Member
    OP
    Rental Property Investor · Denver, CO · Member since 2017 · 200 posts · 126 votes
    9y

    @Quinten Sepe Thanks for the link to the blog post about KC. I found it very informative. Appreciate the help and will try to reach out next time I make it back into KC.

    0Reply
  • Jake CohenPro Member
    OP
    Rental Property Investor · Denver, CO · Member since 2017 · 200 posts · 126 votes
    9y

    @Corey Clarkston appreciate you reaching out. I don't think I will be investing in Jackson soon, but if I make my way there down the road I will definitely look you up.

    1Reply
  • Jake CohenPro Member
    OP
    Rental Property Investor · Denver, CO · Member since 2017 · 200 posts · 126 votes
    9y

    @Jeff Wallenius thanks for the chat today. Also had a chance to listen to BP Podcast #241 and was entertained. Always tough to get out of the Firehouse mindset after work. Look forward to seeing some of your properties in Indy soon.

    0Reply
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