My name is Ty Kayton. I am construction professional in my mid-20's looking to develop a real estate investment portfolio. My wife is an RN working on her Master's, which will allow her to practice as a Midwife. We are currently temporarily located in the panhandle of Nebraska, around 2 hours north of Fort Collins. We will be moving to Colorado (likely somewhere in the Denver metro) within 2 years as our career winds are blowing in that direction and she is originally from there.
I have worked in both residential & commercial construction for the better part of a decade, in all facets. I've worked as a carpenter for others, owned my own business, and (currently) as a project manager for a mid-size GC headquartered out of Lincoln, NE.
My aim is to build on my foundational knowledge of construction & real estate (I've had a number of family members that have worked or currently work as real estate agents) into a successful real estate investing career.
My only experience in real estate investing is a successful flip of a single family home that my wife & I lived in while renovating. We were able to do most of the work ourselves and realized a nice profit on the flip while still both working full-time. My wife and I would like to begin investing while still maintaining our collective income, which is around $120k a year. Multi-family investing is what appeals most to me, but we are flexible and I'd like to learn about all different strategies to find a best fit.
I have listened to many of the podcasts and been reading the articles on the site, and this has fueled my desire to pursue this endeavor. I am eager to draw on the experiences of those of you willing to share your knowledge. As I alluded to before, I want to turn my understanding of construction and real estate into successful investing (I know that I have much to learn, and am excited to do so).
Hope this wasn't too long-winded (this is literally the first time in my life I've ever posted to a forum of any kind). I look forward to connecting and learning about effective investment strategies with you all. Would love to start establishing some contacts, especially in the Denver and northern Colorado area! Thanks in advance and look forward to hearing from you all.
Hey @Ty Kayton . Welcome to Bigger Pockets. It sounds like you're getting prepared well ahead of time which in my mind is never a bad thing. There's a lot of knowledge to soak up here between the forums, blogs, podcasts, and much more. I'm sure your construction experience will be invaluable for REI. Let us know how we can be a help to you.
Welcome to BP Ty and best of luck investing!
@Ty Kayton Welcome to BP and congratulations on your first forum post.
It sounds like you have a great start by learning the different strategies and looking to meet some current real estate professionals and investors in the area you are looking to potentially move and invest in!
You mentioned that you are interested in N. Colorado and Denver - but may I suggest not ruling out Colorado Springs? There are some great Buy and Hold opportunities right now (assuming you can beat out the other 100 investors looking at the same properties! - make sure you work with someone that has strategies for you to stand out). I work in both Denver Metro and CO Springs and have found that the returns on MLS finds are currently much stronger down south and there are many more opportunities.
Good luck and have fun exploring the forums and podcasts - they have been an invaluable resource to me!
@Phillip Bicker - Hadn't really thought of exploring Springs, but certainly won't rule it out. Thanks for the tip. Growing up a couple hours outside of Denver, I'm more familiar with that area so that just seemed logical to me, although I also know it's very hot market which is intimidating as a new investor. Appreciate the feedback.
Congrats on your first post, @Ty Kayton ... I think you provided great info and definitely not "long-winded". You have a solid background for getting into REI and you're giving yourself a great head start with the research and networking. The podcasts and webinars are such a great resource as well so I wish you nothing but success in your endeavors!
@Ty Kayton welcome. I might suggest looking in your current market and in your current situation. Your current incomes is a very nice amount for the area where you are but you will be very disappointed in how far it will go when you get here. Property is has much more cash flow potential in the Nebraska panhandle then it does here. Don't sit on your hands and just do book learning. Find a good flip where you are and start the real learning. You can also find some more economical multifamily properties in the area where you are now and you will have the added benefit of being able to to be very hands on if necessary.
@Tammy Tivis - that you for the reply. I will check out the webinars in addition to the podcasts I already listen to.
@Bill S. - Thank you for the suggestion. I've looked locally to some degree, but haven't yet found anything that I think is worth investing in. I am trying to analyze potential deals, but I'll need more experience before I'm confident that I'm doing so correctly.
To ask a specific question - one thing in this area that I would be worried about would be resale when I wanted to get rid of the property. I worry that I would have a tougher time finding buyers in a market that isn't experiencing a big growth and therefore demand. I flipped my first house and sold it within days of listing. How should this factor in to my decision on where & how to invest? With my goals in investing, I don't know if Scottsbluff / Gering would be a place I wanted to be long-term. Appreciate any feedback you can provide.
@Ty Kayton my family lived over the border to the West for a while, so I looked at the Scottsbluff area for a bit. It seems to be treading water which is better than most of rural America. As for selling a property. Get the average days on market and expect to take that long to sell. Fix it right, price it right and it will sell before the average days on market time with all things being equal. I really think that small markets offer some great opportunities for flipping since there aren't great organizations that have low cost and big crews to compete with. Find the houses sitting on the market that need updating and make a few offers that you KNOW you can make money with. Look for estate sales and those that are vacant where the people have moved away.
You're at an advantage in that you have pretty much Wyoming, Nebraska, and Colorado to look through.
About a year ago, I remember seeing an investor trying to unload a few rentals in Cheyenne. The area around Sidney could be interesting depending on what Bass Pro does with the Cabela's facility. I've seen some interesting deals around Pine Bluff - store front on the bottom with a couple of units on the second story - but I didn't buy because, well, it's Pine Bluff and I don't know the industry there. I have been eyeballing Ogallala for Air BnB type stuff and I know there was an apartment complex that sold out there a few months ago. All along I-76 there is opportunity in my opinion. Oil & Gas and Solar have the area hopping not to mention rail is a big industry. I know the prison in Sterling was offering $1,200 sign on bonuses for detention officers through the end of September. I have a rental in Fort Morgan - there are two property managers in town and they don't have enough available houses to rent. The town is growing but it will experience some growing pains - a detention officer in Sterling makes about twice what a patrol officer makes working for the city of Fort Morgan. There are many folks commuting from Fort Morgan to Denver for work (including the guy that did the windows on my rental) and there are folks commuting from Sterling to Brighton for lower paying jobs as well (the guy that delivered my appliances from Lowe's in Brighton lives and commutes from Sterling). Prices in all these areas are much less expensive that Fort Collins, Longmont, Greeley, etc. and I think anything East of I-25 and north of I-76 will see appreciation....with the area along 85 and 52 being current opportunities.
But what do I know? :)
Good luck on your ventures and keep an open mind with relation to the rural areas. You might be surprised.
@Ty Kayton Nice intro and no its not to long at all.
Welcome to BP. I look foreword to seeing you around on the forums. With your experience in construction, business and you have done a flip. Don't just study my friend, share when you can, it could help others allot to get your experience in the discussions.
Squireling away Capital too in the mean time I take it?
All the best
@Ty Kayton Welcome to the community!
Great move going back to Denver, I lived in Castle Rock(between Denver and CO Springs) for about 8 years before moving out to St. Louis. Still have some family out there. Absolutely gorgeous state.
Good luck with your endeavors!
@Ed E. @Bill S. - Interesting input from you both. I've spent the last few days looking into some local & rural properties and I am actually going to check out a couple potential deals this week in my local market. I have family near the areas in CO that you mentioned and I'm going to do a little research in those areas as well. Appreciate the insight!
@Frederick Kirk Wendel - I'm ready to jump in. It's not my nature to stay on the sidelines for too long - albeit I like to make my moves deliberate and well-researched. Although I don't have a lot of specific investing information to add, I will gladly offer up information from my experience in construction on the forums. Thanks for the introduction!
@Justin Dossey - Thanks for the intro. Really like the Castle Rock area. We were looking to make a move out there a couple years ago and were looking at places in Castle Rock and Lone Tree. Hope things are well in St. Louis and hope to see you around on the forums.
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