Newbie from Denver, CO

Newbie from Denver, CO

Investor · Denver, CO · Member since 2017 · 32 posts · 17 votes

Hi Everyone,

    My name is Erin Carpenter and I am a new investor from Denver, CO. I have one deal to my name (a condo I bought, lived in, then rented, then finally sold for a large profit). I'm excited to be here and to learn!

I am interested in out-of-state investing beginning with B-class SFH using the BRRR method, then possible moving into multifamily and I learn more. My goal is cash-flow with appreciation being 'icing on the cake.'

I'm currently targeting the Indianapolis market and will be making a 'scouting trip' out there Feb 22-23 to meet with some property managers, brokers, turnkey folks, and learn more about the neighborhoods. I've got financing all lined up and I'm ready to make offers once I target the specific neighborhoods I'd like to buy in.

The skills I bring to starting my real estate investing journey are: good research skills, some experience, a support in my husband who is an MBA and also worked as a commercial RE agent back in the day, a cool head, and a thirst for knowledge. I am always trying to have realistic expectations and bring value to others in whatever capacity I can. I'm also very good at saving money and managing our personal finances so that we have cash on had to work with and go after opportunities. I've been a landlord for a few years and learned a lot in that process. 

If you'd like to connect while I'm in Indy I would love to meet you! If you're in Denver I'd love to connect as well. 

Happy Tuesday everyone!

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  • Bill S.Pro Member
    Moderator
    Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
    8y
    Originally posted by @Erin Carpenter:

    Hi Everyone,

        My name is Erin Carpenter and I am a new investor from Denver, CO. I have one deal to my name (a condo I bought, lived in, then rented, then finally sold for a large profit). I'm excited to be here and to learn!

    I am interested in out-of-state investing beginning with B-class SFH using the BRRR method, then possible moving into multifamily and I learn more. My goal is cash-flow with appreciation being 'icing on the cake.'

    I'm currently targeting the Indianapolis market and will be making a 'scouting trip' out there Feb 22-23 to meet with some property managers, brokers, turnkey folks, and learn more about the neighborhoods. I've got financing all lined up and I'm ready to make offers once I target the specific neighborhoods I'd like to buy in.

    The skills I bring to starting my real estate investing journey are: good research skills, some experience, a support in my husband who is an MBA and also worked as a commercial RE agent back in the day, a cool head, and a thirst for knowledge. I am always trying to have realistic expectations and bring value to others in whatever capacity I can. I'm also very good at saving money and managing our personal finances so that we have cash on had to work with and go after opportunities. I've been a landlord for a few years and learned a lot in that process. 

    If you'd like to connect while I'm in Indy I would love to meet you! If you're in Denver I'd love to connect as well. 

    Happy Tuesday everyone!

     Erin,

    Welcome. Come out to one of the local meetups.

    Just curious why you decided to pursue a turnkey in an out of state area vs a syndication deal on a multiunit property with similar expected returns?

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    8y

    Welcome to the site @Erin Carpenter

  • Rental Property Investor · Clermont, FL · Member since 2016 · 266 posts · 81 votes
    8y

    Hey @Erin Carpenter! Glad you are here! I know Denver can be a tough market to crack into but you're in the right place to find others who are doing it successfully! Best of luck to you!

  • Marlon FongPro Member
    BiggerPockets Support · Bridge City, TX · Member since 2016 · 1k+ posts · 367 votes
    8y

    Hi @Erin Carpenter! Welcome to the BiggerPockets family! You came to the right place to learn all about real estate investing! 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

    BiggerPockets
  • Investor · Austin, TX · Member since 2015 · 263 posts · 186 votes
    8y

    @Erin Carpenter Welcome to BP!  The thirst for knowledge and hard work will pay serious dividends.

  • Investor · Denver, CO · Member since 2017 · 32 posts · 17 votes
    8y

    @Bill S. I will be at the Meetup next week, hope to connect with you in person!

    To answer your question, I'm not sure if I will be doing a turnkey investment or a DIY deal yet. I'm looking out-of-state because I couldn't find deals here in Denver (especially as a part-time investor, I have a full-time gig).

    I'm open to syndication deals, but need more education on it. Is syndication something that you do?

  • Investor · Denver, CO · Member since 2017 · 32 posts · 17 votes
    8y

    @James Wise Thanks!

  • Investor · Denver, CO · Member since 2017 · 32 posts · 17 votes
    8y

    @Brandon Reed Thank you! Denver is a tough market right now. My first deal was in Denver and it was great for me, but I can't duplicate the market crash to get those kinds of returns. I do hope to find other investors in Denver that are doing out-of-state investing so we can learn from each other. 

  • Investor · Denver, CO · Member since 2017 · 32 posts · 17 votes
    8y

    @Ryan Cox Thanks! I'm used to hard work and have built a small but successful business, and I'm excited to use those skills in the real estate arena. I appreciate all the BP members for generously sharing their knowledge and experiences. 

  • Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
    8y
    Originally posted by @Erin Carpenter:

    Hi Everyone,

        My name is Erin Carpenter and I am a new investor from Denver, CO. I have one deal to my name (a condo I bought, lived in, then rented, then finally sold for a large profit). I'm excited to be here and to learn!

    I am interested in out-of-state investing beginning with B-class SFH using the BRRR method, then possible moving into multifamily and I learn more. My goal is cash-flow with appreciation being 'icing on the cake.'

    I'm currently targeting the Indianapolis market and will be making a 'scouting trip' out there Feb 22-23 to meet with some property managers, brokers, turnkey folks, and learn more about the neighborhoods. I've got financing all lined up and I'm ready to make offers once I target the specific neighborhoods I'd like to buy in.

    The skills I bring to starting my real estate investing journey are: good research skills, some experience, a support in my husband who is an MBA and also worked as a commercial RE agent back in the day, a cool head, and a thirst for knowledge. I am always trying to have realistic expectations and bring value to others in whatever capacity I can. I'm also very good at saving money and managing our personal finances so that we have cash on had to work with and go after opportunities. I've been a landlord for a few years and learned a lot in that process. 

    If you'd like to connect while I'm in Indy I would love to meet you! If you're in Denver I'd love to connect as well. 

    Happy Tuesday everyone!

     Hello and welcome! Best of luck to you!

  • Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
    8y

    Welcome @Erin Carpenter! Your goal of cash flow with appreciation being a bonus is perfect! Buying for appreciation is what get's a lot of investors in trouble. I personally am in the Cincinnati area. If you'd like to look into Cincy as a potential market, I know some investor/agents that are extremely knowledgeable and would love to help.

  • Investor · Denver, CO · Member since 2017 · 32 posts · 17 votes
    8y

    @Grant Rothenburger thank you! I did look at Cincy as another great market. I will keep you in mind if I turn to the cincy area. I think Ohio is on the upswing for sure!

  • Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
    8y
    Originally posted by @Erin Carpenter:

    @Grant Rothenburger thank you! I did look at Cincy as another great market. I will keep you in mind if I turn to the cincy area. I think Ohio is on the upswing for sure!

    Definitely seems to be! The problem is that everyone else seems to think so too. A lot of competition here but you can find deals if you're resourceful enough.

  • Investor · Denver, CO · Member since 2017 · 32 posts · 17 votes
    8y

    @Ryan Cox Thank you! How are things in Austin for you? Are you investing locally or are you an out-of-state investor too due to the Austin market being so crazy?

  • Investor · Austin, TX · Member since 2015 · 263 posts · 186 votes
    8y

    @Erin Carpenter Most of my efforts are focused on the Dallas/Fort Worth metroplex which is experiencing tremendous job growth, population growth and a number of corporate headquarter relocations.  I am keeping my eye on Austin, San Antonio and all points between.

  • Investor · Denver, CO · Member since 2017 · 32 posts · 17 votes
    8y

    @Ryan Cox That's a great strategy! I have family in DFW and it's a great place to live (so I also assume a good place to invest).

  • Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    8y

    @Erin Carpenter Hi and welcome to BP! I live in a high priced market as well and have been investing OOS since 2012. Indy is one of my REI playgrounds. Also, I have written extensively on syndication investments I have made in the region in my 4 part BP blog series: Have I Found the Holy Grail of Passive Real Estate Investing?

  • Indianapolis, IN · Member since 2008 · 71 posts · 29 votes
    8y

    @Erin Carpenter Congrats on your lucrative condo deal. I have no doubt you can find some solid opportunities here in Indianapolis. Let me know if you have any questions that I can help with. @Ryan Mullin @Brett Snodgrass @Ben G. are knowledgeable and active, full timers here in the area; you might be well served to reach out to them, too. Cheers.

  • Investor · Front Royal, VA · Member since 2013 · 586 posts · 418 votes
    8y

    Hey @Erin Carpenter i'd love to talk more about your commercial experience. Did you work in the multifamily space at all? i'm working on starting to invest out of state as well, but more-so in the bigger multifamily properties. It's a daunting task, let's catch up at the meetup next week.

  • Investor · Denver, CO · Member since 2017 · 32 posts · 17 votes
    8y

    @Luke Miller I look forward to meeting you in person as well! It's actually my husband who was a commercial broker for two years. He doesn't do real estate anymore, but his past experience is extremely helpful and he'd also be happy to connect with you. He was specifically working with brokering large apartment complexes in Florida in 2008-2010 (so a very rough time for real estate, in an area hit hard by the crash). 

  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    8y

    Hi Erin, we see a lot of people doing 1031 exchanges out of their Denver properties in to Indianapolis or Kansas City where it is so much more affordable and cash flows well. Indianapolis is a good cash flow market if you buy in the right areas and the right asset classes. I've been active there since 2010 and know the market well and the neighborhoods that perform well. I'd be happy to help you if you'd like to reach out. 

  • Investor · Kitchener Waterloo, Ontario · Member since 2017 · 9 posts · 1 vote
    8y

    Hi @Erin Carpenter, my husband and myself are investors from Ontario and are also just starting in Indianapolis market. We have several small multifamily properties in Canada but are looking at other markets as our Cap rates are not great here. Would be nice to chat with you and exchange experience and information.

  • Investor · Denver, CO · Member since 2017 · 32 posts · 17 votes
    8y

    @Mike D'Arrigo Thank you and I would love to connect with you. I will reach out to you directly. It doesn't surprise me that folks are reaping their equity rewards in Denver and re-investing in Midwest markets. 

  • Investor · Denver, CO · Member since 2017 · 32 posts · 17 votes
    8y

    Hi there @Iryna D.. I'd love to connect and am happy to share my experiences in Indy. I'm sure there are folks on here with way more experience the myself, but it would be nice to compare notes with another newbie to that market. 

  • Indianapolis, IN · Member since 2014 · 17 posts · 11 votes
    8y

    @Erin Carpenter  Welcome to BP and the Indianapolis market!  Good luck on your search and safe travels. Cheers!

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