Newbie in Northern Colorado

New Member Introductions

Newbie in Northern Colorado

Greeley, CO · Member since 2018 · 5 posts · 2 votes

Hi there! I’m extremely new to this idea of investing in real estate and so glad this site is here!! I’ve been going back through and listening to the podcasts from the very beginning to learn as much as I can and also reading some books about real estate investing. I love the question they ask on the podcasts of the guests favorite book! I’m definitely checking out some of the suggestions people have given! I live in northern Colorado and am considering looking out of state for my first investment property because it seems like Fort Collins, Greeley, and Windsor don’t have the best numbers for investing right now? Please tell me if I’m wrong!! I really am still not sure where to start. Despite doing a lot of research it seems like you just have to jump in at some point. Any suggestions for someone starting out would be great!! I am going to try and get to some of the meet ups. It is amazing to me that people are so willing to help new investors whether it’s from this site or at the local meet ups!! Maybe some day I’ll be in a position to help someone starting out!

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Property Management · Memphis, TN · Member since 2009 · 667 posts · 362 votes

8y

Hello Ashley, I'm happy you've decided to move forward in your real estate investing career. There's so many good people on BP willing to help and tons of helpful information. Now, if your considering investing long distance, my suggestion would be to at some point schedule a trip to understand the demographics of the area and how they work. Narrow your search to two or three states that you've taking a liking to and start building relationships with property managers and alike on BP. This is a sure way to find out the pros and cons of each city. Once your overflowing with knowledge of your farm area it makes it easier to stomach the initial leap. Over the past years Tennessee has been popular among investors. If you chose Memphis as one of your areas of interest I would be happy to share with you a map of the city that pinpoints areas that make for a solid investment and others that are more risky. I wish you the best moving forward!

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Brett G.
CO · Member since 2018 · 69 posts · 52 votes
8y
Welcome @Ashley Trahan! The Front Range is a pretty tough place to start right now. There are deals to be had, the entry points are pretty high though. I am looking in to other markets myself. If you spend any time on BP you can find those markets and find the people that are in those markets. I am reading Long Distance Real Estate Investing by David Greene (available through BP or Amazon) to help me understand what it looks like to invest out of state.
There is a lot you can learn here. The podcasts, blogs, forum, etc are all very helpful.
0 Reply
Dave VisayaPro Member
Moderator
Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
8y
Hello @Ashley Trahan, welcome to BiggerPockets. It's great to have you here!
0 Reply
Kevin Grinstead
Realtor · Denver, CO · Member since 2016 · 499 posts · 129 votes
8y
Hi Ashley, welcome to BP. Have to decided what areas out of Colorado to look at?Most of Colorado is hard to invest in unless you can find a great multi-family unit that you can get. Good luck investinf
0 Reply
Matt Motil
Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
8y
Welcome to BP @Ashley Trahan! Good luck in your REI journey!
0 Reply
Dan DeppenBusiness Member
Erie, CO · Member since 2017 · 274 posts · 267 votes
8y
Welcome to BP @Ashley Trahan!!
0 Reply
Collin Bowman
Windsor, CO · Member since 2018 · 1 post · 0 votes
8y
Hi Ashley,
I am also new to the forums and such, been listing for a long time. We have a family land development/construction business. But in the process I got my RE license and am starting to look and learn about all facets of investing.
If anything crosses your plate that you would like to look at, I would be happy to help and learn.
0 Reply
Kevin Moules
Rental Property Investor · Turlock, CA · Member since 2018 · 226 posts · 147 votes
8y
Hello @Ashley Trahan, welcome to BP. I also just joined this wonderful site.
Where do you start? Education!! I get my education through reading and podcasts. Currently I ma reading Brandon Turners book on Investing in rental property, just finished reading Rich Dad Poor Dad, and am in the process of listening to the PB podcasts starting at #1. In the short 12 episodes I have listened to I have learned a lot.
Contact a local realtor and have them set up a portal for you to see homes that fit your criteria. This does not cost anything and will allow you to see what homes are going for. I have this now and get daily emails on properties that come up. Where I live the market is very hot. Anything that an investor would be interested in is snatched up in 24 hrs with cash. I am trying to be patient and learning to analyze homes just to learn the numbers.
Good luck on your REI journey!
0 Reply
Jenifer Kynor
Fort Collins, CO · Member since 2017 · 273 posts · 91 votes
8y
Hi Ashley,
Welcome to BP! The company I am a part of, TurboTenant, is local here in Fort Collins. We look forward to hearing more about your investing journey!
Best,
Jenifer
0 Reply
Ashley Trahan
OP
Greeley, CO · Member since 2018 · 5 posts · 2 votes
8y
Originally posted by @Kevin Grinstead:

Hi Ashley, welcome to BP. Have to decided what areas out of Colorado to look at?Most of Colorado is hard to invest in unless you can find a great multi-family unit that you can get. Good luck investinf
I was thinking more like Tennessee, Florida, Ohio or somewhere along those lines. I’m still doing research. I’m so unsure of what to do! Hopefully I’ll figure out the right thing. I’m also considering doing turnkey for the first few properties until I feel more comfortable!
0 Reply
Kevin Grinstead
Realtor · Denver, CO · Member since 2016 · 499 posts · 129 votes
8y
Hi Ashley, I totally agree on the turn key properties. Ohio and Tennessee seem to give you some great ROI. If you have any questions, let me know.
0 Reply
James Martin
Property Management · Memphis, TN · Member since 2009 · 667 posts · 362 votes
8y
Hello Ashley, I'm happy you've decided to move forward in your real estate investing career. There's so many good people on BP willing to help and tons of helpful information. Now, if your considering investing long distance, my suggestion would be to at some point schedule a trip to understand the demographics of the area and how they work. Narrow your search to two or three states that you've taking a liking to and start building relationships with property managers and alike on BP. This is a sure way to find out the pros and cons of each city. Once your overflowing with knowledge of your farm area it makes it easier to stomach the initial leap. Over the past years Tennessee has been popular among investors. If you chose Memphis as one of your areas of interest I would be happy to share with you a map of the city that pinpoints areas that make for a solid investment and others that are more risky. I wish you the best moving forward!
1 Reply
Larry Fried
Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
8y
@Ashley Trahan Hi and welcome to BP and the world of REI!
0 Reply
Ashley Trahan
OP
Greeley, CO · Member since 2018 · 5 posts · 2 votes
8y
Thank you everyone for the warm welcome!
0 Reply
Justin Stamper
Investor · Orlando, FL · Member since 2012 · 822 posts · 303 votes
8y
Hey @Ashley Trahan welcome to BP! this website r00lz.
Turn key can be a great place to start because, well, its turn key. No dealing with contractors, realtors, or headaches(hopefully! and if you do, at least a good TK company will be right beside you helping out every step of the way)
I love colorado, my family lives in Denver, but man oh man are some of the markets hot right now! We have been buying all of our rental properties in Cleveland at the moment and have been loving it. Let me know if you want to talk about our experiences more. I'd be happy to share.
0 Reply
Brian Garlington
Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
8y
@Ashley Trahan
As @Justin Stamper has said...Cleveland....I have 3 rentals there....All at or above the 3% rule.
I looked at Milwaukee as well....apparently those are the two markets that if you buy small multifamily 2-4 units you can get properties that are not in D or F areas and still get 2 % rule properties with some due diligence....and if you can find a really great deal, 3% or more.
0 Reply
Tom Ott
Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
8y
Originally posted by @Ashley Trahan:

Originally posted by @Kevin Grinstead:
Hi Ashley, welcome to BP. Have to decided what areas out of Colorado to look at?Most of Colorado is hard to invest in unless you can find a great multi-family unit that you can get. Good luck investinf
I was thinking more like Tennessee, Florida, Ohio or somewhere along those lines. I’m still doing research. I’m so unsure of what to do! Hopefully I’ll figure out the right thing. I’m also considering doing turnkey for the first few properties until I feel more comfortable!
Turnkey is a great place to get started! It really works for people who work a 9-5 or do not live in the market they are investing in.
I would suggest looking at:
The Best Types of Markets for Profitable Turnkey Properties
and
What to Ask When Working With a Turnkey Provider
0 Reply
Joshua Fulenwider
Rental Property Investor · Greeley, CO · Member since 2017 · 226 posts · 99 votes
8y
Ashley, congratulations on taking the first steps. There's a lot to learn. Let me know if I can help.
0 Reply
Dale T.
Investor · Greeley, CO · Member since 2012 · 42 posts · 8 votes
8y
Things you might consider before investing out of state:
1. What is your personality and demenor? Are you someone who likes to visually be at and look at repair issue, investment or meet a tenant applicant before making a decision or are you comfortable delagating those decisions to others or making decisions with little or no info?
2. Do you have the personality and voice presence to manage the people you hire (ie property managers, contractors) from afar? You will be more dependent on property managers, handymen and the like. Are you comfortable with that?
3. There are plenty of opportunity for investing from afar. However you will never be able to realize the expected returns from your investment if you are mentally driving your self crazy due to the inability to communicate, manage and control the people you hire and manage.

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Bill S.Pro Member
Moderator
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
8y
@Ashley Trahan welcome. There are a lot of resources here to help you along your investing journey. I personally am not a fan of the long distance investing model for newbie investors. You live in an area that has great potential. I can't think of many people that would want own in the rust belt in 30 years vs your own market of the front range of Colorado. If you want more income, get a 2nd job with the time you would use to "find" an out of state market to invest in and save the money for a larger down payment to purchase a local property.
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