New Member from Chicago, Looking to Move to Colorado

New Member from Chicago, Looking to Move to Colorado

Longmont, CO · Member since 2017 · 6 posts · 5 votes

Good Morning BiggerPockets community!  

I’m a newbie to the real estate investing community, but certainly an emerging and diligent student to the game. I graduated from Illinois State University last May with a degree in Construction Management which has been aiding me well as I’ve been working as a Superintendent with a residential builder for the past 10 months. Prior to graduating, I worked for 6 months for two summers with a similar company building homes. Despite just turning 23 years old a little over 3 weeks ago, I like to consider myself quite knowledgeable on technical aspect of home building being that I’ve built almost 30 houses already.

Moving forward, I always knew I wanted to do something within the parameters of real estate investing, but I was unaware of just how dense the options and avenues of investing were — which is awesome! Since May 2017, I’ve listened to about 3-4 podcasts/week and have read tons of books (far more reading than I ever actually did at college) pertaining to not only real estate investing, but also negotiating, overcoming mental obstacles, business strategies, etc. I currently work 55-65 hours a week out in the field, but always find myself making time for more RE education whenever I get the chance.

As many of you veterans know, there comes a time where you need to make that leap of faith outside of your comfort zone and just DO IT. So, that is exactly why I decided to post today after being active at a distance so to speak for the past 10 months.

I took a vacation out to Colorado earlier in March with a few friends which I also found the time to meet for two interviews with some GC’s in the Denver/Boulder area. This trip was the final push I needed to decide I definitely wanted to get out of my comfort zone in Illinois and move out there (there was plenty of calculation prior to this decision for those who may feel this is an “on the whim” decision).

Though I'm aware the market in the Greater Denver Area is extremely saturated with investors and prices are sky high, I'm hoping I can find a duplex that I can househack or potentially a SFH live-in flip situation if the numbers work. That being said, my goal is to start with the live-in investment and eventually scale to out-of-state investing just purely out of feasibility — something I'm sure many of you can relate to.

If anyone has an agent in the Greater Denver Area they could recommend from personal experience, I’d appreciate a connection, especially for a newbie investor; otherwise, I’ll build my network based upon all the tools I’ve acquired over the past year and as I make my way out there while simply renting for a short time. I hope everyone has a productive week and stays motivated while keeping in mind to live in the present!

- Conor

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Bill S.Pro Member
Moderator
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
8y

@Conor Funk welcome. If you are looking for an agent on BP (and you say so) you will get your inbox full of the "pick me" emails in one form or another. My advise is to watch the forums and see who knows what they are doing locally and pick a few of them to research their past posts if you don't have time to do the process on the fly. It'll be clear in fairly short order who knows what. 

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  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    8y

    Welcome to Denver Conor! We can use more construction professionals, will you be working in that field out here? Househacking can be done, it just takes patience and good preparation so you can jump on something when it shows up. The BP community in Denver is a great place to get connected, so good job on jumping in and meeting people!

  • Longmont, CO · Member since 2017 · 6 posts · 5 votes
    8y
    Micki M. Thank you for welcoming me with open arms! I will be working “in the field” still as a superintendent. It’ll be a nice change of pace as well since I’ll be flipping from residential here to more commercial work around the Denver/Boulder area.
  • Real Estate Broker · Larkspur, CO · Member since 2017 · 115 posts · 77 votes
    8y

    @Conor Funk  

    We look forward to having another determined and intelligent builder heading our way! Welcome to the Denver BP community. 

    You are right on that prices are high in the Denver metro I would recommend the BARRRR method or potentially finding a househack as long as you are patient, but ready to jump on an opportunity should one arise. 

    Good luck in your home search and the beginnings of your investment career in Denver Metro!

    https://www.biggerpockets.com/renewsblog/forget-br...

  • Bill S.Pro Member
    Moderator
    Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
    8y

    @Conor Funk welcome. If you are looking for an agent on BP (and you say so) you will get your inbox full of the "pick me" emails in one form or another. My advise is to watch the forums and see who knows what they are doing locally and pick a few of them to research their past posts if you don't have time to do the process on the fly. It'll be clear in fairly short order who knows what. 

  • Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
    8y

    @Conor Funk

    Congrats on (almost) taking the big step! You're not going to find many people who've moved to Denver who say, "Eh, not that great." You'll never want to go back. Good beer, legal weed, 300 days of sun and proximity to the mountains. 

    Nothing more to say that hasn't been said above. Go to some meetups, read people's posts and you'll soon get a feel for you might want to work with. Good luck!

  • Las Vegas, NV · Member since 2014 · 732 posts · 137 votes
    8y

    Have friends in Pueblo West. Great country living! Good luck in Denver.

  • Colorado Springs, CO · Member since 2018 · 6 posts · 1 vote
    8y

    Welcome to Colorado (soon to be here?) I have a friend that I can recommend you to in Denver. Message me for her info.

  • Laguna Beach, CA · Member since 2018 · 10 posts · 2 votes
    8y

    Hi @Conor Funk, I think you're making a great decision. I would definitely agree with @James Carlson, Denver and Colorado might be the best place to be in the country overall. You're well positioned being in home building since your career is closely connected to REI. When I am in town visiting my folks I hope we end up connecting! Best of luck!

  • Real Estate Agent · Grand Junction, CO · Member since 2015 · 1k+ posts · 736 votes
    8y

    @Conor Funk I always have to chime in on these conversations. There is actually an "other side of the Rockies" that is still Colorado. Better weather, lower prices, and yes we have legal weed, our own University, breweries, wineries, world class biking & hiking, etc. (@James Carlson) - Google us. You don't need out of state investing... That said (and I am not an expert on the Denver side of the market) I would look at value add type properties. Instead of trying to find a multi-family up front, look at properties with basements or backyards where you can do legal improvements. Add a basement apartment, build a Granny cottage off the alley, etc. A good Realtor in the area will understand the complexities of the zoning... Good luck!

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