Greetings from Colorado Springs
Hello everyone! New member here from Colorado Springs, CO.
My wife and I are getting to the phase in our life where we are slowly accumulating a little cash and think that residential real estate investing would be a good fit for our skillset and interests.
I have been the market research director for a local commercial real estate firm for over 7 years, so I am intimately familiar with the demographics, real estate market, etc., although the focus is primarily on the commercial side. I also enjoy running financial analysis on properties, so I hope to use this as a strength to find good residential opportunities.
I am looking to start small with cheaper SFR properties (probably foreclosures), fixing them up a little if necessary, renting and holding for cash flow and hopeful value appreciation. Grow into duplexes and quads as funds and opportunity arises. Not in any kind of rush. I am more than happy waiting for months if that's what it takes to find a good deal.
I would like to find information on the best ways to put together my team (realtors, mortgage brokers, property management if I decide to go that route, contractors, etc.). I am planning to go to our local REI club in a couple weeks, so hopefully that will be a good place to start. Any other suggestions? I also want to determine better local data to run my analysis (vacancies, buying costs, selling costs, property expenses, etc.). SFR rental data seems very hard to find.
Man, that's a lot of info. Anyway, just wanted to introduce myself and I've been enjoying educating myself on this site.
Cheers!