Newbie to Real Estate from Colorado Springs, CO

Erin Spradlin

Real Estate Consultant · Colorado Springs, CO · Member since 2017 · 354 posts · 386 votes

@Keith Parker - If you have a female investing partner (wife or girlfriend) she's welcome to join us at www.denverwomeninvest.com.

While it has Denver in the name, we cover most of the front range (Denver, Arvada, Littleton, Centennial, Colorado Springs, Widefield, etc.) and she could ask other investors in that group for their thoughts on where to invest, etc.

OP

Member since 2020 · 7 posts · 2 votes

Originally posted by @Daniel Haberkost:

Originally posted by @Keith Parker:

Hi all,

Keith here and I made an account for this site a few months ago, but only now really starting to dig deeper into it. I currently do not have much experience in real estate, however that has changed quite a bit in the last few months. I decided to purchase a few of the BiggerPockets books for education and a starting point. Soon after that, I was hired and now currently working as a field rep for a fix-n-flip company. Kind of driving for dollars but more on par with going out to soon to be foreclosed homes in an attempt to purchase the property. During my off time, I am studying (or attempting to) for a real estate license.

At this same time, we are currently working through getting our house appraised and refinanced so we can have some down payment money for another house. Looking to stay within the Colorado market, but with prices sky-rocketing, we may be looking out of state to buy properties. Goals with the purchased properties is to follow the BRRRR method. With an ultimate goal of having generated a substantial amount of wealth all while providing back for the community.

I am all open ears for study tips for the real estate exam or studying it in general; properly engaging home owners in regards to purchasing their property and of course looking for further tips and advice for finding and purchasing our very first BRRRR property.

Thanks for reading and I look forward to take more action on this site.

Welcome to the forums Keith,

Working for the Fix n Flip company is a good start, do you have an opportunity to see how they generate leads for their business? That's the key to everything.

Would your current house cash flow? If so, could you buy a house hack to move into and put a tenant in your current house?

Dan

Heya Dan, thank you for the welcome. From what I have seen and understand, the leads are generated through an application called Badger Maps that scans the city for upcoming foreclosures and also "Tiers" them according to the difference between the worth of the house and the payoff remainder. If you happen to know a better way or approach to getting the deals signed and closed, please do share. Been at it a few months now and have gotten a lot of "close but no cigar" dealings.

We are currently living in a SFH. So our next move would be to put down 20% on the next piece of property and begin there.

OP

Member since 2020 · 7 posts · 2 votes

Originally posted by @Erin Spradlin:

@Keith Parker - If you have a female investing partner (wife or girlfriend) she's welcome to join us at www.denverwomeninvest.com.

While it has Denver in the name, we cover most of the front range (Denver, Arvada, Littleton, Centennial, Colorado Springs, Widefield, etc.) and she could ask other investors in that group for their thoughts on where to invest, etc.

Thank you much Erin.

This is quite beneficial.
I will pass this along to my wife and see if she is interested in joining.

Daniel Haberkost

Rental Property Investor · Colorado Springs, CO · Member since 2018 · 682 posts · 729 votes

@Keith Parker Gotcha, I haven't heard of that program myself but I would imagine they're going after more than just foreclosures?

I highly recommend coming to the local Colorado Springs investor meetup, I've made quite a few useful contacts there over the years.

There are several experienced wholesalers there who could help you with finding off market deal too.

Dan

1 Reply

Spencer Abeyta

Property Manager · Colorado Springs, CO · Member since 2017 · 126 posts · 67 votes

Hello Keith, congratulations on working towards your real estate license. I just took and passed my Colorado license test in January and in my opinion the state test was harder than the national. It didn't seem like that while studying but when I took the test I scored better on the National.

On the National test I would recommend focusing on general principles of agency, contracts, and practice of real estate as these make up the three largest parts of the test.

On the Colorado State test, I would focus on requirements governing licensee activity, Colorado forms and contracts, and brokerage relationships as these make up the three largest parts of the test.

1 Reply

OP

Member since 2020 · 7 posts · 2 votes

Originally posted by @Daniel Haberkost:

@Keith Parker Gotcha, I haven't heard of that program myself but I would imagine they're going after more than just foreclosures?

I highly recommend coming to the local Colorado Springs investor meetup, I've made quite a few useful contacts there over the years.

There are several experienced wholesalers there who could help you with finding off market deal too.

Dan

Thanks Dan, I was able to jot down the next meet up from ya. Thanks a bunch. Should be there next week.

1 Reply

OP

Member since 2020 · 7 posts · 2 votes

Originally posted by @Spencer Abeyta:

Hello Keith, congratulations on working towards your real estate license. I just took and passed my Colorado license test in January and in my opinion the state test was harder than the national. It didn't seem like that while studying but when I took the test I scored better on the National.

On the National test I would recommend focusing on general principles of agency, contracts, and practice of real estate as these make up the three largest parts of the test.

On the Colorado State test, I would focus on requirements governing licensee activity, Colorado forms and contracts, and brokerage relationships as these make up the three largest parts of the test.

Thank you for those studying tips. Much appreciated!