Newbie from Denver, Colorado

New Member Introductions
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Newbie from Denver, Colorado

Taylor Fortini
Property Manager · Greater Denver Area · Member since 2021 · 20 posts · 10 votes

Hi BP Community, 

My name is Taylor Fortini and I have been listening to BP podcasts for several years now but just now finally signing up. 

I am a real estate broker in the Denver Metro area but really looking to begin investing more for myself. Last year during the pandemic I completed my first fix and flip project that was a huge success and I hope to do more this year!

I am currently 28 years old, I am married and have a baby on the way.

We are currently in the process of turning our first house into a rental property and buying a new home. I know that is the right thing to do but still have these mixed feelings of excitement and nerves. 

Our goal is to have 200+ front doors by the time we are 60 years old ( I think we can blow this goal out of the water). 

I am looking forward to being an active member in this community!

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Jeff WhiteBusiness Member
Realtor · Denver, CO · Member since 2016 · 278 posts · 371 votes
5y

@Taylor Fortini Congrats on signing up for BP, it has made a huge difference in my investing success and portfolio.

What a great fix and flip for your first one!  That will be tougher to come by again this year, but it is definitely doable with a solid marketing campaign. 

That's a fantastic goal, and you can definitely achieve it, probably way sooner than 60 via 1031 exchanges and looking at out of state markets to scale up. 

If you are only looking at only Denver metro, I would suggest house hacking your way along the way to grow your portfolio because you benefit from owner occupied financing, consistent appreciation (6% last 40 years on average) and long-term economic prospects for Denver. Your goal would be harder to achieve here without significant equity or debt partners.  

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  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    5y

    That's a great goal Taylor! Welcome aboard and best of luck investing!

    Podcast Guest on Show #121
    1Reply
  • Taylor Fortini
    OP
    Property Manager · Greater Denver Area · Member since 2021 · 20 posts · 10 votes
    5y

    Thank you Andrew!

    0Reply
  • Jeff WhiteBusiness Member
    Realtor · Denver, CO · Member since 2016 · 278 posts · 371 votes
    5y

    @Taylor Fortini Congrats on signing up for BP, it has made a huge difference in my investing success and portfolio.

    What a great fix and flip for your first one!  That will be tougher to come by again this year, but it is definitely doable with a solid marketing campaign. 

    That's a fantastic goal, and you can definitely achieve it, probably way sooner than 60 via 1031 exchanges and looking at out of state markets to scale up. 

    If you are only looking at only Denver metro, I would suggest house hacking your way along the way to grow your portfolio because you benefit from owner occupied financing, consistent appreciation (6% last 40 years on average) and long-term economic prospects for Denver. Your goal would be harder to achieve here without significant equity or debt partners.  

    2Reply
  • Taylor Fortini
    OP
    Property Manager · Greater Denver Area · Member since 2021 · 20 posts · 10 votes
    5y

    Thanks Jeff! 

    I do expect to diversify in some out of state markets and house hacking is along the lines of what I am doing now with my primary. 

    That fix and flip was a great find and just doesn't compare to the deals that I see come through from the local wholesalers so thinking I do need to start some sort of marketing campaign to source more of those deals. 

    0Reply
  • Sean RossPro Member
    1031 Exchange Qualified Intermediary · Denver, CO · Member since 2017 · 176 posts · 97 votes
    5y

    Way to "represent the 303" there, @Taylor Fortini!  You've got one more fan here rooting for you to get to 200+ doors.  And congrats on the child!

    What areas do you feel like you need to learn (or want to learn) most about?

    [email protected]888-899-1031
    1Reply
  • Taylor Fortini
    OP
    Property Manager · Greater Denver Area · Member since 2021 · 20 posts · 10 votes
    5y

    @Sean Ross I am actually curious to learn more about 1031 exchanges. I have helped several clients with them in the past but I would love to learn more about the ins and outs to better advise future clients. 

    0Reply
  • Sean RossPro Member
    1031 Exchange Qualified Intermediary · Denver, CO · Member since 2017 · 176 posts · 97 votes
    5y

    @Taylor Fortini  Very happy to help  I'll send  you an invite and we can connect whenever you have any questions.  If you have any simple questions of course we can cover them here (where others can see too). 

    [email protected]888-899-1031
    1Reply
  • Dave FosterBusiness Member
    Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
    5y

    @Taylor Fortini, Careful - after you get into the 1031 side you may decide that fix n flip wasn't as good a deal as it feels :) That was my exact experience with my first flip on a Sloans Lake  duplex in Denver 25 years ago.  When I realized my silent partner uncle Sam was going to make as much money as I was I was so disgusted I went and found the 1031.  And that makes all the difference.

    In your line of work you'll find those deals that would make good fix n flips.  If you do it that way you'll have two consequences - first you won't grow doors as quickly because you're selling as fast as you're buying.  And second, you won't be able to use the tax to buy more doors.  

    This is where the 1031 comes in - instead of a fix n flip mentality.  Turn it on its head and go the infamous Brrrr route.  Don't buy fix and sell.  Buy, rehab, rent , and refinance (or buy rent then rehab and sell doing a 1031).  When you do it this way you're actually adding doors while your properties season so you can 1031 them.  And when you do the 1031 you will not sell one and buy one.  You'll sell one and buy two or more using the proceeds from the sale as down payments.  

    The really powerful thing about the refinance option is it gets most of your cash back out so you can be off looking for your next acquisition.  It won't take you long before you've to a nice portfolio and are turning over 20-30 1031s a year like a few of my clients.  That's not only a lot of doors.  It's a lot of doors producing rental income and amortization of the loans!  A tweak of the model is all it takes.

    Like the ambitious plan.  If you structure so you can use the 1031 option and gain access to the buying power of the deferred tax you'll light your strategy up!

    The 1031 Investor5137 Reviews
    WebsiteView Page
    1Reply
  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    5y

    Hi Taylor, welcome to BiggerPocket! You’ll love the community here. 

    -Julio

    561-253-6640
    1Reply
  • Taylor Fortini
    OP
    Property Manager · Greater Denver Area · Member since 2021 · 20 posts · 10 votes
    5y

    Thank you Dave, that definitely makes a lot of sense and I see how 1031's can be used advantageously to go from one deal to another. I will be sure to keep that in mind. 

    1Reply
  • Bryan Noth
    Realtor · Austin, TX · Member since 2016 · 1k+ posts · 1k+ votes
    5y

    Welcome to BiggerPockets forums then @Taylor Fortini!  Congrats on the flip and the baby on the way, very exciting stuff happening for you!

    1Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y
    Originally posted by @Taylor Fortini:

    Hi BP Community, 

    My name is Taylor Fortini and I have been listening to BP podcasts for several years now but just now finally signing up. 

    I am a real estate broker in the Denver Metro area but really looking to begin investing more for myself. Last year during the pandemic I completed my first fix and flip project that was a huge success and I hope to do more this year!

    I am currently 28 years old, I am married and have a baby on the way.

    We are currently in the process of turning our first house into a rental property and buying a new home. I know that is the right thing to do but still have these mixed feelings of excitement and nerves. 

    Our goal is to have 200+ front doors by the time we are 60 years old ( I think we can blow this goal out of the water). 

    I am looking forward to being an active member in this community!

    You are in the right place Taylor!

    1Reply
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