Newbie from Denver, Colorado

4 Replies

Hi, my name is Rick Watt and I live in Southeast Metro Denver.  I currently work full time selling IT hardware/software to the Navy and Marines and spend nearly every week on a plane.  I like my job and make good money but it's hard being away from the family as much as I am, so I've decided to find my exit strategy (not anytime soon as I'll continue to work while I build my investments).  I owned a painting business for nine years that I just sold, so in exploring my next business venture I came across Bigger Pockets and really like what I've seen so far.

I do have prior experience as a Realtor (very short-lived career) and also spent a couple of years in the Mortgage business working for a Sales Rep for Wholesale Lender right up until the Mortgage bust in 2007.  (Yes, I was part of the problem selling sub-prime loans).

Real Estate Investing definitely interests me and my prior skills are a good fit so I've decided to give this a try.

I've attend a Bigger Pockets Webinar and have listened to several Podcasts. I believe the best place to for me to start is Buy and Hold (SFR and/or 2-4 Unit Multi). I feel like with the information I've found so far, and the resources I'll continue to use on this site, I've got a good grasp of what I need to start doing, although I know I have a ton to learn and don't know what I don't know yet.

I guess the only questions I would ask any of you in Denver is, is it really tough to find a good buy for a newbie like me?  I've heard it's a pretty tough market.  I do have the ability to be in almost any state relatively easily, so would it make more sense to try and find something in a hotter market even if it is out of state?  Or am I opening myself up to too many complications before I even know what I'm doing?

Thanks for any advice.

Rick

@Rick Watt belated welcome. My advise and I am bias. It is a tough market. Stay local. Stay simple and do something. 

To elaborate, figure out what the market is and buy something just a bit better than the market. It is very very hard to find a 1% deal (for 1-4 unit properties) in this market. Figure out what the market is giving and try and find some a bit better than buying one of the first 10 you look at. This time of year you have a better chance of finding a better deal so don't wait too long but who knows what the future holds. 

Work through the Ultimate Beginners Guide (under the education tab and the Guides flyout). It will help you drill down.

@Bill S. thanks.  I've read through that and am now working my way through The Book on Rental Property Investing by @Brandon Turner and have found it extremely helpful so far.

Do you find that SFR's are a bit easier than 1-4 unit properties right now?

Reasonably priced MFRs are very hard to find in Denver right now. Anything on the MLS goes for dumb amounts and plenty of people trying to get off-market deals as well.

My current strategy is SFRs in Denver, MFRs out of state (Upstate NY for me).

@Jim S. , sounds like a good strategy.  Thanks for the input.

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