Thoughts on Moving to Denver?

Question

Hi all, I'm hoping to get some opinions and suggestions from the kind folks living in Denver on how to start fresh there. Here's the situation.

I'm 29, from the northwest and moved to the midwest recently to build my portfolio. I've now got ten cash flowing units and a realtor license. Prior to that, I've lived around the world doing sales and operations consulting.

The midwest life just isn't for me. I want to be around mountains, ambitious business-minded people, and I see the sun for more than three months a year, so I'm planning on moving to Denver.

I'm considering a few options that can keep me involved in real estate in some capacity and can bring in a decent income off the bat while I settle in more permanently. I'm very open to others.

-Sync up with a flipper and rehab/manage rehabs. What's the going rate for moderately skilled and reliable contractors? I've got quite a bit of rehab experience.

-Transfer my license and start selling? I'm good at it (closed 15 deals in my first 9 months part-time), but I don't particularly like it. It will take a while to fill the pipeline so it's not a great option.

-Find a sales/consulting job in the real estate sector. Startups, tech companies, investment firms, development companies. Are there any names worth checking out in Denver?

Anyway, if anyone has suggestions on how to best get involved in the real estate scene I'm all ears. And if I could convince any locals to shed some insight on the Denver market, I'll be there next week and would be happy to buy lunch, coffee, etc. in exchange for some insights!

James Carlson · Answer

Thoughts on moving to Denver??? Uh, yeah. Do it!!! Excuse me for the same line I say on here all the time ... 300 days of sun, proximity to the mountains, great beer, legal weed, bars, restaurants, arts, culture, tons of parks. Who doesn't like Denver? (Seriously, who doesn't? I'll fight them.)

Erin Spradlin · Answer

@Ryan Evans - I'm Denver's biggest fan and also admire anyone that is smart about what they want and don't want, as well as are realistic about their skillset. I think Denver is a fantastic place for people to live, BUT, just know the cost of living here is expensive and getting more expensive by the minute. We have an extremely low unemployment rate, but that may be more true for restaurant work (and skills at that level) than white collar. It seems like since everyone wants to live here, getting those jobs can be difficult.

For our clients or people considering doing something similar, we usually recommend coming out and renting an Airbnb for a week or so, then attending real estate meetups so that you can ask questions/get a lay of the land. Doing this will give you a good idea of info you can't necessarily find out online (for example, a lot of rental companies call Glendale "Cherry Creek" but it definitely is not.) Coming into town makes these nuances more obvious and, hopefully, quicker. At the same time, going to meetups, etc. will allow you to meet professionals in the field and get a lay of the land.

I feel very lucky to live here, so I'd encourage anyone thinking about it to learn more... but I'd also just caution that it's expensive and there is also merit in exploring both Denver and surrounding metros (which can be cheaper.)

Ryan Evans · Answer

@Steve K. thanks for the insights. Yeah, if I went with the first option it would only be temporary. Just a way to cover costs until I find something more sustainable. I don't want to settle with some job I'm miserable at just to make the move quicker. I live for free now so I'm not in a rush. I'd probably lean more towards a professional sales job than real estate sales just because I like the environment better, but I could do both at the end of the day.

@Craig Curelop Agreed. I might just need to pick a date a few months out, make the move and figure it out from there. Just seeing what I can do in the meantime!

@Erin Spradlin Yeah, it's too bad that the prices are still increasing so quickly. Fortunately, I'm used to living in places with high prices. I grew up near Seattle and it's the same story there. I just find it to be a pretty miserable place to live now. Though, I also lived in 2 of the 4 of the most expensive cities in the world for much of my adult life so my financial expectations are in the right place. I'm willing to pay more for a lifestyle that suits me, which is why I'm planning to give Denver a try in the first place!

I'm somewhat familiar with the city, but I'm heading down next week to meet up with a couple of friends and explore the city from a new perspective,

Craig Curelop · Answer

@Ryan Evans - I agree with @Chris Lopez in that you should just move here, start networking, and you will find opportunities before you know it!

Out of the three options you just mentioned, I would recommend going with whatever you like the most. All of which sound lucrative and the amount of money you make is directly correlated with how hard you work. You will work much harder at a job you like that you would one you do not.

My advice... pick one that you like, make a ton of money, then figure out where to park it when you get it.

Steve K. · Answer

Contractors are killing it in Denver right now, it's a good business to be in. However as a carpenter working for a contractor it's hard to make enough money to be able to afford living in Denver. The going rate is $25-30/hr. for a skilled carpenter. $55-60k is not enough $ to live in Denver.

-Transfer my license and start selling? I'm good at it (closed 15 deals in my first 9 months part-time), but I don't particularly like it. It will take a while to fill the pipeline so it's not a great option.

It's definitely a competitive real estate market here for agents but it sounds like you're a self-starter so you should be fine. You'll probably only have to close 5 deals here to make the same amount as 15 deals in Ohio.

-Find a sales/consulting job in the real estate sector. Startups, tech companies, investment firms, development companies. Are there any names worth checking out in Denver?

There are a ton of sales jobs here in several different sectors (aerospace, bioscience, financial services, software, data storage, energy, medical, tech, outdoor recreation/tourism, agriculture, etc. and there is a ton of VC money here for startups). It's a great job market for anyone with sales experience on their resume.

You can come, but don't tell anyone else!

Chris Lopez · Answer

@Ryan Evans You'll like Denver based on what you're saying. There is a lot of biz and real estate opportunity out here.I've moved and started over a couple of times. My recommendation is to not try to get it figured out before you're out here. Start networking, move out here (it sounds like you can do it financially), and get into the RE scene. Get your license, do some deals, network and see what opportunities pop up.

Knox B Howe · Answer

If you're from the Seattle area and you've been making it work out there, nothing will surprise you about Denver. It's a fairly mature market, it's definitely difficult to the point of being dangerous and off-putting for inexperienced independent investors, but if you get in with a good firm there's still a TON of opportunity for pros in all areas of the industry. Sounds like you're on the right track and you've got a few different good ideas for how to get in the door here. Find a good firm that's working in an area you're interested in and just go for it...DM me if you're looking for any other specific advice.

Ryan Evans · Answer

@Chris Lopez Yeah, I might be guilty of overthinking it but I definitely have no issues just figuring it out as I go in a new city. I'm getting pretty good at it haha. That said, I'd certainly prefer to get something lined up beforehand so I can hit the ground running. I know Denver somewhat, though I haven't looked at it through the same lens in previous trips.

@Thomas Cummings thanks! That would be awesome if you'd spare a few minutes. I'll send you a PM.

Thomas Cummings · Answer

I’ll happily chat with you more.  I own a RE and PM company here in Denver.

Tom

TJC Real Estate

Thoughts on Moving to Denver?

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