All Forum Posts by: Catie Lawrence

Congrats on getting in the game @Kevin Noonan! 

I've been investing/flipping in the surrounding Denver areas for 5+ years - and dang a lot of growth, so I echo @Bridget Brazelton saying it can be frustrating when running the numbers (with the high price tags). Here are some things that I've done over the years - and am doing now (always learning, right!?):

1. Ask yourself how far you're willing to travel to manage a renovation/rental - and look in those areas that are a bit outside the Denver Metro. We do fix n flips ourselves and are finding that the houses in the 2-5 mile range of our primary (Arvada) are super pricey, but since the last few we've done have been in that range, it's hard to deal with traffic/commute for further properties. Just need to find what you're willing to deal with. 

2. Write some letters to homes that look distressed/have older occupants/have renters in them. This is a bit of work, but we found one of our first flips this way (handwritten letter) - so you never know! 

3. Analyze a deal/property once a week AT LEAST. I'm stressing this because I need to do it myself! It's 'easy' to listen to all of the podcasts, attend meetings, learn, learn learn.....but until you start diving in and getting comfortable with the numbers and what is actually possible, ya are sitting on the sidelines saying there aren't any deals. Again, I need to take my own advice here! 

4. Would a wholesale deal be possible for you (how much cash do you have to invest)? We are on several lists of wholesalers in the area - and every once and awhile a deal will come on - again run the numbers. Doesn't hurt to get on some lists! 

5. Look at properties with ADU's already attached. Would you be willing to live in one of the units, while you rent the other? Even if it was for a short amount of time - this could help with the financing option.....

Good luck!!!  

@Christian Albright live & have rentals in Arvada and it has all of those things! Takes 15 min to get downtown - great area.

@Dan Sheeks what a great initiative! I told my cousins about it, hopefully they’ll reach out.

@Mike Fieselman we live in Arvada - love it! We've done STR in Denver and Arvada, both have worked well and been pretty consistent. Have had some parties thrown so have lots of tips for avoiding those shenanigans cause we learned the hard way.

We’ve also done ST house hacking (is that a thing?) where we’ve had roommates/Renters for short periods of time in our primary. That’s worked phenomenally well, although my hubs doesn’t like sharing our home in that way...queue ‘I’m a hustler, baby!’

@Mike Fieselman welcome welcome! I agree with a lot of the other comments - analysis paralysis is real and with so many ways to turn with RE, it’s easy to get distracted (speaking from experience!)

The BRRR strategy is a good one, especially if you can manage/do the work yourself. We've done several flips/STR/and a rental in the surrounding Denver area - currently looking for the next.

Good luck!!!

@Nina Granberry love this and really commend your efforts! Couldn’t agree more that setting up daily goals/habits help love the needle - and putting a major emphasis on action!

You’re truly inspiring - and thanks for sharing!

@Andrew DeLorenzo welcome back!

The RE minded CPA has definitely been a thorn in my side - I’ve gone through two in the past 7 years who claim to u sweat for RE. It’s a tricky aspect of the investor world.

Always looking to connect with local, like-minded people. Feel free to DM me and would love to exchange tips and best practices!

-Catie

@Steven Westlake DIY here - but the things we like! My husband/business partner loves to rebuild, solve complex issues, and is a master carpenter. Like so many on this thread, he truly loves it. That being said, we have a huge advantage when it comes to making it profitable, as he does the high end things that are huge costs (windows, kitchens, bathrooms).

I myself, love the sweat equity. I’m not as ‘skilled’ but roll up my sleeves nights, weekends, every free moment I have because I love the hard work. And saving money is a hobby. Plus, when it’s done, the pride is like nothing I’ve ever experienced!!

@Nina Morton congratulations! So great you were able to buy multiple from the same family. Did you know that going in or was that an unexpected bonus?

@Matt Glebus so exciting!

Having been in this market as a flipper/rehabber for the past several years, here’s some of my advice/lessons learned....

1. Run your numbers and always account for mishaps - making sure you have the funds for the unexpected. There’s always something!

2. Do your research on comps/what other properties are going for/how they’ve been rehabbed, etc. We’ve seen some shotty work - so ask lots of questions & do things right the first time.

3. Check out Broomfield, Englewood, Lakewood, Arvada - great suburbs with light rails close by.

4. Keep your books straight from day 1 - saving receipts, opening up new accounts per property, getting a business cc to keep costs separate. This is not a sexy topic - but is soooooo important! Take a listen to Millennial Real Estate Investor podcast episode 102 - GOLD!!

5. Consider creating an LLC - if you've not already

Ok those are pretty high level - sounds like you are on the right path. So exciting & best of luck man!!!