All Forum Posts by: Denise Coffman

Hello Andrew. Thank you for the sound advice. That's exactly my plan currently. Have a temporary income plan for the property hopefully going in within the next month so I can better work on building. Looking forward to connecting with other members who have traveled this same path. It was very nice to meet you.   

Hello everybody!

I'm thrilled to share that I've recently taken the plunge into the world of real estate investing, and I couldn't be more excited about discovering the BiggerPockets community.

My focus right now is on developing land and building from the ground up. I believe there's something truly magical about creating a space from scratch, where every brick laid and every tree planted carries the promise of a new beginning for everyone. 

As I embark on this adventure, I'm eager to connect with like-minded individuals who are also starting off on their real estate investing journey. Whether you're just getting started like me or you're a seasoned pro, I'd love to hear your stories, insights, and experiences.

I'm particularly interested in learning about your beginning build stories. What were some of the challenges you faced when you first started developing land? What were the most rewarding moments? And what advice would you give to someone just starting out?

As a newbie, I have acquired three lovely City lots in a cozy little Colorado town close to the second largest lake here in the state with the closest sky resorts being just ninety minutes to Telluride and forty-five minutes to Durango. It's a Beautiful place to live. 

I believe that by coming together and sharing our knowledge and experiences, we can all learn and grow as real estate investors. So, I am very grateful to have come across this group. 

Looking forward to connecting with you all!

Investment Info:

Other wholesale investment in Savage.

Purchase price: $50,000
Cash invested: $2,000

Bought 3 City lots in a city with very high demand for housing. Plan on developing these into rentals and/or lease options/ owner carry.

What made you interested in investing in this type of deal?

The land was purchased below appraised value in a good area with very high rental demand. I'm bringing in temporary rental housing to cover expenses while investigating building the first permanent home. I plan on eventually adding three permanent homes with two or three ADU's.

How did you find this deal and how did you negotiate it?

My husband has a friend he went to high school with who is a real estate agent. I simply called her and had a conversation about what was available in the area that would fit what I was looking for. She sent me some listings, I choose the one that I thought would be best as far as location, beauty, accessibility and put in an offer. They accepted a lower offer than listing price without any counter, paid closing costs, half the appraisal and we had the deal done within a month.

How did you finance this deal?

I took out a HELOC on my home and paid cash.

How did you add value to the deal?

Offering to pay half of the appraisal costs.

What was the outcome?

We now own the lots. They are almost completely paid off on my HELOC and there is a huge potential to gain alot of capital out of these.

Lessons learned? Challenges?

Still learning. This adventure as just beginning.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My agent was extremely knowledgeable, helpful and fast. She is there on a moment's notice when I have an inquiry continually. I most definitely would give her name to anyone looking in my area.