All Forum Posts by: Jamaal Gibbs

@Ryan Corbeil why not start looking at properties and submitting offers? What is a mastermind going to help you do that you can’t do right now?

@Ryan Hemeyer

Go walk lots of properties and bring a contractor if you can, or get a house under contract, get an inspector and follow them around and ask lots of questions

Bought a SFH in an area 10 mins from downtown Denver. 4 bed 1 bath about 1,700 sq ft with a 2 car and 2 space carport. Cosmetic remodel and added a new roof. Bought mid August, rehab took about 7 weeks and listed end of October. Took another 7 weeks to get under contract which was longer than wanted but still a solid deal for me overall!

Purchase 285k

Rehab 59k

Sold for 415k

@Josue R.

I am, in Denver. Focus on getting the best deal relative to current market...

@Patrick Ryan

Find a beat up SFH in a solid area that you can fix up and live in until 2023. Use a low down payment option to get in like FHA or 5% conventional. You can also tap the equity to buy more deals after a few years or sell for tax free capital gains.

@Doug Ford you should get your refinance lined up before purchasing in order to mitigate problems down the road

May be a little late now but still not a bad idea to stockpile funds for the times ahead. In the future though if you take cash out on a refi, put it towards another property. Even better get a HELOC so you only pay Interest on the funds you use.

It can go both ways but it really depends on the deal. Personally I like leverage since the returns can be better and you can do more deals at once i.e. you buy 1 house with 100k and make a 10% return or buy 5 houses 20k down on each. However if you have the access to the cash you can go that route. Depends on your situation

There are a lot of variables to the situation depending on if you have other things to write off and the structure of other businesses/assets but going off your post I would assume no. I'd hold off on the Accountant until your portfolio gets more complicated.

Hey Gabriel and Welcome to Colorado! The market is unique compared to most other metros in the country and offers the opportunity to really get creative with your investing. Make sure to check out the Bad *** meetups around town. Looking forward to seeing you there sometime!