All Forum Posts by: Justin M.

I have done a lot of looking at turnkey properties, but have not pulled the trigger yet. Some do seem enticing, some not so much. The problem I have with some is the projected rents that are advertised (for ones that are vacant during a rehab or something). That and you never know the quality of a rehab or the property yourself, unless you make a trip to see it (which I would want to do).

I know for my market, out of state turnkey is something I've looked at for better returns. Mostly in places I know or have lived in the past, like Phoenix, or where friends/contacts live like Kansas City and Albuquerque. 

Good story! I too am planning to leave my 6 figure w2 job at some point here. However, it is much harder with a single income when the wife is raising the kids. I can see it being a lot less difficult with another large income to rely on.

However, I only need $5k/mo to live on though, $20k-$30k a month is lofty goal! Good luck on your journey!

I manage them myself, I only have the 2 properties so far.

I am in the same situation trying to find deals that work for SFR/townhome rentals in Denver. I think what @Chris Lopez said sums it up "Wait for the 1% rule to return to Denver and you won't be buying a property for a long time, but missing out on appreciation, pay down, cash flow, and tax depreciation."

I threw out most rules and just looked for those things he mentioned and picked up a property last month. Not the greatest deal, but I'm cash flowing and building reserves, and benefiting from all those pieces mentioned. The more I learn and the more people I talk to, the more deals open up. Good luck!

It is in Northglenn, where I have another property. You basically have to do what Bill said, and put a wad of cash into the property to make sure your rents cover the expenses. It's up to you whether you want (or can) do that. I paid $265k, 25% down with some extra concessions, to get the cash flow at $275/mo. My cash on cash is not great (~5%), but that is the sacrifice I was willing to take with a buy and hold property in our market.

If you're looking for a perfect (or even great) deal in Denver I think you will be looking forever, or until the market changes. Off-market or wholesale are probably the best options for maximizing returns. But, even then, you are looking at a totally different animal most of the time, because those properties almost always need rehab (sometime significant). Mine was turnkey, bought it then rented it.

There are a lot...here is a good place to start : https://www.biggerpockets.com/books

I like Brandon's "The Book on Rental Property Investing" and I also have a few queue'd up, "Rich Dad Poor Dad", "Building Wealth One House at a Time", "Flip Your Future", "Your Money or Your Life" is also good, and some others as well. 

I posed a similar question in the Colorado forum not too long ago. Getting a deal on the MLS is very hard, but I did it last month. I had to put a larger (25%) down payment on it in order for it to cash flow and still have a good buffer in there for potential changes in the market.

I've started looking out of state and trying to learn other markets because it is just hard in the Denver area. I also have looked into wholesale deals where there seems to be more potential, but there is almost always some fixing up required before you can flip or rent.

Great story! Very interesting to hear about your paintball adventures in there as I too played paintball for a looong time and often thought of trying to run my own field as a business :)

Great work! You took action, learned, and made it happen. Lots of people never get to the "take action" part!

Congratulations once again @Aditya Soma! I have been in the corporate/IT world for about 20 years now and looking for something different. I have taken to REI like you (not as an agent, just as investor) and having a lot of fun with it and looking to grow enough where I too can quit my 9-5 day job! Best of luck!