All Forum Posts by: Kenny Smith

@Seth Michael Carp

Go for it man!  Agree with everyone here.  My biggest regret in RE is that I did not start sooner.  

House hack as much as you can, and it will set you up for the rest of your life.  One of my favorite quotes is "be willing to live a few years how most people won't, so you can live the rest of your life how most people can't".

If you are still in doubt, for sure speak with a local INVESTOR friendly realtor to help put your mind at ease.  A good one is worth their weight in gold.  You got this, best of luck to you.

Hello BP Community!

This is simply for beginners just getting their feet wet.  There are so many fantastic resources and information to go through on this site, podcasts, books, etc.  As all of that is great, but it can be quite overwhelming for someone who is just getting started.  To keep it dumbed down, in my opinion, there are really 3 simple concepts you need to understand when looking for a potential deal.

1. What part of town makes for a good deal?
2. What real estate strategy am I going to implement?
3. Using a cost calculator, do the numbers make sense?

Certainly there is plenty more that goes into analyzing a deal, but they all revolve around these 3 main things.  My advice when starting out, get with a great local INVESTOR friendly realtor that has experience in the area and strategy you want to implement.  They can certainly help guide you from there and worth their weight in gold if you find the right one.  And, here in CO, buyer's agent don't cost you a dime :)

Master your market on these 3 areas, and you'll be well on your way!  Thanks for reading.

Hello Denver BP Community!

The laws and regulations around short term rentals has been a very hot topic around the country over the last couple of years.  Westminster is one of the last municipalities here in the Denver metro area to implement regulations on STRs. That is changing as of January 1st, 2024!  I had a chance to go to the town hall meeting last week to hear what the proposed changes are going to be…it was interesting to say the least. 

1. Maximum of 1 str per owner (ouch!)
2. Owner occupied NOT required
3. No cap on days you can rent it as STR

These are just some of the bigger ones.  It is important to note that these discussions are preliminary.  The folks we met with help enforce the policies, they don’t necessarily develop them, the city council does.  However, they held these “focus groups” to get feedback from the stakeholders who have STR's in Westminster, like myself.  So when they do their March “workshop” with city council, they will present their concerns with the current propositions and do have influence on the city council.  So nothing is concrete, but by may or June, they said we should know when they announce the changes during the public city council meeting.

Let me know if you have any other questions!

@Gulraiz Hanif

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums, ask questions, and answer questions.  If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in no time.

Best of Luck!

Kenny

@Samuel Bower

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums, ask questions, and answer questions. If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in no time.

Best of Luck!

Kenny

@Gurjot Grewal

I would look at a comparable property that doesn't have foundational issues and based off the discount, figure out is the juice worth the squeeze?  Are there other properties you find that don't have this issues where the numbers make sense as well?

Personally, I would stay away, but that's just me.  I'd rather not deal with the headache.  Also, how long would a project like that take?  Along with the cost, time will cost you money as well as you won't be renting it.  Everything has its price though..just make sure to take all of the extra steps to make sure you're protected if you do move forward with it.

Best of luck!

@Luka Jozic

I don't know the area, but see what the numbers look like for a 5th bedroom.  And would you be renting it out as a whole unit?  Maybe you could look at a rent by the room strategy to maximize cash flow.  

If it was me getting starting with very little capital, I'd do everything I could to save more money, limit expenses.   There's a great quote I love, and keeps me humble and that's "be willing to live a few years how most people won't, so you can live the rest of your life how most people can't"

Once you have enough money or can get someone to cosign on the loan, I would look into a 4 or 5 bedroom single family home where you can live in one bedroom, and rent out the others.  Take out an owner occupied loan which means you only have to live there for a year..do it again a year later.  Keep doing that until you have 3 or 4, and at that point, hopefully, you'll have more income coming in and can decide to look at other options if you wanted.

@John DeRosa

If you don't have any relationships with these agents, that can be tough.  Personally, when I have people reach out to me for off market deals and only that, they are at the bottom of my list.  I do a lot of cold calling, and if I do find an off market deal, it is first going to the folks that have been trying to find homes with me, and me only, for a while.  

Not sure what strategy you are considering, but talk to wholesalers if you're looking for off market.  OR, you can hit the phones hard.  I like using RedX.  It is a RE prospecting platform.  They have a lead source called pre-foreclosures that would be a good option.

Best of luck!

@Angela Bentley

what everyone else said, and working with an investor friendly agent can be a game changer!  A good one will have their lists of great contractors and not so great ones.  Be conscious, some can hold these tight to their chest, because they've been through the bad to find the good ones.  A good contractor can change everything and make your RE journey that much easier.  Just make sure to offer them something in return such as referring them out to others you know, or potentially working with them in the future.

Best of luck!