All Forum Posts by: Kevin Grinstead

Hi Brian and Ruel, Colorado is a great place. Like you said Ruel it can be challenging to cashflow in Denver unless it is multi-family. Colorado springs has some cash flowing options for both single family and multi-family.  

If you have any questions about Colorado, let me know and I'd be happy to assist.

Hi Virginia, welcome to BP. 

The question of to buy here now or there now and here later is based on many factors including your risk tolerance. 

It may be nice to get a rental elsewhere that can help pay the bills and cashflow quickly. It can also be nice to house hack and your investment might not cashflow but you maybe paying out less in your monthly expenses so the bottom line is still positively affected.  

You will also have the advantage of less required to put down if it is your primary residence. There are loans for 3% down or even less where with a rental you usually need 25% down.  

Buying elsewhere can be difficult to manage and it might be challenging to find a lender depending on the size of the deal. 

There are some nice less expensive neighborhoods near Boulder that might work for you as a lower entry cost where you can still house hack and not have a high mortgage. 

Hi Jon, you might be able to find several investors as long as the numbers work for them.  

Does your ministry have followers? A home church might be something that they would donate to.  

The numbers are where you could get many potential investors here. Without numbers we are just guessing. 

Good Luck and God Bless

Hi Devon, thanks for your post. I think the first step is to start saving little by little. Most investments will require you to have skin in the game.  

Do you currently work in construction? Could you be a foreman on a job until you we're ready to take one on by yourself? 

There are many flippers here that have trouble finding the contractor to do the job and you may be able to start your own business.  

One of the KW philosophies is that once you help enough people to get what they want you will get what you want. 

Another way to go could be to get into real estate by getting your license and then you can maybe make enough to start with your first flip. 

Good Luck and Happy Investing

Hi Rick, congrats on your investment. The northern area has been moving up in pricing but has slowed of late.  I am curious how you came to the 350 evaluation and if you have been provided a better sheet so you can see a good estimate of closing costs and everything else that you will be paying out at closing.  

Also are you trying to FSBO it or do you have a agent that will help with the transaction? I lived in Northglenn for the better part of 10 years and we sold our house there two years ago after it was flipped.

Let me know if there is anything I can help you with. 

Hi Jason, Congrats on passing. If your goal is to invest and not really practice real estate then I would choose one of the many borkerages that would allow you to hang your license there and pay a minimal fee. 

If you are interested in learning all you can about real estate and want to make it a career including your investment income, I would select you interview with Keller Williams, the number one real estate agency in the United States and I believe the world.  

Keller has some of the best education out there to help you learn all you can about real estate and also running a real estate empire. 

Most brokerages are not so worried about how much time you spend with them, they will each have some training component and some splits. Also check if the brokerages commission is capped. Some Agents will pay their company 30% or more in commission at closing 

Just remember, you get what you pay for.

If you would like to talk more about it, pm me. 

I don't know about your overall qualifications and purchase price but Maybe you can partner with a flipper that will buy the property and then do the repairs for you (which will be cheaper than a 203k) and they can sell it to you when it is done for a price you know you can qualify for.  

Also you might be able to do a short term hard money lender as a "flipper" and then in 6 months try to roll it into an FHA loan. (This might require too much cash to close)

Good Luck and Happy Investing!

Hi Justin, there are some great agents out there that know a lot about investments. They may not fully know your rehab costs but should be able to give you a general idea. When you talk to your prospective agent, ask them if they work with fix and flippers and what experience they have with them. Also ask them if they have access to any offers market properties. 

There are many opportunities out there that can be found a variety of ways. A wholesaler might be a good option as long as they are bring fair and honest to the seller. Their assignment fee might be the same or even less than a Realtors commission. 

Structural issues can be a big deal. I would see if you can schedule a structural engineer company to check it out with you if the sellers don't already have an engineers report. 

Another challenge about structural is that even if fixed you will be best protected if you disclose that there was a structural issue when you sell in the future. 

Good Luck and Happy Investing. 

Hi Sandy with 200k in cash and 400k in equity you have many options. One thing to look at is to pair your strategy with your risk tolerance. 

You an work with a syndicate to buy apartments where you won't have to worry about managing it. 

You can buy a property outright or with at least 50 down so you know even if it depriciates you will still have equity 

You can buy multiple properties in other markets that could give you a better ROI.

You could invest a large portion of what you have into a multiplex to make the most out of what you invest locally. 

You could buy a condo for cash and then just be cash flowing from day 1. 

The goal is to make our wealth work for us so we don't have to. 

Also look at how much time you are willing to spend to maintain these properties and how much is that time worth?  

Personally, I would take the 200k and buy a few properties in a market with an awesome cap rate and let the money come in.  

If you want to keep the cash you could do a cash out refi for the one you own and buy properties. 

You said want income but not doing a BRRR strategy, what is it that you don't like about the BRRR strategy and what would be a better income vehicle for you?

There are many ways to invest your money. Just need to find the monthly income your are looking for and find out how to secure that income. 

The Colorado contract is buyer friendly. If you put in an inspection objection for these issues the seller may offer to fix them but if not you can always withdraw your objection before the inspection resolution deadline and the seller does not have the option to terminate the deal for this reason.  It never hurts to ask.