All Forum Posts by: Matt Glebus

Hi @Brandon Turner, can you please PM me his info?

Thanks for the responses all.

@Matt M. / @Anson Young- we believed FHA (or owner occupancy loans) would be a good start for our first rental with less required into the deal allowing us to learn from the experience and deploy the rest of our funds to our next properties. I believe we do have funds for remodeling but are looking for more of turnkey with less required day 1 work as we want to buy more than one by. I understand my initial 500k figure may be quite low in the Denver market for duplexes and this is not the max we are looking at. Our goal would be to find a property, likely in the 500-900k range, that will cash flow and require potentially some but not extensive remodeling. Thoughts/recommendations as we speak to lenders and look closer at properties?

@Anson Young Understand potential concerns there and as we speak to lenders we may need to pivot to another financing option. That said, Max does plan to reside in the Denver property for 12 months at this point so hoping this isn't too much trouble. 

@Catie Lawrence thanks for the awesome tips - noted all and will surely be revisiting each as progress. Millennial Real Estate Investor podcast episode 102 bookmarked for my airport listen this weekend! On the LLC, we are considering creating one ahead of our first investment - @all, any downside in this?

Appreciate it all.

Best,

Matt

Hi all,

My business partner, Max, and I are eager to begin our real estate investment journey. We are 25 year olds that became friends at Hamilton College and now have accumulated funds to where we are looking to buy 1-3 properties in the next 5 or so months to kick off and scale our investments together. 

We have head our heads buried in David Greene's BRRRR and Long Distance REI books and wanted to reach out to the community here to connect. We are now in contact with several agents in Denver on potential FHA loan properties, and have a calculator/model and are analyzing deals to ensure they make sense when Max were to move out later this year.

End Goal:

Cash flow and retire from our day jobs

Personal:

Matt - Moving to London in a week for work (Reinsurance)

Max - Solutions Engineer - WFH, Willing to relocate to Denver Area

Plan:

1) House Hack using FHA in Denver (~$500k duplex? or single family)

- close monitoring of initial investment, minimal money down

2) BRRRR in Denver area if feasible, considering out of state
- Focus right now is getting pre-approved for FHA financed property and close on an attractive deal. We then want to move very quickly on assessing properties for second investment and feel as though BRRRR would be the best value in building our cash flowing portfolio asap.

Next Questions/Steps:

- We understand BRRRR will be considerably more work than a turnkey cash flow investment and are prepared for this. That said, we have no experience - what tips / considerations do you view as most important in our first BRRRR? Would you recommend looking at a different market (in CO or elsewhere) that may be less 'hot' and expensive?

- @Denver Area Investors, we are starting to plan our team (agents, lender, property manager, contractor) - would appreciate input on those that have built one there

- Neighborhood specific data/feedback?

Please feel free to message me directly if you are open to connect with us. We are extremely excited to progress forward, and big thanks to BiggerPockets for getting us this far already.

Matt