All Forum Posts by: Mike Wilkinson

@Travis Harden

@Scott Emsley Any particular parts of town, asset classes, or strategies that you are focused on out there? It appears that you could near the 1% rule range in B to C class properties SFR to small multi. Is that about what you're finding?

@Amanda Westland I hate to be this guy, but it depends! How long before you'd like to be semi-retired? Do you enjoy your career? I think that age and when you'd like to use the cashflow is very important. Many folks on BP seem to be in the leverage, leverage, leverage mindset. I would rather have a simple, low leverage portfolio later than some cashflow and a bunch of headaches now and later. 

@Victoria Stokes This should all depend on where you are at in your career and life and where you're headed. I began investing out of state for strictly cashflow, and recently realized that it makes more sense for me to be investing locally where I believe in the market and am able to add more value. Some folks want to be semi-retired in 5 years, that's not me. Depends what you're after!

@Christopher Lopez Great question. My perspective on best locations, asset classes, strategies with asset classes, etc. changes by the year, quarter, or even month sometimes. When you are starting out investing this is bound to happen. When you put 5 people in the equation, the chances that perspectives will change even within the first year or so are very high. If I were you I would keep it to one friend who has the most similar perspective at a max, but I don't partner with friends on anything as I know the chances we will always see eye to eye on investment decisions is very low. If you are going to move forward in a partnership, get things in writing with signatures! Just my two cents, hope it helps!

@Bruce Martin Great question. Personally, I don't like the lack of control with HOAs. I know an investor who sticks with condos / townhomes in our area but he gets himself on the board of each HOA. With the way that townhomes and apartments are being built in our area, I stick with SFRs in solid neighborhoods as I think the chance for appreciation will be significantly greater. If you're interested in a condo deal, I just listed a solid one on the marketplace today in a great area (4-5 blocks to Old Town Arvada / light rail.) Would be happy to chat further on this topic of investing in condos here!

@Bhushan Vartak The key is going to be finding a local guy (in the area of the property). Someone who has consulted on a CE deal in that area before will know the appraisers in that area, state tax credits (if applicable) and which land trusts may be your best option to partner with. They will know if the numbers look right for the specific area. 

If you speak with the land trusts in the area, or a broker in the area who has done a CE deal before, they should be able to point you in the right direction of a good appraiser and CPA for the area. 

Hope this helps!

@Hannah Costello If you would like to qualify for a loan by the end of the year I would suggest that you find a job in the same industry, and you should be able to count that W2 income right away. If you move industries this may not be the case. After you get your loan closed would be the time to switch industries/careers. This will be a small sacrifice for a large reward of being able to get going on your first deal! Hope this helps!

@Jesse Park I think you're smart to be asking these questions out of the gate. You may want to consider a loan in the 10-15% down range in order to avoid PMI right away. As far as level of rehab, other buyers are very picky and you will experience a much higher level of competition finding a fully rehabbed property. If you are comfortable with fixing up and enjoy it, you will learn invaluable lessons going that route and may be able to build in significant equity out of the gate by not being one of those picky buyers yourself. I just bought in Lakewood at 395k, put 25k + some sweat in, and appraised at 470k a few months later. I consider this sort of situation house hacking as well, as I now prefer to live with less roommates. Hope this helps!

Hi Steve, I would suggest Broker's Guild for your situation. They simply charge a flat fee per transaction and no monthly dues. They have a couple of different options depending on your volume. I believe the low volume option is a flat fee of around $400. Hope this helps!