All Forum Posts by: Rory Korpela

@Dan Guenther

Thanks Dan! What time is the meetup on the 23rd? Depending on time and location, I may be able to make that work.

Rory

@Dan Guenther

Sounds like a great deal! Nice job getting something in Longmont for such a great price. If STR, just know that you have to be a resident of Longmont and that you are only allowed to have one STR property. Otherwise a group home or MTR seem like good options. Depending on the location, you are probably sitting on a solid equity position.

@Jihan Lee

Welcome to BiggerPockets. Your approach sounds fine. What is your current home market? I'm in Longmont and am curious how/why you landed on that as one of your options. It's not a bad choice as northern Colorado is in a state of steady population growth. Longmont is probably the "cheapest" option in Boulder County.

What does your buy box look and what are your overall goals with your inheritance?

@Blake Jones

Hi Blake, I work on the CU campus in Engineering and am happy to grab coffee sometime. I'm usually on campus Mondays and Thursdays.

@Anthony Parsons

Hey Anthony,

most real estate investors I know are more than willing to talk and spend time. If you were here in Colorado, I'd be more than glad to meet up, grab a beer/coffee/meal and talk through things. Much of the time, we need people in our lives to be our sounding board and a sanity check.

Are there meetups in your area? There should be. Some folks there will be looking to score clients, some will be there to boost their egos, but many others will be looking to talk real estate, opportunities, and situations. Relationships are everything in this business and part of what I enjoy so much about it. The more you go to local meetups, the more you'll learn from people and the more you'll find what resonates with you regarding real estate, what sector you may want to invest in, etc.

Another suggestion I have is to register and attend the Bigger Pockets Rookie Weekend Boot Camp. Registration is open now and it would fit where you are in your journey. I've thought of attending myself though I may be a little farther ahead in my own journey. The boot camp will be in Denver the first weekend of May and is a two day intensive with 18 sessions. It could help you clarify where you're at and where you want to go with real estate investing. Plus it will put you in an environment rich with like minded individuals and that alone is worth the price of admission given the time you'll spend with them.

https://get.biggerpockets.com/rookie-bootcamp-weekend-free/

Lastly, read books, listen to podcasts like BP and others, watch YouTube content like the Robuilt channel (https://youtube.com/c/Robuilt), and enjoy! It's a fun journey. If you make it out to Colorado, hit me up and I'll buy you a beer and we can talk real estate.

@Pra Che

I'd look for commercial properties (multi-family, storage unit, or mobile home parks) where the rents are under market relative to the area. Once acquired, you can make minor improvements and raise rents. This will raise your NOI and your valuation. Eventually you can refinance or sell, take your gains, and rinse and repeat. There is a lot of money flowing into these sectors but there are opportunities to be found if you're off the beaten path a bit or are willing to find deals off market.

@Mario Herring

It's absolutely possible. It's important to first determine which niche of real estate you want to invest in. Ideally it will be something that can be managed long distance or that you can pay someone to manage for you. Do you have access to VA loans being a merchant mariner? If so, I'd recommend buying a multi family property and hiring a property management company to manage it. They'll find the renters, manage repairs and upkeep, and direct deposit the net rent to your account.

@Hatem Mahgoub

Brandon and David had a real estate agent turned investor from Detroit on the BP Podcast sometime in the last couple of years. She was employing the BRRR method for properties there and was doing very well on the cash flow side. I can't remember her name but I believe she may be set up to work with investors. You'd be well served to partner with someone like her that is established in the area. The partnership path can lead you to success with less opportunity for downside. Additionally, you may find more people willing to partner.

@Jay Hinrichs

It's been solid for sure! Buildable lots have obviously jumped a bit in price, especially recently, but they can still be had for around $100K. We're building another 2-3 houses in that area this year, primarily for family or in partnership with family as they have seen our success and want to get in on the opportunity. The biggest challenge for most people is being able to get a general contractor and thankfully we have one in the family. There is a real dearth of quality people in the construction industry.

Our preference has been to invest for appreciation and the opportunity for forced appreciation. For example, we purchased two lots in a mountain town here in Colorado in 2019. One was in a golf course community (purchased at $12K) and the other in a ski resort community (purchased at $42K). We then planned and built a 2,500 sq ft house in the golf course community with an in all in cost of about $550K. The appraisal in November put us at $915K. We were able to pull all of our funds out of the deal with the $550K permanent financing. Essentially we forced appreciation of $365K. We may Airbnb the property for some cash flow but we're already sitting on what I've heard Brandon and David describe on the BP podcast as "infinite return." With no cash left in the property, our cash on cash return is pretty darn solid. Eventually we'll sell it and build on the ski resort lot, which has tripled in value since we bought it. Similar sized homes in that neighborhood are selling for $1.4-$1.7M. This obviously isn't an investing model that will work for everyone but there is opportunity out there for those that look for it.