All Forum Posts by: Ryan Evans

I have nothing against turnkey, but don't overlook the fact that it's pretty easy to just buy a property that is rent ready and then pass it off to a PM to put a tenant in it. Or have your agent do it. Paying a month's leasing fee is better than the several thousand dollar premium they often charge. 

There is always a risk in real estate so that's a bold claim unless you're personally guaranteeing those terms. I was in Dubai a few months ago and noticed a bunch of vacant high rise buildings and dug into the real estate market there because I find it really interesting. The over building and strange economics seem like it's a very volatile market. The prices have tanked so it could be a good time to buy, but I'm not confident that the economics of the market aren't still artificially pushing prices higher than they should be. 

I think you have your answer with the previous responses. Additionally, it's fairly common for college students to need cosigners when renting apartments. It might give you an extra layer of protection against these things in the future. 

@Chris Lopez Yeah, I might be guilty of overthinking it but I definitely have no issues just figuring it out as I go in a new city. I'm getting pretty good at it haha. That said, I'd certainly prefer to get something lined up beforehand so I can hit the ground running. I know Denver somewhat, though I haven't looked at it through the same lens in previous trips. 

@Thomas Cummings thanks! That would be awesome if you'd spare a few minutes. I'll send you a PM. 

Hi all, I'm hoping to get some opinions and suggestions from the kind folks living in Denver on how to start fresh there. Here's the situation.

I'm 29, from the northwest and moved to the midwest recently to build my portfolio. I've now got ten cash flowing units and a realtor license. Prior to that, I've lived around the world doing sales and operations consulting.

The midwest life just isn't for me. I want to be around mountains, ambitious business-minded people, and I see the sun for more than three months a year, so I'm planning on moving to Denver.

I'm considering a few options that can keep me involved in real estate in some capacity and can bring in a decent income off the bat while I settle in more permanently. I'm very open to others. 

-Sync up with a flipper and rehab/manage rehabs. What's the going rate for moderately skilled and reliable contractors? I've got quite a bit of rehab experience.

-Transfer my license and start selling? I'm good at it (closed 15 deals in my first 9 months part-time), but I don't particularly like it. It will take a while to fill the pipeline so it's not a great option.

-Find a sales/consulting job in the real estate sector. Startups, tech companies, investment firms, development companies. Are there any names worth checking out in Denver?

Anyway, if anyone has suggestions on how to best get involved in the real estate scene I'm all ears. And if I could convince any locals to shed some insight on the Denver market, I'll be there next week and would be happy to buy lunch, coffee, etc. in exchange for some insights!

Turnkey companies charge a premium which is no secret but its not difficult to just buy a vacant property that is rent ready and have the pm do the leasing after transfer. It’s a few hours more work that can save you a 5-10k or whatever premium by not buying turnkey. 

Just keep zoning in on a market and pull the trigger. You can make money in any market but you’ve got to focus and use the appropriate strategy for that market. 

Read the millionaire real estate agent by Gary Keller and just do what’s in that book. New agents try to find ways to avoid doing the hard work like cold calling and door knocking but they’re the most effective way to get business off the bat.

Don’t try to learn everything before just going and doing it. It’s impossible to figure it out without doing it so spend that time you’d be reading books and just get a deal done. 

And find your niche. Don’t try to do it all! 

Even if you used private or hard money to add value to a house, you still need to qualify under similar criteria to back the refinance. I’d imagine it would be tough to qualify for anything over maybe 75k post rehab. Private money on a 5-10 year note or partnerships are likely going to be your best way forward. 

I’ve never qualified for loans because I’m always moving and take huge breaks from working to travel, but I’ve bought ten units through creative financing. Just gotta use the right approach for your own situation! 

A couple things... changing jobs won’t reset your work history if it’s in the same track and you earn more. 

You just need more money. I’d get a second job or drive for Uber if you really want to get the ball rolling. 

203k type loans are a complete pain to work around. Everyone who I knows that did them has regretted it because it took far more time and energy dealing with banks, contractors, inspections, etc. than it would have taken to find a partner or hard money guy. 

I’d forget about multi family for the time being. It’s going to be hard enough to qualify for any kind of single which is presumably cheaper. 

Boost your income, network and go find a deal. If you have a deal then brining in a partner or lender will become exponentially easier!