All Forum Posts by: Spencer Abeyta

Hello @Katelin M Barson, I am in a similar boat to yours I just live in Colorado Springs. In the Denver and Colorado Springs area it is almost impossible to find 1% deals. But keep in mind this is just a rule of thumb. You can still cashflow great with more expensive properties that don't rent for 1% of the purchase price. 

Are you looking for appreciation or cashflow? If you are looking for appreciation the markets here are great for that even if the barrier to entry is higher. If you are looking for cashflow I would highly recommend investing in the Midwest. You can make your dollar stretch a lot further and they are typically a lot better for cashflow.

It sounds like you would like to stay in the Denver area. I believe it is definitely worth it to invest in the Denver market if you can find a good deal. I would recommend connecting with a Denver agent from BiggerPockets to explore your options. I'm sure they will jump in on this thread soon.

But Colorado Springs is worth looking at as a second option as a great market! :)

If you are getting into wholesaling I believe you need a great understanding of how to drive deals into your funnel and how much the properties are worth. If you are on a tight budget I would recommend driving for dollars. I know Colorado Springs is a hot market right now and I know many owners that are receiving 5 postcards a week from people wanting to buy their properties. So postcards might not be your best bet unless you can make yourself stand out.

As for understanding value of properties, you just have to complete repetitions on deal analysis. In the Springs market we are seeing crazy appreciation so these numbers are going up every single month. 

Once you have a deal, I'm positive you will have no trouble finding someone that is willing to buy that deal from you.

Hello Keith, congratulations on working towards your real estate license. I just took and passed my Colorado license test in January and in my opinion the state test was harder than the national. It didn't seem like that while studying but when I took the test I scored better on the National. 

On the National test I would recommend focusing on general principles of agency, contracts, and practice of real estate as these make up the three largest parts of the test.

On the Colorado State test, I would focus on requirements governing licensee activity, Colorado forms and contracts, and brokerage relationships as these make up the three largest parts of the test.

Congratulations on the property! Finding a property in Colorado Springs is quite the achievement these days!

Hello @Jonathan Davis! I reached out to connect but I wasn’t able to attach a message. I’m looking to invest in Memphis and maybe we could discuss partnering up and we could help each other out :)

@Martina Musacchio welcome to the Springs! I would love to help keep you accountable in your real estate investing. With your husband having handyman skills this would bring great value to a fixer upper and add some sweat equity if you choose that route. 

Nice job! I love it when its that easy :)

Nice job Alan! I love that you made the choice to live below your means and were able to turn a past home into a rental. Keep it up and soon you'll have a nice portfolio of properties paying you mortgage!

Hello Brandon, welcome to the Springs! From the looks of your profile picture you will love Colorado with all the trails to explore! I like in Black Forest on the north side of Colorado Springs and it's crazy to see how the city is growing more and more into the forest. Thanks for reaching out.

@Rich Rodman I sent a message your way with more detail. But the story of Colorado Springs is that the market is tight. There are 5 multi-family properties on the market right now ranging from $850k to $1.9 million. I know a lot of people are searching for off market deals as well so you will find competition there too. I'm seeing multi-family prices at about a 5-6 cap, more often closer to 5.