New Potential Investor from Colorado

[Rhonda Cruz]

Hi, my name is Rhonda and I am currently learning as much as I can about Real Estate Investing by using the many resources available on BP, as well as, reading quality real estate books recommended on this site.I want to understand as fully as possible the risks and rewards involved when purchasing rental properties.My husband and I have discussed obtaining buy-and-hold properties several times in the past.However, due to lack of knowledge and a fear of financial ruin, we never moved forward with the idea.

I am originally from Oklahoma but have been living in Northern Colorado for almost 13 years (Longmont for 11 & Berthoud for 1 1/2). I work as a Sales Programs Analyst; but have varied experience including over 10 years in Payroll and Payroll Tax.

I am open to other options but find that I am most interested in multi-unit properties ranging from duplexes to small apartment complexes of 50 or less units. My current goal is to own 10 to 20 units within the next 10 years. I would like to eventually have sufficient passive income to allow the choice to retire from a W2 job someday.

With my very limited knowledge, I am beginning to think that investing in Colorado will be quite difficult, if not, impossible.This leaves us contemplating investing out of state; possibly in Oklahoma or Texas (or somewhere else).This presents its own special set of opportunities and challenges.I have a lot to learn and over time I suspect my goals will evolve. I look forward to learning from all of you and hope to eventually be an asset to the community.

Thanks for reading and have a fabulous day!

[Rhonda Cruz]

@Drew Fein attending a Denver meeting is on my list. I will definitely introduce myself and look forward to meeting you. 

@Gina McKee thanks for the advice. I am still in the discovery phase and haven't decided where to invest but I have hesitations about out of state investing that mirror what you've said. I plan to attend the Erie meeting in April. Would love to meet you there. If you consider attending let me know and I'll look for you. 

@Curtis Roddy thank you for the welcome and offer of assistance.  I will be reading through the BP beginners guide for a second time.  A lot of good information there and I love the podcasts.  I just upgraded to Pro last night after the webinar (which was fantastic! Thank you @Brandon Turner!) and now I have even more great information to watch, listen to, and read. I'm going to be very busy for a while!  I will certainly keep you in mind regarding distressed properties.  The idea of investing in distressed properties at this beginning stage is honestly a bit frightening. But then again, I don't know much yet and am open to all possibilities. 

Hi @Mindy Jensen I look forward to meeting you in April!