All Forum Posts by: Adam Rose

P.s- If you’re not tied to Fort Collins, I would also try looking in Greeley. I have found a few off market triplexes that were significantly cheaper than the foco market. Although they didn’t pan out, there is still cheaper inventory than Fort Collins, although it does seem to be getting tighter. 

Jeff,

I imagine if you’ve been looking you’ve already seen how competitive Colorado markets are in general. I actually live in Fort Collins and have house hacked my main residence since 2018. I think most of the larger metro areas are sitting at about 1 month of inventory, so obviously quite the sellers market. 

If I were you I would try finding off market properties with mass mailers or by driving for dollars. With sellers having multiple offers, I think it will be hard to find a seller on the MLS willing to accept fha loans, 5% down conventional although nothing is impossible. If you can find an off market property, go in with pre-approval and find a seller that you connect with I would say that's the way to go.

I have heard that Colorado lending group out of Boulder is investor lending friendly, much more so than large banks who are typically conservative (typically 25% down).

The dream would be to find a seller who owns the house outright and knows the investment, thus they are willing to seller finance with a low down payment. 

Hope this helps! 

Stuart,

Sounds like we have a lot in common indeed! Fun niches the RV park and Mobile Home Parks right!? I'm actually going to be looking for refinancing on my quadplex in the springs so I would love to reach out and chat about options for that as well as your experience looking for properties down there. Let me know if you have some time next week and we'll connect.

Thanks,

Hi Mathew, 

I would refer you to get in touch with Dave Katz who is pretty frequent on the forums. I'm not sure what your criteria is but I know he works in Northern Colorado, and if memory serves correctly multifamily properties that are off market in Greeley, larger than 5 units. From my understanding, much smaller than there doesn't allow much meat on the bone for a wholesaler. 

You could also do some marketing yourself by snagging a list through places like listsource.com (great for your criteria) and setting up mass mail with either postcards/yellow letters, or getting lists from local title companies that you may or may not already have a connection with. 

Cheers and best of luck!

@ Stephen Brown - I would love to add you as a contact and see if there is some way to help each other!

@Daniel Dixon - Daniel I would love to pick your brain about where you are investing out of state. 

@Dave Katz - We sure did! Dave I will certainly reach back out to you in the coming days and reconnect. Thanks

Hello BiggerPockets Community!

First and foremost, I wanted to say thank you to the community who has provided innumerable insights into the Real Estate investing world.

To start with, I've been a lurker on BiggerPockets for about 3 years where I have watched webinars, listened to podcasts, and have read countless posts. I've been a member for about a year now and I have to say what a great community Josh has built. 

About me:

I am originally from Denver Colorado and currently live in Fort Collins, CO. I have lived here for the past 13 years (wow time flies) and don't have a desire to move unless real estate pulls me away (house hacking specifically). I purchased my first single family home in 2018 where I currently reside and house hacked it with roommates before I had ever heard the colloquial term. Still do to this day.

I started in real estate in Texas where I managed a family Mobile Home Park and RV Park. After quite a few visits down to Texas, I have learned a lot about those specific niches. Following that, I purchased my own mobile home park in Kansas and still own and operate that. My next acquisition came in the form of a quadplex in Colorado Springs, CO in April of 20'. Now I'm on the hunt for more property in Northern Colorado both inmultifamily and single family (Fort Collins, Loveland, Greeley, Longmont specifically) as well as Colorado Springs. 

Going forward I am happy to know there is a place that understands one ultimate truth; When it comes to real estate investing you never truly know everything. I strive to continually read books, read posts, listen to podcasts and watch webinars, but I feel my most glaring deficit currently is networking. That is the reason for this post. From BiggerPockets, I hope to develop some lasting connections with people who are more knowledgeable than I (or less), and hope to pass this forward with any help I can provide along the way.

What I hope to gain from BP in the future would be to learn about creating a stronger online presence through the use of different social media sites, learn more about wholesaling to diversify revenue streams, and develop different avenues to gain access to both multifamily and single family properties.  I would also like to learn more about syndications. 

For anyone reading this who feels there may be a mutual benefit in connecting or just wants to chat, feel free to add me as a contact. I think I am starting to exhaust my friends talking about real estate so I need to find a new outlet :). 

Thank you BP Community,

Adam Rose

Hello all,

I was interested in gathering some info from experienced investors in Cheyenne, Wyoming. I'm currently looking at a quadplex that trades at a 5 cap but has under market rent and I believe the price to be negotiable. What cap rates are you seeing in the market currently amidst the pandemic? Also, what does the rental market look like for 2 BR and 1 BR units in Cheyenne? What areas do they rent most easily? I'm not seeing much, if any job growth in the city itself to drive rental increases, but maybe I'm missing something. The only notable exception is the headquarters for Blue Federal Credit Union although that is a fairly small development. What else would drive rent appreciation here? For the owners of multifamily real estate in Cheyenne, would you buy again in the markets' current state?

Thanks,

Adam

Hello all,

Like Jordan, I'm very appreciative to have a community where ideas can still be shared while we are all locked in our house :). It's hard to answer the subjective question of "is it a good time to invest," but as others have stated, it all depends.

I am closing on a quadplex in Colorado Springs on the 7th, and while there was some extra difficulty in the process, it will still be done in a month from start to finish. Because of the timing of this, the interest rate that I am receiving through a major lender on an investment property is stellar. There is also a 1,000+ job creation through an Amazon warehouse to be built by 2021 in the immediate vicinity(speculative- private companies can pull out. My guess is amazon won't, but the property wasn't purchased because of this factor, just an added bonus.) This, on top of countless other reasons, make me confident that for this specific property, yes it is a great time.  

My other businesses are mobile home parks and an RV park, with a smattering of single-family homes. Collections for the mobile home parks and the SFH have been excellent for this month (96% paid in full by the 5th for mobile home sites and SFHs specifically). The RV park is suffering because it has been effectively closed to anyone that doesn't live there long term. We have access to great terms for business loans through EIDL and PPP, so on top of my cash reserves, I think weathering this storm will be manageable for that business.

I think if you can be conservative with keeping cash in excess of down payments/due diligence costs, minimize risk through astute due diligence, and hope for the best/plan for the worst there is never a bad time to start investing. I would suggest that this current state of affairs is no different. 

Hope this helps!

Hello all,

I am closing on a quadplex in Colorado Springs, Colorado and was in search of some good recommendations for insurance agents/companies to insure with. After doing some digging, I was not impressed with NREIG but any other recommendations would be appreciated!

Thanks,

Adam Rose