All Forum Posts by: AJ Romero

James Ormond - Hello there! Yes, I have been having some issues finding places in "great" or "really good" areas that would work from a numbers perspective but after doing some thorough research have been finding some homes in working-class areas that seem like they would work. Like Elizabeth said, you aren't going to get the same kind of returns that you could in those C or worse neighborhoods but I also think you don't get the same kind of headache.

I am only looking at HUD repos and other bank-owned properties right now that offer at least

1. A 30% or more discount off of full fixed up retail price (including renovation cost)
2. Neighborhood rents for at least $750/mo

This really narrows things down for me because I am only looking at 3+ bedroom houses around the 50-60K mark in decent neighborhoods. Tough to find but not impossible. Looking to purchase outright with cash and refi after fix-up. I think I might even be looking into lease-optioning these types of homes just to increase our return and better protect our investment. Calling all SFH gurus out there...do you think this would work?

I understand what you mean about lurking and sitting there on the sidelines watching the deals that I see get scarfed up by other investors. I think you definitely get to the point where you can "see" a deal fairly quickly after some time of doing research and just need to pull the trigger. Can you find any of these type of discounts at all in your area?
Or find pockets of good in "traditionally bad" areas?

Best of luck!!!

Thanks for the welcome!!

Anson Young - I was at KW Preferred in Westminster (easy proximity to my full time job at the time) but worked in Denver. My first name is Aminata so there would be no doubt if I ran into you before ;)

@James Vermillion - Thanks!!! I have gone through that excellent beginners guide and think I am definitely buy and hold and really like SF homes but will consider small multi-families just because they seem to provide a much nicer return. This site is excellent and I'm glad to have found it.
@Brandon Turner - Thank you! I love it here but Pueblo is way too hot :)

Elizabeth Colegrove - Those numbers sound great for SFH, but how are you able to accomplish so much cash flow? What interest rate are you getting the financing? The rents here for the 75-100k 3/2 building look to be 850-900, not enough to warrant purchasing them unless you can find one at a very deep discount.

Anson Young - I haven't considered Springs because I am not familiar with that area at all! I grew up in North Aurora and Park Hill and would be interested in those areas if I had to go out of town. If it were close enough for me to check out (like South Springs, near Ft. Carson, maybe ill take a look).

Hello all,

I'm a stay-at-home mom living in Southern Colorado looking to start purchasing buy and hold small residential rentals( SF, Small Multifamily) so that my husband can eventually stop working so much and we can start really enjoying what we've worked so hard to achieve.

A little background, I have worked in real estate as an agent in Denver, CO briefly part-time then in Chicago, IL as a buyer agent for a team downtown. We recently moved back to CO and are settled down and looking to put some money we saved into good properties that can offer us some tax savings now and reliable income down the road.

All my experience in RE has been with SF retail residential so when it comes to buying properties purely for investment I'm totally green and looking for advice!!

Thanks so much

AJ

Hi there,

My husband and I have a pretty good problem to have -- finally have some available cash to invest (50K+). We are just stuck trying to find the best way to reach our goals. We would like to be able to replace my husband's income in 10 years by investing in small cash-flowing units in/around our area. Luckily we do live in an affordable city, however rents seem to be flat from neighborhood to neighborhood and the best returns seem to be in areas that we wouldn't be comfortable purchasing in.

Just looking for some workable ideas so that we can set firm criteria for properties that would allow us to reach our stated goal...Thanks for your help!!

AJ