All Forum Posts by: Bill S.

@Aimee Lawrence start with zoning. You have to make sure the zoning for the property allows what you want to do. After that then you figure out how to build it. Sorry I don't have any contractor contacts up your way.

@Peter Stur A little background would be helpful. What was the source of your properties that you flipped? What are you wanting to accomplish (replace flipping income, cut out the middle man - source your own deals, find something easier)?

Also, there is no secret formula for success. It is a grind. It's my experience that pretty much any lead source works, you just have to be persistent and consistent. Find the approach that resonates with you and then dive in and learn as much as you can for free. Lots of posts here and some podcasts and web sites that focus on different approaches. When you get a good feel and have a general idea of the ins and outs of your approach, I would suggest that you then implement what your have learned. If you can make that work a little bit, then you might hire a coach if you want to build a business. The general approach is to master one channel and then adopt another and hire a team as you grow. It's a business and it takes work just like flipping. Deals are thin but if you keep at it, then eventually you will get a home run. Bottom line is you have to find motivated sellers AND cash buyers to have staying power in the business. 

Keep us posted on how things go.

@Zachary Gilula I agree a lot with what most of the local folks have said but I will add one item not addressed. Typically speaking, buying a new build means you are paying a premium for the property. You can typically find a comparable used property for less money. If you drop down into the value add  by doing some fixup then you can make even better returns. 

@Crystal Wilson sorry about your loss. There seems to be a lot of details missing. Many times the devil is in the details. It isn't clear whether or not you actually closed on the purchase of a house and the money was given for rehab and eventual resale or if it was to secure the purchase of a house which has never closed. At the same time it could have been money give to the wholesaler for marketing in order to bring you a sweet deal. You are local, you should be able to drive and see the property in question or meet the wholesaler in person. I understand the whole process can be embarrassing and you may not want to share the details because in the rear view mirror you see mistakes you made that you now realize. Any paper trail or emails and text messages can also be helpful. A friend of mine got taken for a ride by a local flipper. He went all out. He did lots of leg work and connected others who were defrauded to the point that the person could no longer do business. I am sure he saved countless others from loosing money. Finally after a year or so and lots of brain damage got his money back. He was very tenacious. 

If this person made a mistake with you, and you pressure them, they should make it right with you. If this person is a crook, you are not the only victim. Assuming they are a crook, you need to gather the other victims and put this character out of business because they will do it again and again. To deal with someone like this, the only way is to make their live so miserable they pay you to make you go away or they go to jail.

@Jeremy Babin you should connect with @James Carlson (he is an agent and does STR in Denver and Colorado Springs so knows the ins and outs of rentals) or @Lia Martinez (who does rent by the room in Denver) or @Craig Curelop (who is an agent and also does rent by the room in Denver).

@Tashina Taylor you are far braver than I. I would have at least hired someone local to do a drive by before the auction. It could have burned down. That said, congrats are in order if for nothing else but taking action. Just curious, was this on auction.com? 

What to do with a successful auction buy? Rent it out. You should be able to refi in a year or sooner. If your numbers and assumptions are correct. You can get your cash back, generate some income and repeat.

Others have found success in doing owner financing. Wyoming generally has some favorable foreclosure laws and I have seen folks also doing a contract for deed. 

Keep us posted and please update with real life pics vs seller's not so good pictures.

 STRs seem to be the rage and how people are living for free but it's not for everyone either. So my thought is that $1,525 is on the high side for 2/1 in that neighborhood. I have some property in the area and it would appear that I am underpriced if they get that for rent. I am also looking at a multiunit deal in Mayfair that has some larger 2/1s (over 1,000 sqft) that are getting that. My idea is that Mayfair is a more desirable area than Villa Park but to each their own.

@Mike S. it is really hard to find a financial advisor that understands real estate investing. Most financial advisors are only trained in stocks and bonds (because that's what they sell). Some my also have some real estate knowledge but they don't really focus on that because they don't make any money advising you to buy more real estate. Just my jaded 2 cents. Had I followed the advise of financial advisors about keeping stocks and real estate balances I would be lots poorer. It's really hard to beat the leveraged returns of real estate but it does take more time and energy than putting your funds in a low fee index fund and waiting.

@Taylor Thompson so no one can make the decision for you. You have to decide what is the right fit for you. Once you decide what you are going to do get educated on that process. If it's out of state and with a partner. Read and learn all you can about the process for about 2 months, then take action. Do the same if you are going to stay local. Learn then take action. No one path is right for all and all paths require learning. If you learn ahead of time, your learning will be far less expensive unless you pay someone a bunch of money for an education/coaching program before doing some basic learning on your own. You can get your grade school education here on BP then choose your middle school/high school and take action. BP can help making those introductions etc. for middle school/high school. If you fail to act, stop learning since you are wasting your time. 

@Roger Kifer I have done some real estate in Cheyenne and found that it is a very tight market to find talent. My suggestion would be to talk to some real estate agents there. Find a couple agents with Multifamily listings and see if they have any resources they will share. It would be ideal if you have something to offer them. You can also search the MLS for listings that are obviously flips and then get the listing agent to show you the property or ask them straight up who did the kitchen. I think a number of local flippers have their own crews so not sure if that will help or not. Keep calling unit you get someone who will give you a name. I also know that Menards had a display case with contractor business cards under it. You might take a look at that. Finally go to the pro-desk at Lowes and Home Depot early in the am (6am) and ask what contractors do kitchens that come in at that time of day. You might get lucky. Also the Traders community newspaper has a section with contractors in it. Bottom line is that it's a small community so most work is word of mouth. You just have to keep asking.