All Forum Posts by: Conor Funk

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $302,500

This is my primary home and first RE investment. Specifically, this is a live-in flip situation where I'm performing all of the work needing to be done!

I plan on finishing all of the work by July/August, fully rent the other 3 bedrooms, and re-finance the property to pull my equity out and purchase [hopefully] two properties out of state to hold/rent.

What made you interested in investing in this type of deal?

As a commercial superintendent for a general contractor, it's right up my alley to perform the work as I go to receive the biggest bang for my buck as well as adding another notch to my belt. Inevitably, I will reflect on this flip for years to come due to the experience and knowledge it'll provide me and allow me to apply to future deals.

How did you find this deal and how did you negotiate it?

This deal was straight off of the MLS, but because the seller was motivated to sell quickly (deceased parent) and I offered less than a day after its posting, I was able to secure it at lower than market value and close quickly.

How did you finance this deal?

30 years fixed; my own money.

How did you add value to the deal?

I already added a bedroom and am in the middle of remodeling one of the bathrooms now. I will be remodeling the other bathroom shortly after.

What was the outcome?

n/a

Lessons learned? Challenges?

Ongoing.

Cynthia,

Please take this with a grain of salt as I can't personally say that I own property there or have done much research, but at a meet-up I attended yesterday here in Colorado, a gentleman I spoke with bought and flipped a house there for a long-term investment as his first deal just a few months ago and it's going well for him. Like anything, once you're comfortable with running your numbers and have done your due diligence to acquire as much information pertaining to the market from the professionals there, I'm sure it'll be feasible!

If you haven't, I strongly recommend reading and implementing the strategies that David Greene's book "Long-Distance Real Estate Investing" lays out very thoroughly . He's gifted us with a wonderful format that, if you put enough time in, will pay unbelievable, but more importantly, comfortable dividends. 

Best of luck and hope this helps you in one way or another!

@Daniel Haberkost 

I actually started this new routine due to that podcast and then following up with tuning into Hal's personal podcast as well (something that I highly recommend as well -- he has a ton of great guests and angles on things in the business world).

Thank you very much for sharing!

Today is my first day of changing my morning routine to be more beneficial to my entire persona. I wake up early Monday-Friday because I'm a superintendent for a general contractor in the commercial field, but I'm making the conscious decision and effort from now on to consistently wake up an hour earlier than normal to work on myself. Does anyone have any aspect of their morning routine that they've found to be invaluable/irreplaceable? I have accumulated quite a bit of knowledge from as many resources as I can, but always love hearing some insight from others! 

Perhaps, if you're someone that hasn't fully committed to taking on something you know you should to help develop you into being the person you want to be, comment on this... What's holding you back. Let's be candid; let's be vulnerable. Much love BP!

Micki M. Thank you for welcoming me with open arms! I will be working “in the field” still as a superintendent. It’ll be a nice change of pace as well since I’ll be flipping from residential here to more commercial work around the Denver/Boulder area.

Good Morning BiggerPockets community!  

I’m a newbie to the real estate investing community, but certainly an emerging and diligent student to the game. I graduated from Illinois State University last May with a degree in Construction Management which has been aiding me well as I’ve been working as a Superintendent with a residential builder for the past 10 months. Prior to graduating, I worked for 6 months for two summers with a similar company building homes. Despite just turning 23 years old a little over 3 weeks ago, I like to consider myself quite knowledgeable on technical aspect of home building being that I’ve built almost 30 houses already.

Moving forward, I always knew I wanted to do something within the parameters of real estate investing, but I was unaware of just how dense the options and avenues of investing were — which is awesome! Since May 2017, I’ve listened to about 3-4 podcasts/week and have read tons of books (far more reading than I ever actually did at college) pertaining to not only real estate investing, but also negotiating, overcoming mental obstacles, business strategies, etc. I currently work 55-65 hours a week out in the field, but always find myself making time for more RE education whenever I get the chance.

As many of you veterans know, there comes a time where you need to make that leap of faith outside of your comfort zone and just DO IT. So, that is exactly why I decided to post today after being active at a distance so to speak for the past 10 months.

I took a vacation out to Colorado earlier in March with a few friends which I also found the time to meet for two interviews with some GC’s in the Denver/Boulder area. This trip was the final push I needed to decide I definitely wanted to get out of my comfort zone in Illinois and move out there (there was plenty of calculation prior to this decision for those who may feel this is an “on the whim” decision).

Though I'm aware the market in the Greater Denver Area is extremely saturated with investors and prices are sky high, I'm hoping I can find a duplex that I can househack or potentially a SFH live-in flip situation if the numbers work. That being said, my goal is to start with the live-in investment and eventually scale to out-of-state investing just purely out of feasibility — something I'm sure many of you can relate to.

If anyone has an agent in the Greater Denver Area they could recommend from personal experience, I’d appreciate a connection, especially for a newbie investor; otherwise, I’ll build my network based upon all the tools I’ve acquired over the past year and as I make my way out there while simply renting for a short time. I hope everyone has a productive week and stays motivated while keeping in mind to live in the present!

- Conor