All Forum Posts by: Allen Underwood

There is a great book by David Green on out of state investing called Long Distance Real Estate Investing. Living in Colorado Springs myself, I too feel the pains of finding local deals. Even staying within Colorado, the deals I have found have been long distance. One thing to note, you will really want to build a local team on the ground wherever you decide to invest. Having a good agent, contractor and property manager are critical in my opinion. A good lender helps too.

Everything is new in this 4 Bed 2 Bath home. Tenant pays all utilities and $950/month. If you don’t want to manage it yourself, there is an excellent Property Manager that handles everything for 10% on rent collected. No hidden fees. 

Taxes: $538

Property just appraised for $130,000

New: HVAC, Furnace, water heater, kitchen, appliances, bathroom, master bedroom, floors, paint etc

Does anyone have a good hardwood floor contractor in pueblo.  

 Yes.   I used hudhomestore. 

@greg They were. I was able to get them for 20 percent under list.  

The solo 401k is for self employed people. If you own your own business,  the business can start a 401k plan for its employees (you) and will appoint a trustee for the account (also you) who will manage the investing for the plan. 

This is an over simplified explanation. You can find a lot of good information at sense financial.

.....You can only do that if your 401k is with the past employer (current employer most likely will not allow you to move the funds until you are no longer employed or reach retirement.....

 We found we were able to roll over the funds brought from a previous employer. 

My wife worked for company A and then rolled her 401k into a new 401k at company B when she changed jobs.  When we set up our solo k later, she was able to move the  funds she brought from company A into the solo k. This may be employer specific,  but it was our experience.

Hi Teague,  

It's a small town. about 2500 people, built by Chevron.  Despite the oil craziness,  its survived and has done fairly well. As an investor,, you don't have the ease of everything just being there, but it's definitely doable if you're creative. I have to give credit to the podcast on long distance real estate investing. There was a lot of good information there and in the book that made this possible for me.  

As for deals, I found 2 HUD REOs out there and got them with quite a bit of profit left in them.

I'm looking forward to this. 

Hi there, 

I'm a new Rangely investor myself. I'd love to hear more about what you've found. 

So far, I have a good realtor,  inspector and am starting with a new contactor. 

Dmitry, I completely understand. I have been very fortunate to find a local bank that was enthusiastic about learning more. I have non - recourse loans available with a better than average interest rate and a great LTV. It was a learning curve for them but well worth it.