All Forum Posts by: Dan DeGroff

I am new to the concept of real estate investing and eager to learn more and immerse myself in the community and culture. I haven’t felt so passionate about something since I discovered my love of adventure through rock climbing.

I am a passionate rock climber and athlete and have always told myself if I dedicated myself to financial growth as much as I do climbing I would be a millionaire in 5 years. Until recently I wasn’t motivated to make more money or grow my wealth. I was comfortable and content living the life I had created. I earned good money as a server and simply used it to go on my next adventure and that was all I really needed.

I lived in a mountain town tucked away in the Rockies for 7 years and to be honest I was pretty ignorant to the rest of the world. Then one day I decided to move out of state. I was confronted with a community living in real poverty, substance abuse, and general neglect for their well being. Most were born into this and didn’t know any other way. It reminded me a lot of my upbringing and the place I “ran away” from so many years ago. I worked a minimum wage job and was confronted with how difficult it was to just keep up with life. I worked so hard everyday for 10+ hours and felt like I was running on a treadmill. Not really making any progress. It was a struggle that opened my eyes and allowed me to realize that I needed to do something to make sure my family, loved ones and I didn’t have to work so hard for nothing in the end. That’s also around the time I feel in love with the woman of my dreams and discovered the world of real estate investing. Currently, I am taking the first steps investing in myself and learning everything I can from the great minds who have come before me. I haven’t felt this inspired since discovering the great adventures of the first rock climbing pioneers. I am so grateful to learn that there is a community of people who have walked this path, are walking this path and have found their own success and manifested their greatest dreams and desires! People who have summited their personal Mount Everest and achieved the so sought after Financial Freedom. This community is inspiring and uplifting and I am immensely grateful to be a part of it. Thank you everyone in advance for dedicating your time and energy to help those around you, to inspire and to reach your dreams. Thank you for being a living example of my mothers first advice to me, “anything is possible, if you want something you have to go and get it!”

@Seth Wilcock - Thank you. 

I loved your response and have been thinking about it for a few days now. I have a few questions and a few ideas. 

I believe recapping my big picture goal and current lifestyle at this point will help. 

My Goal: To generate a real estate portfolio that produces $15k cash flow per month. 
Also to eventually own a home within 50 miles of the Aspen CO area (winter/employment location). Ideally, I would rent a room++/unit while I am there and rent the place while I am away (May-Nov).

My lifestyle: I work at an on-mountain restaurant in Aspen during the winter and I travel around the US to different places to live and work during the off-season (May-Nov). Right now, I have 100k to invest, 17k in reserves, 40k in retirement and I can realistically save 30k a year in my current position (60k/yr when I am promoted in a year or two)

Back to the discussion topic. Assuming I buy a single-family home in Washington as a primary residence (better chance of being approved than a Multi-family). Close on the deal in Spring, move in May, live there May-Nov then commute to Colorado to work. Could you legally begin to rent this unit in December? Or, would you be required to wait 12 months from move in day of your PR. Causing the unit to sit vacant with no income for the winter. Doesn't seem like a good plan..

This brought me to another idea, and I'd love to know what everyone thinks. Let's expand beyond WA now. 

Cash offer on distressed home in the Winter, rehab finished by April, live there for the summer with no mortgage (maybe paint the place), search for/place tenant around the time I leave, cash out Refi when tenant is placed. Repeat.

Find a market that supports my 100k budget? Is 100k enough $$? Continue saving until I have enough? Would it be logical to STR instead of LTR after project is finished and I move out (I no longer have to U-Haul furniture across the US 2x a year and I can look for markets beyond the Southeast and Midwest)? I have been leaning towards LTR with my education, but STR seems to make sense in the scenario.

I know I left out a lot of the technical details in my plan and first steps idea. I really wanted to open this idea up to discussion if anyone was interested. Thanks in advance and I look forward to your response. 

Thanks for your in-site Bill! 

I have noticed while searching the Fannie Mae site there is very limited foreclosure inventory, especially in Washington State where I am interested in living. I have also read about acquiring properties through researching NODs and creating a mail campaign. Thanks for your input regarding foreclosures. I will definitely keep this in mind. 

You are not kidding about the price of real estate in Aspen. ! They call it Hollywood of the Rockies for a reason. 

Hello everyone and thank you in advance for taking the time to help me with a personal situation. This is my first time making a post on Bigger Pockets so bear with me.  

My end goal is to house hack a multifamily home in Washington State as my Primary Residence. My unique situation has me running into dead ends. Wondering if some community wide knowledge could shed light on potential solutions. 

My life situation:
I live and work in Aspen, CO from December - April. I have had this job for 3 years. This is the job that would support a conventional loan. I work random jobs and/or travel May-November. I rent in Colorado. I have never owned a home. I don't want to purchase a primary home in Aspen, CO. 

My question:

Is there any way that I can get a Washington State property to qualify as my Primary Residence (PR) if my job supporting the loan is in Colorado? For clarification I actually intend to live in this property for the majority of the year. My understanding is that for a lender to offer PR financing I have to live in the unit within 60 days after closing (Not a problem), I have to live in the unit for the majority of the year (I would live there 8 months May-Nov), and the property needs to be near my place of work or a place I have multiple family members (This is the dead end for me). I have spoken with lenders who also say I would need to live in the residence consecutively for 12 months after I move in.  For clarification, Aspen job is NOT a remote job.  

I have considered partnerships with a Washington friend who could hold the loan and live there for a year and in return receive partial ownership in the property. Not ideal. I have also considered just getting an Investment Property loan and dealing with the less favorable rates and terms. Although, I would like to have first access to foreclosure properties with HomePath's First Look Program, income/capital gain tax benefits from my PR, and more favorable loan terms. 

Any thoughts and considerations would be greatly appreciated. 

Thank you, Bigger Pockets Community and happy investing out there!  

Feel free to reach out with any questions you have about the Aspen, CO area. I was a mountain guide there for 7 yrs. and know of some really amazing hikes, climbs and other exciting activities.