All Forum Posts by: Daniel Haberkost

Does anyone have any recommendations for a GC in Pueblo West who does commercial projects? I have several contractors I use to build houses but Pueblo Regional sees anything over 2 units as commercial and they would not be a fit for that. 

Dan

@Travis Sperr Thanks Travis, I sent you a direct message!

I'm working on purchasing my first commercial building here in CO Springs (80909 specifically). I have a residential portfolio but this will be my first commercial buy & hold. 

The building is partially occupied by the current owner who would be moving out with the remainder of the building leased to various mom/pop tenants so this would not be a turnkey deal. I'm getting somewhere in the ballpark of $14ish per sq ft per year for (what I estimate to be) C+ office space. 

Any input on rents and whether my assumptions are accurate or not would be appreciated!

Dan

I had a brief conversation with @David Greene today on Instagram and thought it might be worth sharing in the forums. 

I've been listening to BP since buying my first rental while in college (2018) and since then I've managed to leave traditional employment and build a land/development business on the active side while also buying a portfolio of residential rentals on the passive side giving me complete freedom over my time. 

BP's weekly episodes have been helpful in pushing me along as they frequently hit on things I'm struggling with in my own business! Sunday's episode on multifamily was especially relevant being that I'm working on buying my first commercial building and many of the topics discuss are applicable to what I'm doing. Additionally, I grew up lower middle class without any entrepreneurs around me so the BP podcast was integral in showing me what was possible w/ RE investing. 

If you're reading this and are just starting in your business, just know that they key is slow and steady daily progression. Getting started is the hardest part, but once you have momentum the progression tends to be exponential! 

Get clear on what you're trying to accomplish, set goals that fit that vision and take daily action to get there! It's really that simple.

Dan

 Hey Jacob, this sounds familiar! I moved to Colorado Springs immediately after graduating college to climb all the mountains and build a real estate business! I love it here, the winters (relative to back east) are sunny/warm/dry yet the mountains are close if I want more wintery weather. People here are generally friendly and active too which is a sharp contrast to Ohio where I'm from. 

It takes 2 hours to get to the ski resorts which is a bit of a drawback but other than that I have no complaints. House hacking works very well and is how I started investing here as well!

Feel free to PM me if you'd like,

Dan

What's your plan with the property Eric? I just closed on another house here in The Springs myself. 

Are you planning to rent out the extra rooms? Even if you're not, buying the house will allow you to lock in your monthly housing expense so you're not subject to rent increases and you'll begin building equity. 

Feel free to message me on here if you'd like. 

Dan

 

@Aurelien Bonin that would be great! I'll message you. 

@Logan Hartle good to hear, thanks!

Hello BP Community, 

I'm a full time investor in Colorado Springs with a small portfolio of residential properties on the passive side and a land & development business on the active side. I'm closing on 1 more single family home next month at which point I plan to move away from the residential world (as far as buy/hold). They've provided a solid foundation but I am not looking to amass a large portfolio of houses. 

On the active side of my business, land has been an extremely profitable niche because it's not as well known/talked about. My competition is minimal relative to the world of single family homes. Along this train of thought, I've decided to pursue industrial/flex space going forward. Think - the space a carpet supplier might occupy with a small amount of retail up front and a large warehouse in the back. 

I'm meeting with my commercial lender tomorrow, putting the cash aside and speaking with a few acquaintances who are already in this space to begin putting the pieces of the puzzle together. However, I have struggled to find books/resources on this sort of RE (which is probably a good thing) - does anyone have any recommendations on where I can find any podcasts/books/websites/etc to shorten the learning curve? 

Dan

 First I want to echo @Stuart Grazier - house hacking works extremely well here and is a very easy place to start. It's really hard to go wrong house hacking.

IMO you're looking at this wrong. It's not a matter of having enough cash to go full time in real estate, it's about having the experience and skillset. Yes, you need reserves set aside but it's really about knowing what you're doing. Trying to jump in full time with a bunch of cash and no experience is a great way to end up getting taken advantage of. 

Figure out what you're trying to accomplish (which it sounds like you have), pick a strategy that will get you there and then stick with it over the long term and avoid getting distracted. 

 I'm currently purchasing 1 more house and then intend to move towards industrial myself, how has that gone for you?

On the active side of my business I focus on land. It's so much easier to buy at a discount than most other assets, I have far less competition and it's extremely simple in that I'm not dealing with tenants/contractors. 

Dan