All Forum Posts by: Dan Williamson

Welcome @Ryan Vail, 

If you're worried about finding a property, make sure you have a game plan first. Check out properties that show up in your area in the BP Marketplace to see what looks like it would work for you. Set up your keyword alerts. And follow local experts (i.e. @Mark Ferguson).

Welcome @Adam Eaton, 

It only gets better from here. Don't forget to set up your keyword alerts for the topics you're interested in. 

Also, find time to make it to the networking events. Here's one that may interest you in the North Denver/Erie area.

Hi @Kent Stern,

Welcome to BP. This site can be like drinking from a fire hose. 

Keep an eye on the meetups and networking events. They're invaluable.

Here's a link to a past one, but the first comment below shows dates for follow up meetings at the same time/place.

Welcome @Frederick Church,

I love your geographically diverse investment areas. Do you mind if I ask how you chose such distant markets? 

@Skyler Pearson

Check out the blog posts that discuss leverage vs. pay in full (cash purchase). There is a lof of good discussion about it. 

If you're concerned about risk, I would suggest to you that there are two kinds involved in your decision: tenant vacancy risk and "all-your-eggs-in-one-basket" risk. For the former, you can calculate this into your required numbers with a 1 month vacancy assumption (also, there is a flood of people coming into the Denver metro area, if you choose to hire a good property manager they should be able to fill the gap quickly). The latter, eggs, should also be considered. If you want the security of owing nothing, cool. However, that could impede your scalability. Using your $200k example, you could purchase one outright, or use leverage to get say 4 homes (each $250k with 20% down). The rent from 4 homes could easily offset a couple months of vacancy. (Remember the 1% rule here: try to get as close to 1% of the home value for your monthly rent. It is difficult in the Denver market, but you can get close). Those are just some things to think about. 

Do your research here on BP and keep asking questions.

Welcome!

Dan

Welcome @Luke Buck,

Researching on BP is a great way to mitigate your risk. Learn from the wealth of knowledge here and you'll be alright. 

Being new to the game myself, one of the biggest things I struggle with is trying to see an opportunity for what it is instead of what I want it to be. BE REALISTIC in your analyses and you will reduce the risk of getting in over your head.

Dan Williamson

Welcome Brian,

I look forward to hearing more about your projects and ventures. I’m sure you’ll continue to find great resources here on BP.

Are you looking for any projects in particular? (i.e. buy/fix/rent, fix-n-flip, etc.)

Dan

Thanks Everyone!

@Bill S. Those are some great points! Thanks for the insight!

Hi all!

I'll be there tonight. Looking forward to meeting all of you.

Hi Everyone! 

My name is Dan Williamson and I’m from Denver/Aurora, CO area.

I really don’t have much of a background in real estate other than the fact that I’ve been a renter all of my adult life.

I have, however, had quite an entrepreneurial streak in me for most of my life and am looking to branch out. As my other businesses are generating a bit of cash flow, I am looking to invest in something more than a 401k. The buy-and-hold strategy appeals to me the most and that is where I have been focusing most of my attention and learning.

A second area that I am interested in surrounding real estate investing is connecting new real estate agents with investors. In fact that’s really how I found Bigger Pockets. I have a few friends who are newly licensed agents and while in regular conversation I would bring up the subject of creative deal-making in real estate. The most creative response I got from all of them was “You mean something other than a 20% down?” What has drawn me here is both the investing (in real estate) side as well as the investing (in people) side.

While I am reading, listening and learning as much as I can as quickly as I can, I still feel like quite a newbie.

I’m looking forward to meeting and interacting with everyone.

I’ll also be at the Denver meetup tonight. So come find me. I’d love to get to know people in person.