All Forum Posts by: David Streben

I live in CA and invest in IN. I selected IN because it is where I am from originally so I am familiar with the areas and know people there. However, I quickly learned that if you have the right team (property manager, contractor, agent, lender) that investing out of state isn't scary and any problems that pop up are solvable.

Best of luck...you will figure out what is right for you!

@Kristen L Garner thanks for the insight! Any good articles or advice you have on finding a good team remotely if I'm not familiar with the area I end up wanting to invest in?

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Denver, Colorado

Quote from @Ryan Williams:

Hey @David Streben, everyone else has given great advice here. I agree with @Conner Olsen that house hacking would be your best first option, especially if you are looking to buy here in Denver. My wife and I house hack here in the city and it's given us a ton of flexibility with finances and now we have the option to buy our next house hack and buy out of state as well.

It's hard when you first start out (and I'm still at the beginning stages too) but you have to keep the long term in mind. What is going to be the best property 10, 20, 30 years down the road? Yes you can go to some of these cash flow markets and make $400 a month in cash flow, but it will take a long time for those markets to give you serious appreciation and return. Denver is still a lot more likely to appreciate and give an asset that will give you options in the future. My advice is to get a house hack deal here in Denver, let that property start growing some equity and paying for itself, then you have the option to buy out of state with the extra income you have in your budget or look for your next house hack in Denver!

@Ryan Williams Good food for thought on the appreciation bit in the Denver area, more recession resistant as well. I'll have to look into house hacks near the front range that would provide enough cash flow in a few years to be self sufficient at very least. The duplex-quadplex hunt in CO has been a challenge haha!

0 Votes

Denver, Colorado

Quote from @Chris Davidson:

@David Streben 70k saved up is solid. But not knowing how long that took or how much left over after your normal w-2 makes things hard. You need to invest from a point of strength and have the ability to fix things you need to when they happen. Don't over extend yourself. However if you are saving 2k a month and the HVAC goes out you likely can get it replaced and float it on a card for a bit if you have to. However if you are saving 50 bucks a month and you have a major issue and you used up all 70k on acquisition than you have a bad situation on hand.

Either way you need to figure out what you are looking for in an investment. You mentioned need a relatively hands off approach which makes me question would you be managing a STR? You have to figure out what kind of investing you want/ can do. But quit worrying about if your area is a good place to start, and start looking at deals and find out if it is.

@Chris Davidson thanks for the points. I have started analyzing deals already, just looking for any additional insight people have for the area specifically or from their story in-general.

I can float random 2-5k expenses without too much issue (as long as it's not a monthly thing). I've thought about STR and self management from the cashflow perspective if I can find a duplex so I'm close by for management. The harder issue is probably finding a duplex-quadplex at a good price point here in CO.

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Denver, Colorado

Hello everyone, I'm new here and new to real estate investing and I'm at a crossroads. I see three main paths ahead:

1. Short Term Rental (in vs. out of state)

2. Long-term single family (in vs. out of state)

3. Multi-family

I'm looking for advise around what people think I should go for and why... there's logical reasons to go with any option so I'm trying to find the reason I resonate with the most. I have a couple key things I'd especially like insight on if possible:

1. In vs. out of state.

I'm worried that Colorado isn't a good place to start investing for cash-flow (but it may be for market stability in popular areas); investing out of state to start seems like the move in this case but I know there are lots of issues someone new to the world can run into which are harder to solve with remote investments.

2. Short vs. Long term rentals

I know there's more logistics with short term rentals but with the market and interest rates of today it seems like the only way to cashflow in many areas (CO areas at least) is to do short-term rentals since the return can be higher. Any advice from someone who has done both and had a good/bad experience with one? This also pairs with the question above since I could focus in or out of state...

3. Multi or single family?

I think there are a lot of good economies of scale associated with multi-family but figuring everything out and getting a large enough down payment seems like a mighty hurtle in todays market. Is it worth the extra work in payoff later?

Just looking for some general thoughts about the above at the moment, anecdotal or otherwise. Hoping some of the advice will resonate and make the decision easier! As a background I have about 70k in cash that I can invest if needed (although I wouldn't bock at spending less haha). I have a full time job and until I see some returns I don't have the ability to quit and go all in (time wise) on real estate so I need a relatively hands off approach (hands off, as in I can't dedicate enough time to fix and flip etc... not that I'm not willing to put in time/effort otherwise).

Let me know what y'all think! Happy to meet up in person around Denver as well if anyone wants to get coffee and chat.

Thanks,

David

0 Votes

Denver, Colorado

All Forum Posts by: David Streben

David Streben has started 1 posts and replied 4 times.

Post: Which path to choose as a new investor

Post: Which path to choose as a new investor

Post: Which path to choose as a new investor

Post: Which path to choose as a new investor