All Forum Posts by: Derik S.

 A primary reason (among a couple others) I'm getting into real estate, is for the wealth. I look at the lifestyles of the tremendously wealthy that have come out of real estate (today its not too hard to become a millionaire if you play it right), big mansions (if you can do what Cardone said, and pay the house off in cash),  luxury cars, you know high class living.

I'm not necessarily looking to make it a career, rather one of many sources of income to build up a pretty net worth. As someone who is, lets just say "runs into the possibility of being financially unstable" I'm guessing active investing would be better, or no?

 Here's a warm welcome to the Bigger Pockets site, Yun,. 

This place is full of resources to help you out. I know much more about the real estate world than I did last week, by taking one hour out to watch/listen to the substantive podcasts and #AskBP videos on YouTube. Enjoy your stay. 

My fellow investors, and RE pros, I need your opinion. This would also be a good question for #AskBP. While I would think active investing (you know, wholesaling, flipping, being a landlord) as well as value adding to the property, would deliver a fat check, I would think passive investing would be equally as beneficial, especially for beginners, as well as more opportunity to invest in other markets than the one you reside in. Passively investing has seemed to do Grant Cardone a lot of favors, that's for sure. 

 I understand the urgency. I guess what I forgot to put in my OP was any tips or tracks of the RE Pros Trade I can benefit from. I have a feeling this is one thing, whether you're nervous or not, newbies to the real estate business can struggle with this. 

 I know, which is why I'm taking it upon myself to combat this "fear" I guess you could call it.

I guess what I could do is try to always keep a piece of paper near me, on that paper have a ballpark idea of what I am looking to spend, and what area I would be most likely be looking into, as well as how would I go about financing (now on that part, I most likely would want to work with a broker, since there's a bit more flexibility) since I would be going from "rags to niches to (hopefully) riches." He set me up with a auto-search however, which was nice. 

Btw, where is Wheat Ridge exactly? I know its near the general Denver area.

Today, I received a call from an agent down in Denver, actually who has been calling me a couple times (just because I haven't had my cell on me), who asked me about where I was in my RE-investing journey. While I told him I had no concrete plans at the moment, I did say I was looking to invest  in multi-family homes. What I did learn from the phone call though was rents have been going up in Denver (for better or for worse, not quite sure), and I cannot realistically look at a property for less than $300k. The details of the phone call are not as important as dealing with the phone call itself. 

Coming from a background where I am relatively nervous answering phones, my brain drew multiple blanks in the short time I was talking with the guy. I was put on the spot. How do I better deal with this phone calls?

Hi Stephen, glad you're here. 

Its nice to see another Coloradoan on the BP forum. Keep me informed on how investing in small multi-family goes, that's what I'm looking to do.

@Micki M. If you ever find yourself coming up to the Northern part of the state, look up a group called ""Northern Colorado Real Estate Investor Group" on Meetup.

Thanks all for your replies, 

To answer Dorothy's question, I'm looking o buy and hold, and deal primarily with multi-family homes, apartment complexes

In terms of involvement, I want to build a multi-million dollar portfolio. I want to be on these properties like flies on sandpaper. Over the long term, I want to come as close to a real estate mogul as I can (who says anybody can't?). Gather the reputation that the tenants best interest, as long as their piggy banks are oinking, are kept in mind, with a fruit bowl as a welcome gift. 

The reason I ask is because I was listening to one of the podcasts here, and one of the guests said though he was from Southern California, his first investment was in Texas. So, though Denver is hot right now, would it hurt to look in Tucson, Dallas, San Antonio, and of the like (whatever other cities are steaming right now). If there's one more way to put the question, should I stay landlocked in Colorado? I would hope not, because that would only be limiting my potential. I think I should go where the deals go. 

Secondly, this is separate from the original question, but do I really need a business plan? I listened to the podcast with Grant Cardone, and he said something that seems to make sense. "Use a business plan if you want comfort," and "Most of what happens will not be in your business plan." I'm pretty apt to taking that advice from someone who has a $350 million dollar RE empire. I'm gonna be taking notes on this.

Hi John, 

I've actually been to Louisville a couple times (there's also a Louisville, CO, which I didn't know), my relatives used to own a house in that city in a nice neighborhood, within walking distance to a shopping center. So I have a couple fond memories of Louisville. 

What is the housing market like in Louisville, while I'm at it.