All Forum Posts by: Dan Guenther

Hey @Cindy Lindberg, welcome to the community! If you check out the learn tab up top and then go to events, you'll find a whole bunch of meetups around Colorado. I host a monthly meetup in Longmont if you're interested. I'll send over the link. Good luck on your journey! 

Hey @Winona Newell, welcome to the community! I'd recommend reaching out to at least 3-4 lenders before committing to one in particular. You'll find that some lenders offer different loan products from others, especially when it comes to investment loan products. Reach out if you would like me to connect you with a few investment-focused lenders. 

Hey @Liz Rogers, welcome to the community! 

Your plan is 100% feasible. While investing from abroad is more of a challenge than being local to a market, it is definitely possible. I help multiple out-of-state clients a year here in Colorado. Finding a solid investor-friendly agent/lender that will be your boots on the ground will be one of the most critical steps to getting up and running while overseas. Reach out if you are curious about investment opportunities here in Colorado! Happy to share any advice I can! 

Good luck to you! 

Hey @Norton Lam , welcome to the community! 

Finding out how much a property could sell for is a crucial step in the real estate wholesaling process. Here are several methods you can use to determine the potential selling price of a property:

Comparative Market Analysis (CMA): A CMA involves comparing the property in question to similar properties (comps) that have recently sold in the same area. Look for properties with similar size, location, condition, and features. Analyzing the sale prices of these comps will give you an idea of the potential selling price for your property.

Online Real Estate Listings: Browse online platforms such as real estate websites, property listing portals, and MLS (Multiple Listing Service) to research the current asking prices of similar properties in the area. This will help you gauge the market value and potential selling price range.

Real Estate Agents: Consult local real estate agents who specialize in the area where the property is located. They have access to detailed market data and can provide insights on the potential selling price based on their expertise and knowledge of the local market.

Investor Network: Reach out to other real estate investors or wholesalers in your network. They might have experience with similar properties in the area and can provide guidance on estimating the potential selling price based on their knowledge and market expertise. Gong to local meetups is a great way to connect with other investors. 

Remember, these methods provide estimates and it's essential to account for various factors that can impact the property's value, such as market conditions, property condition, location, and potential renovations needed. Conducting thorough research and consulting professionals can help you make a more accurate assessment of the property's potential selling price. 

Reach out if you want to go over the property that you mentioned! 

Just a quick reminder to get your RSVP in for next weeks Meetup at Oskar Blues! Looking forward to seeing everyone there! 

https://www.meetup.com/boulder...

Hey @Phillip Austin, 

With the popularity of house hacking in Denver, especially rent by the room, I think you'd be doing yourself a favor by offering rent by the room property management. I work with a lot of house hackers in the Denver Metro and constantly get asked for recommendations on PM's that handle rent by the room. 

I personally manage my rent by the room property and yes there are some headaches, but as you mentioned it's one of the most viable ways to maximize returns in a high-priced market. Let's connect and talk a bit more. 

Hey @Cari Roeber, welcome to the community. I respect the hustle! 

When you are just starting out it's really easy to get overwhelmed with all the different routes you can take to start making money in real estate. I'd recommend that you focus on the networking aspect right now. Finding other investors that you connect well with will be really helpful as you get started. I'm not in your market but feel free to reach out if you want some help narrowing down on your goals as you get started. 

Good luck to you! 

Hey @Madeline McKune, welcome to the community! 

Here are some insights to consider:

1) Direct Mail Services:  Some commonly used platforms include PostcardMania, Yellow Letters Complete, Wise Pelican, and Click2Mail. These services offer various features such as customizable templates, list generation, and direct mailing.

2) Experiences with Services: You'll hear mixed experiences from investor to investor with direct mail campaigns. Some investors have reported notable successes, including acquiring quality leads, negotiating profitable deals, and building a strong network. However, challenges have also been encountered, such as low response rates, high costs, and difficulties in targeting the right audience. It is advisable to thoroughly research each service, read reviews, and consider their pricing structures and customization options before making a decision.

3) Response rates for direct mail campaigns can differ depending on several factors, including the quality of the mailing list, the content and design of the mailer, and the overall market conditions. While it's challenging to provide an exact figure, response rates of 1% to 3% are often considered successful in the industry. However, it's important to note that response rates can vary significantly, and it's essential to track and analyze your own campaign's performance to make informed decisions and improvements. Make sure to set realistic expectations as you learn the process. 

In addition to these insights, here are a few general recommendations for your direct mail campaign:

a. Targeted Mailing List: Invest time in building a targeted mailing list that focuses on homeowners in the Denver area who are likely to be motivated sellers. Consider using filters such as equity, absentee owners, pre-foreclosure, or vacant properties to refine your list.

b. Compelling Content: Craft a well-designed mailer that grabs attention and clearly communicates your value proposition. Highlight the benefits of working with you, such as a fast and hassle-free sale, fair offers, or any unique selling points that set you apart.

c. Consistency and Follow-up: Direct mail campaigns often require multiple touchpoints to generate a response. Plan for consistent mailings over a specific period, and consider implementing a follow-up system to increase your chances of success.

d. Test and Analyze: Experiment with different approaches, such as changing the design, the message, or the call-to-action, to gauge their impact on response rates. Regularly track and analyze the results to refine your campaign strategy.

Remember, each market and situation can vary, so it's crucial to adapt and iterate based on your own experiences. 

Hey @Tripp Warren, welcome to the community! 

Believe it or not, there are few lenders out there that offer investment loan products below 20% down. Reach out and can chat a bit more!

Hey @Jessica Tse, welcome to the community! 

As a young investor in your 20s, it's exciting to embark on your real estate journey and plan for your first house hack. Choosing the right location for your investments can greatly impact your success and personal fulfillment. 

Consider Your Long-Term Goals:
When deciding where to start investing, it's crucial to align your location choices with your long-term goals. Think about factors like job opportunities, career growth, proximity to family and friends, and your desired lifestyle. Assess your willingness to relocate if necessary and explore areas that offer the right mix of professional and personal opportunities.

Research Regional Markets:
Take the time to thoroughly research various regions and cities to identify those that align with your investment criteria and personal preferences. Look for areas with stable or growing economies, diverse industries, and strong rental markets. Analyze demographic trends, population growth, and demand for housing to ensure you're investing in an area with potential for long-term appreciation.

Networking and Local Connections:
Building a network of professionals and like-minded individuals in your target areas can be invaluable. Attend real estate meetups, join online forums, and connect with local investors, real estate agents, and property managers. They can provide insights into specific markets and share their experiences, helping you make informed decisions about potential investment locations.

Evaluate Local Market Fundamentals:
As you mentioned, an ethnically diverse, urban area with a decent population of young professionals and career opportunities is important to you. While Chicago is a possibility, explore other cities in the Midwest that offer similar qualities. Minneapolis, Minnesota; Madison, Wisconsin; and Kansas City, Missouri are examples of cities that fit your criteria. Research the local economy, rental demand, and investment prospects in these regions to determine if they align with your goals.

Analyze Local Governance and Regulations:
Understanding the impact of governance on real estate investing is crucial. Consider factors like tax rates, landlord-tenant laws, and regulations that may affect your ability to generate positive cash flow or enjoy a favorable investing environment. While certain locations may have more stringent regulations, it's important to assess the overall investment climate and weigh it against your personal preferences.

Personal vs. Business Decision:
The importance of location can vary depending on your investment strategy and personal circumstances. Some investors prioritize proximity to family, while others prioritize higher returns or specific market conditions. Striking a balance between personal and business considerations is essential. Consider your risk tolerance, financial goals, and lifestyle preferences when making location decisions. While investing in the mid-west may offer lower price points and closer proximity to family, you will likely see a lower return on investment (ROI) due to slower appreciation and lower rents compared to bigger cities like Denver.

Learn from Experienced Investors:
Experienced investors often consider multiple factors when deciding where to settle down or invest. Connect with seasoned investors, seek their advice, and learn from their experiences. Understand how they evaluated potential locations, what factors influenced their decisions, and the outcomes they achieved. Their insights can help you gain a broader perspective and refine your own decision-making process.

Good luck to you on your REI journey!