All Forum Posts by: Evan Miller

Thank you to everyone who has replied to this thread!  I'm amazed at how much useful feedback you all have already given me.  It sounds like investing far away could prove to be successful, but it's by no means going to be easier than finding a way to invest in Denver.  Thanks to @David Faulkner for pointing out the real problem that needs to be fixed.  Working a little harder to fix my current cash problem now is probably a much less risky move than trying to find a "short cut" that will only cause head aches later.

Thanks for the posts @James Carlson, @Krystallin Baker, and @Chris Lopez! 

Airbnb was definitely an option that I was considering as I was buying my house, and I'm still keeping it as an option.  The long term room mate came first so I went with it!  Airbnb sounds fun though, because you have a lot more potential to increase your income, and work out some strategies along the way.  So far the stability of a regular rent check has been pretty nice though, since I'm a beginner.  Both good options!

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Thanks Dwayne and Nick!

Nick, visiting the property sounds like a smart move.  To answer your question - there are certainly plenty of ways to gain experience/knowledge in my own back yard.  For starters, I live in Denver so BiggerPockets is literally in my back yard! I'm certainly leaning toward keeping it local first, since that seems a lot easier to manage risk.  The market in Denver is just a challenging one, and while I'm excited to find people to help me here, I'm also curious if there are other spots that might be more within my current financial reach.  Hence I posted this post, and am so grateful for your response!

Dwayne, thanks for your thoughts.  It makes sense that if I'm going to invest in properties far away, I should make sure I'm not a stranger to the area.

Thanks again guys!  One day in and I'm already loving this BiggerPockets place.  If you don't mind, I'll definitely keep you both on my radar in case I do end up looking to invest in Florida.

Hey Chris, 

Thanks for taking the time to reach out! Also, thanks for the recommendation, I'm looking forward to reading that book.

With my Denver condo I am currently doing long term rental.  My first lease ever was a six month lease and will be ending this month.  

I'm happy to share the numbers.  To give you context, my approach for this condo was first to buy a place that I wanted to live in, and second to get a home that is a good investment.  That is how I ended up living in North Capitol Hill instead of in the suburbs - probably Aurora.  Since you live in Denver, you know that while I love where I live, it definitely means the rent I get from my extra room does not cover my mortgage.  Here are the numbers:

Purchase Price: $377,500

VA Loan Amount: $385,616

2016 Appraised value: $395,000

Total Monthly Payment: $2,264 (Including $255 HOA)

Roommate's Rent: $1,000 + Utilities

Potential Full Unit Rental: $2,400-$2,600  (You probably know this better than I do)

I have a new room mate lined up who will be moving in half-way through July and will be signing a 6 month lease with a good potential to make it 12 months.

Hopefully that covers it, but if I missed an important number, please let me know! I'm hoping to learn a ton on a daily basis.

Also, I saw on your profile that you are looking for people who want to build wealth in real estate in the Denver Metro area.  That's my dream!  Not that you need another person to teach, but I'm all ears with any advice you want to send my way.

Hello everyone!

I'm curious to know what you all think about a brand new investor (I own one condo and rent out the extra room) looking to out-of-state rentals to get started. 

I live in Denver and don't want to let my lack of cash keep me from getting started.  I've spoken with an investor who has had a lot of success with a vacation rental in Isabella, Puerto Rico (still US real estate).  He raves about it but I'd like to hear what some other experienced investors think about this.  Seems a little risky to me.  

I've also considered buying in Florida, where I know duplex prices are relatively low compared to rent.  

My biggest concern is that I'm new to this, and buying out of town seems like it could present quite a few extra challenges.  Does anyone have thoughts to confirm that concern, or to encourage me otherwise? 

I'd appreciate any thoughts!

Derek and Dave, thanks to you as well.  I'm looking forward to digging in! 

Thanks Bill!

Hello!

My name is Evan Miller, and I'm pretty new to everything real estate but excited to get started learning!  I learned about BiggerPockets while listening to "The Book on Investing in Real Estate with No (and Low) Money Down", by Brandon Turner on audio book.

I am originally from Denver, and moved back here about a year ago.  At the end of least year I bought the condo in which I am currently living and have been renting out my extra room for six months now.  That is all the experience I have in this business, but throughout the process of buying my condo I found myself thoroughly enjoying it and realized I am completely fascinated by real estate, especially in Denver.

I currently am most drawn to buying and holding real estate, although I'm open to pretty much any method that ends up working for me.  Ultimately I would like to be able to make a business with real estate that can replace a normal job.

As I continue to do my own studying, I'm excited to learn from all of you who are willing to share with me what you know!