All Forum Posts by: Brad Starling

@Jaren Barnes

I am an agent in Colorado Springs, and while fairly new, I am having a hard time finding serious cash flow properties for the two investors I am working with. There are always deals to be had, but a large market of investors so they are snagged quickly. For SFR,think along the lines of 100-200 per month cashflow, at least as for what I'm seeing in the SFR market. As for multi-families, rent's are relatively low due to the clientele, but purchase prices are high, so cash flow on these isn't that good either.

Take it for what it's worth, I'm still fairly new to the market here.

@Brittney Lynn , congrats on finding something!

I would go ahead with the pre-approval process, your agent will probably tell you to do that anyway. It makes for a much stronger offer. I would reach out to agents in your area that are recommended on the site, because you want an agent that understands investing. The agent should be interviewing for a job! Ask them whatever questions pertain to your situation and needs. Be upfront and honest with them with your needs, respectful of their time and efforts, and you will have a great relationship. If you do this, a good agent will know if they have the ability to help you or not, and if not, will direct you to someone who can. Again, that's why I would encourage you to go with an agent that has been recommended by someone you know and trust. If I'm the listing agent, then yes! But, for your best representation, get your own.

You could start getting insurance quotes, those usually don't vary a whole lot, as long as they know the vitals on the house that can be gathered from assessors website.

Good Luck!

Fannie Mae discourages fix and flips. They will have a disclosure for you to sign stating that you won't sell the home within X amount of days (usually 1 year) for more than X amount of profit (close to market value). And yes, if you are non-owner occupied, you must wait for the first look period to close. Then, if it's that good of a deal, you will go through a multiple bid phase, where they ask for your "highest and best" offer. Chances are, it will get snagged by someone who is looking to buy and hold, as they can put a little more into it and still keep it profitable for their numbers. Not to discourage you from trying, but this is the reality of dealing with homepath homes.

As far as being a Realtor, I think the only stipulation is that the offer is submitted by a Realtor, so don't think it matters if you represent yourself, as long as your licensed. As a Realtor, they take a lot of time, and Fannie Mae has their own required paperwork so I am constantly doing contracts and addendums that need hard signatures. As suppose if you represent yourself, that makes it a little easier, though!

Good luck, let us know if you go forward!

@Adam B. , welcome to BP! While fairly new here, I have found it to be supportive, and a great place to learn and meet locals. I also am from Colorado Springs, and while I can't help with getting started in mobile home investing (I never have done this), my day job in Colorado Springs let's me see a LOT of the mobile home parks. If you have any questions about locations, etc..., please let me know.

@Macie D. , whether you decide to go SFR or multi, is really about your specific risk profile. Each has their pro's and con's, and you have to decide for yourself which you choose.

I choose SFR, and mainly because I would rather sacrifice some cash flow for the comfort of being able to sell a property considerably quicker than a multi (liquidity).

As for your general formula, it's good for doing "paper cuts", but you will want to get much more specific on numbers when you do final analysis. Will the current owner provide you with two years of income/expense reports? Most won't until you put an offer on the table, but you should be able to get a good ballpark on what other rentals in the area are going for.

If you've got a line on a fourplex for that price, bringing in $2100/month, definitely worth taking a look at.

I would encourage you to look around on the forums, podcasts, and resources, as most of your beginner questions will have already be answered and explained!

Welcome @Macie D. to Bigger Pockets. I've been in the Southern CO area for a little over 10 years, let me know if you have any area specific questions, I'd be glad to help. Definitely recommend SFR as @Brian L. said, as they have a much easier exit strategy in this area. Good Luck!

Go to some local investment club meetings. You'll either meet agents there, who are more than likely in-tune to REI, or you'll meet other investors who have agents they can recommend. Then, ask questions, see how much the agent understands and what areas they are used to working in. Remember, the agent is interviewing for a chance to represent you, not the other way around.

Hello, just joined BiggerPockets from Colorado Springs. As a firefighter, I've always been a hard worker, and had extra free time. My journey started when we moved from our first home, and kept it as a rental - good renters, but lots of work. Sold that one, moved again, and turned our second home into a rental. Bad experience, wanted to learn more. For the last couple of years been educating myself as much as possible, and got licensed as a CO Realtor in Jan.

Now, looking to build my real estate business. My goals are to help individuals and families use real estate to build a lasting legacy. At the same time, I want to re-invest all my real estate earnings back into real-estate, and build my own legacy!

I hope that BiggerPockets can help me meet others with the same goals, maybe find a mentor, and continue my learning.