All Forum Posts by: Jennifer Slaughter

Welcome @Grant Shipman!  I second what @Dan Mackin said, it's a fun meet up.  We got into the Greeley market a couple years ago when the market was crazy.  Feel free to reach out, we have a great investing community out here and the area is experiencing a lot of growth.

Click on the link to view our Offering Memorandum and please reach out with any questions! 

Memphis Investment Properties is hosting a unique event in Memphis TN. A weekend of property tours, speakers and networking mixed with a little Memphis culture. Not only will you see great investment properties but we are bringing in speakers from all over to address various aspects of today’s real estate investing but you will network with other investors and see what Memphis has to offer. MIPOctoberEvent.com

@Tracy S., sounds like you have spent some time putting together a plan.  

So are you thinking boarding house, just having roommates or Airbnb? 

One time I was under contract on a property in a college town, the house was right across from campus and we were planning on using it as a rental. We had to kill the deal because we found out it was zoned for low density so no more than 2 unrelated people could live there.  Lesson learned--look at zoning before making an offer.

When we were first looking at Airbnb, I was given the advice by a private lender with hotel experience to call/email 10 of the top rated hosts in similar markets to find out what works, what doesn't work, how to differentiate, % of income that goes to expenses, etc.  It was incredibly helpful and I would recommend it to get an idea of what to expect, especially since short term rentals are more hospitality than landlording.  

Welcome to Colorado!

@Joseph M., I wish I did! It was about economics and real estate and I checked it out from the library over a year ago.  If I come across it again I'll let you know.

@Joseph M., I can't remember what book it was but in addition to Starbucks, I also heard about new locations for Chick-Fil-A, Kroger Markets, Nordstrom Rack and REI being good indicators of growth/gentrification because of their research and strategies for positioning new stores.

@Wilhelm J. Lieto, your question, "what if I could live here in VA and invest in a market that is closer to my financial situation." is the same question I asked myself before I got started. I was actually living in VA too when I got started investing in a couple different states. Know that even though you can't picture the logistics now, everything you are asking can be successfully done if you have the right team in place.

Once you find a great team to perform all of the tasks you mentioned in your last paragraph, you can get started with the resources you have available.  We have invested remotely in different markets, feel free to PM if you have questions.

@Alex Silang, as with any strategy you are going to see so many opinions.  The word "turnkey" can also mean so many things and can vary from company and area.  Personally, I'm a fan of turnkey, so much so that I enjoy working with my TKP remotely in my free time.  I think the most important thing is to look at your options, and become an expert with numbers and make an educated decision for yourself. 

 Investing can be like parenting in the sense that if you read something new every day and change your strategy depending on the latest expert you will get thrown back and forth like waves in the ocean.  Depending on your goals, personality, strengths and limitations make a decision that will help you meet your goals and build a team that is like minded.

I will say this about turnkeys and deferred maintenance--when I buy a tk property it has been completely renovated so I like to hold onto it for about 5 years and then sell it around the time it is going to start needing updates and bigger expenses.

@Laura C., from what I can see it looks like there is only a $300 spread between potential gross income and your mortgage payment so it makes sense that it's not cash flowing.  I know investors can find exceptions but CA isn't typically a cash flow market but might be more attractive if you are hoping for appreciation.  On the other hand, it looks like you are going to owner occupy so if your goal isn't cash flow but to lower your expenses by house hacking you might consider if this specific property would help you with that.

Hey @Ken F., I zeroed in on 2 out of 3 of the cities you are looking at back when I was researching TK cities.  I had narrowed down my interest to a few areas when I started interviewing TKP.  Your price range is doable, look for one that has choices in inventory, other long term investors, economies of scale, and a team that can service all aspects of your investment.

@Dan Wallace that totally makes sense with the high appreciation that is going on here.  With the influx in population plus families who are growing but can't afford to buy a larger property, storage seems like a solution in Colorado.