All Forum Posts by: Jerome Depner

Welcome to BP Jeff

I have also been looking at learning flipping, I have talked to @Joe Grave who has been crushing it in the flip game. Not sure where I could help but will always be more than happy to get in where I fit in.

Anyone who wants to know,

In my  9-5 work I tend to see vacancy ratios while visiting large properties in the Colorado Springs area and can tell you that I regularly see vacancy rates that make me drool with wait lists that are miles long. With out going into tons of detail I believe that Colorado Springs is a pretty safe area to look for a larger commercial purchase. We offer a lot of military bases and the Olympic Training Facilities to start, secondly the last stat I saw was 4,000 people a month moving to Colorado in general. I do expect that the influx of people will subside eventually as many come only for pot and then see that they can't survive here and move on.

welcome to BP! The site has tons to offer, be sure to check it all out.

I have never done AirB&B type properties but would like to learn more about this, Kyle Myers what exactly is the AirDNA.co that you are talking about?

Kate,

My wife and I just took the 3 day boot camp and it did have some good pointers, at the end of the 3 days we went with the "gold" package and I after seeing all the training they have I am not 100% sold on this. They do have excellent scope of work and floor plans to make the flipping easy but they only give access to this after 3months of the coaching ( which happens to be when the gold package mentoring ends) and charge about what BP charges each year for membership each month. There are also additional fees for LLC setup that have not been brought to our attention but I see them coming as I have taken other mentoring classes before. We are in the process of canceling now but due to a medical situation with my wife we have not fully canceled yet. If they were to extend the coaching time to longer and gave coaching along with access to the information online this would be an even better program.

Paul,

Travis also did not mention that he works with Pine Financial that also offers competitive rates. I use this method to purchase my first property and it took a bit longer than I wanted to season the property but did work out well for us.

Crystal,

You could use the BRRR strategy, which involves using a hard money lender to buy the property and then rehabbing and renting out the property and ultimately refinancing with a traditional loan. A refi is much easier to do than a purchase and has less hoops to jump through. Check the forums for hard money people or feel free to message me I do know a few people in that area.

@Peter C. That came from experience with the traditonal financing. I was incredibly lucky my first deal and was expecting to be just handed a loan, which is not how it works anymore. I barely made my deadline with my hardmoney lender but we were successful and managed to gain 40k in equity in the property we never planned for.

sorry for the grammatical errors im on py phone right now