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All Forum Posts by: Jordan Malara

Jordan Malara has started 25 posts and replied 113 times.

Post: Hello BiggerPockets! New PRO here

Jordan Malara
Agent
Pro Member
Posted
  • Real Estate Agent
  • Colorado Springs, CO
  • Posts 124
  • Votes 126

Hey Nathan! I’m a local investor in CO Springs as well. I primarily focus on buy and holds in the short term rental space across CO and I have my first motel under contract right now. Let me know if you ever need anything. 

Post: Need Private Money Lender(s) for Ski Resort Hotel in Colorado

Jordan Malara
Agent
Pro Member
Posted
  • Real Estate Agent
  • Colorado Springs, CO
  • Posts 124
  • Votes 126

@John Riordan I’m curious to hear what ever happened to this deal? Did it ever take off?

Post: Our First Endeavour

Jordan Malara
Agent
Pro Member
Posted
  • Real Estate Agent
  • Colorado Springs, CO
  • Posts 124
  • Votes 126

Congrats @Nikita Baynard and welcome to COS! A seller finance STR deal is a pretty awesome first deal. Building the right team of agents, property managers, investors, etc can definitely make all the difference! I'm an STR investor in the area as well. Feel free to reach out if you ever need anything!

Post: Brand new to Real Estate - Help!

Jordan Malara
Agent
Pro Member
Posted
  • Real Estate Agent
  • Colorado Springs, CO
  • Posts 124
  • Votes 126

@Christopher Turpaud Welcome to BP! I'm an investor in the CO Springs area as well. This beginning learning process will be really crucial for you as you start to understand the basic principles of real estate investing and hone in on where you could have the greatest competitive advantage. I think a great place to start for every person is to develop some goals and determine what is going to drive you to be success in REI. One thing you mention is moving from your W2 to full-time real estate when the time is right (maybe 5 years) and you want to do this through flipping homes. One thing to consider is that flipping homes is often used as a method to invest in real estate. Flipping allows you to build up capital to then use to buy passive investments. It's a great skillset to develop, but is ultimately just another day job.

I think one of the best places to start when you are in this learning phase is to get around other investors that are actually doing it. The best meetup in the Colorado Springs area is the House Hacker Mafia. @Ryan Thomson and @Tanner Pile do an excellent job providing great information on how to get started and bring in some top notch speakers each month. I highly recommmend checking it out!

Post: Furnishing Mid-Term Rentals

Jordan Malara
Agent
Pro Member
Posted
  • Real Estate Agent
  • Colorado Springs, CO
  • Posts 124
  • Votes 126

@Mario Keophilalay For our STRs and MTRs in Colorado Springs we have usually stuck with purchasing from Amazon and Mayfair as well as Facebook marketplace occasionally. That being said, the more important factor to consider is time to procure items. If you are waiting on construction to finish and are not missing out on rentable days for your unit, then feel free to shop around for a good deal. However, if you bought a place and it is sitting empty because you are trying to find good deals then you are in fact losing out on potential revenue. Sometimes it is just better to bite the bullet, pay a little bit more, but get your listing live and rented sooner. If cash if tight to purchase furnishings, some companies off "Buy now, pay later" options or smaller lines of credit can be relatively easy to get from credit cards that offer an initial term of 0% financing. I will caution you though, that it is important to understand your numbers very well before taking out financing on furnishings. We have used this strategies a few times before, but that is because we knew that we would have the revenue pay it off far before the intro period ended. Hope that helps provide a different perspective. Best of luck!

Post: Foundation Repair Worth It?

Jordan Malara
Agent
Pro Member
Posted
  • Real Estate Agent
  • Colorado Springs, CO
  • Posts 124
  • Votes 126

Hey @Lauren Peterson, hope you are doing well! There is some great advice here but wanted to also provide some local context. Most, if not all of the local foundation companies in Colorado Springs inspect and recommend based on arbitrary measurements. Most of the time they do not have a point of reference or historical information. They also do not often do any soil sampling or other testing when providing an initial bid. Essentially, they take some measurements around a house, claim there are serious issues, and then try to sell you on some expensive work that you may or may not need. It is fear based selling. I have seen it over and over again with the worst part being that often times it doesn’t even “fix” the issue. The area you are in does have seasonal shifts that these companies don’t account for so your house may shift a little in the winter but shift back in the summer. This is common. I don’t say all this to tell you that you don’t have any issues because I am not a structural engineer and I don’t know your properties specific information, but I do want to warn you that in these cases, it is more than worthwhile to be diligent, be patient, and be level headed. Have a structural engineer out to take a look and access. If structural work is recommended from them, ask for a time frame in which it needs to be fixed and their confidence level in the property needing repair.

Post: Investor meet ups

Jordan Malara
Agent
Pro Member
Posted
  • Real Estate Agent
  • Colorado Springs, CO
  • Posts 124
  • Votes 126

@Nick Benedick definitely check out @Ryan Thomson’s and @Tanner Pile’s meetup! It’s on the 2nd and 4th Thursday of the Monday at 6:30 PM at Goat Patch Brewing. 

Post: Off Market Opportunity: Colorado Springs

Jordan Malara
Agent
Pro Member
Posted
  • Real Estate Agent
  • Colorado Springs, CO
  • Posts 124
  • Votes 126

@Jamie Chillingworth I would be interested to learn more as well!

Post: Hello Everyone , New to the Game , Ready to Make Things Happen

Jordan Malara
Agent
Pro Member
Posted
  • Real Estate Agent
  • Colorado Springs, CO
  • Posts 124
  • Votes 126
Quote from @Robert-Lee Pass:
Quote from @Jordan Malara:

@Robert-Lee Pass Welcome to the BP community! I served for 5 years and have been investing in CO Springs for the last 6 years. Would love to connect! I organize a regular military investing group in the Springs that I'd love for you to join in on as well.


Wow, that sounds awesome . I would love to go to something like that. Its nice your local. I see your more specialized in STR space?


Yeah, I started in LTRs, but transitioned to STRs a few years back and love it!

I'll let you know when the next one is scheduled for! Might not be until November as these past couple months have been crazy. I'm also happy to meet up over a coffee or something before then. 

Post: Looking to connect with like minded in my area

Jordan Malara
Agent
Pro Member
Posted
  • Real Estate Agent
  • Colorado Springs, CO
  • Posts 124
  • Votes 126

Hey @Keith Torsen, welcome to the BP community! I'm an investor in CO Springs as well. My specialty is on the short term rental side, but I've had an opportunity to do a handful of other things over the past 6 years of investing. We should connect sometime locally!