All Forum Posts by: 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.

It can be confusing, but nothing makes you sort through the confusion and figure it out like jumping into a deal and trying! The ability to take action despite not having all of the answers is what I think separates real world investors from want-to-be investors. Obviously, I am not encouraging you to jump into a deal without any knowledge, but just an understanding that some answers will not become clear until you start the due diligence process and make actionable steps towards the goal.

@Franklyn Douglas III What kind of skills do you have?

@Samantha Vialpando I would have to agree with a lot of others here that there is likely a good reason that this has sat on market for so long. Most good opportunities are either quickly snatched up on market or found off market. However, these are general assumptions so maybe you have found an opportunity that most have just glanced over, however, I would just expertise extra caution since this is your first deal.

As for your question on timing of events, depending on your situation these things can be done all at once. Most of the time, I don't bring a contractor out to a property until the inspection period of the contract (1-2 weeks after going under contract). It is best if you can get financing before going under contract as most sellers aren't going to look at your offer without proof you have financing. With a hard money lender, a pre-approval can be acquired in 1-2 days usually. Ultimately, where people get stuck is they feel they need to have everything figured out before they go under contract and this couldn't be more false. The escrow period is meant for due diligence, so you can figure stuff out during that time.

Feel free to reach out if you have any questions. I'm in the Springs as well and am happy to help out as needed! Good luck!

Next Colorado Springs military meetup is tonight! Hope to see some new and old faces there!

Topic: This month we will walk through how to self-manage your rentals. We will cover managing short term rentals, long term rentals, and rent by the room rentals.

Overview: I’d like to invite all active duty, reservists, veterans and their families to join me for a new local meetup focused on connecting like-minded military real estate investors! My intent with this meetup is to support military members in their pursuit of real estate investing and financial freedom. This meetup is completely FREE with no sales pitch included. Just a space for everyone to come together, share their experience and knowledge, and foster mutually beneficial relationships. It will primarily be a time of networking and learning from each other, but depending on how the group grows, I may look at bringing in speakers for each meetup.

I'd like to make this a monthly meetup, so I need your help to spread the word to get this meetup started strong!

Future discussion topics include:
- Basics of investing while in the military
- Comparison of loan types
- Investing strategies
- Renting vs Buying in various markets
- Investing while oversea’s
- How to invest in real estate using your Thrift Savings Plan (TSP)
- Finding a Property Manager when you PCS

About Me: I was born and raised in Upstate New York before going down to Oklahoma for college where I studied mechanical engineering while also participating in Air Force ROTC. After graduation, I commissioned into the Air Force and was stationed at Schriever AFB in Colorado Springs, CO. Then, at about my 3 year mark in the Air Force I had the opportunity to transfer into the United Stated Space Force. During my time in the Air Force and Space Force I worked as a satellite operator and commander for the GPS satellite constellation (2 SOPS). It was during my first few years in the military that I discovered real estate investing and it has changed my life since. In a few short years my wife and I have gone from 1 door to 12 doors with a balanced portfolio of long term rentals, medium term rentals and short term rentals (Airbnbs). We are well on our way to financial freedom and my desire now is to help others get there too!

@Paul Lee I'm an investor and investor-focused agent in Colorado Springs so I'll share what I see day to day when it comes to your questions...

1. 1.) Does adding a bedroom in the basement and getting a much higher rent amount affect the appraisal value? I would say it's safe to assume the appraiser will use the comparable sales approach, but it also depends on why the appraisal is happening. If it's a refinance or if the property is being sold to a buyer planning to live in one of the units, they will likely use the comparable sales approach. If property is being sold to an investor who is using a commercial loan product such as a DSCR product, then the appraiser may look more at the income approach.

Overall, I would say it sounds like it could be beneficial to either appraisal method, especially since your cost for the renovations will likely be lower than for others.

2. 2.) Do appraisers care if permits are pulled to finish basement bedrooms? No, I personally don't think it matters as long as you have contractors that you trust can get the work done correctly without the need for inspectors to hold them accountable. Most appraisers (and homeowners) will not look at what permits were pulled as long as the work looks up to code. If you try and cut corners and it is evident, then this could change.

That's just my two cents, hope it helps! Good luck!

@Zachary McDonough I really appreciate you taking the time to share your insight into this process. Many online "marketers" of creative financing share this stuff like it's easy, which sets unrealistic expectations for people getting into it. You're right that banks/mortgage holders have very little incentive or drive to make the assumption process work. This means it requires a lot of flexibility and understand from both the buyer and seller end to weather the process and get the deal to closing. I had a similar VA assumption deal locked up for about 2 months for a buyer in Colorado Springs and unfortunately was not able to keep the seller in the deal after continuing to run into slow downs and challenges with the mortgage holder.

Glad it worked out for you!

@Thomas Carter I have used RES for years in the Springs and they charge a flat rate. Since being with them I do not feel I have been suckered into a higher price as was mentioned before. They still provide a great quality service for affordable rates and terms. @Greg Weik, the owner of RES, if active on BP and I'm sure he would be happy to chat more with you!

Topic: This month we will be discussing Creative Financing methods within real estate. This topic has been very popular lately on real estate platforms, but there is a lot of misconceptions surrounding the various creative methods, so we will will try to clear those up and provide some insight on if this is a good strategy for you.

Overview: I’d like to invite all active duty, reservists, veterans and their families to join me for a new local meetup focused on connecting like-minded military real estate investors! My intent with this meetup is to support military members in their pursuit of real estate investing and financial freedom. This meetup is completely FREE with no sales pitch included. Just a space for everyone to come together, share their experience and knowledge, and foster mutually beneficial relationships. It will primarily be a time of networking and learning from each other, but depending on how the group grows, I may look at bringing in speakers for each meetup.

I'd like to make this a monthly meetup, so I need your help to spread the word to get this meetup started strong!

Future discussion topics include:
- Basics of investing while in the military
- Comparison of loan types
- Investing strategies
- Renting vs Buying in various markets
- Investing while oversea’s
- How to invest in real estate using your Thrift Savings Plan (TSP)
- Finding a Property Manager when you PCS

About Me: I was born and raised in Upstate New York before going down to Oklahoma for college where I studied mechanical engineering while also participating in Air Force ROTC. After graduation, I commissioned into the Air Force and was stationed at Schriever AFB in Colorado Springs, CO. Then, at about my 3 year mark in the Air Force I had the opportunity to transfer into the United Stated Space Force. During my time in the Air Force and Space Force I worked as a satellite operator and commander for the GPS satellite constellation (2 SOPS). It was during my first few years in the military that I discovered real estate investing and it has changed my life since. In a few short years my wife and I have gone from 1 door to 12 doors with a balanced portfolio of long term rentals, medium term rentals and short term rentals (Airbnbs). We are well on our way to financial freedom and my desire now is to help others get there too!