All Forum Posts by: Jordan Malara

@Robert Durden Depending on where in the area you buy, some homes have walk-out basements and some have rear entrances. Two of our homes have rear entrances that required us to add a wall and door to section of the upstairs and downstairs. This is a relatively simple and cheap addition that would turn a 1 unit house into a 2 unit house. 

@Robert Durden on average, your estimate per room is about right - $750. Master bedrooms with a masterbath suite can get more and separate basements can earn you more as well. You usually need a 5 bedroom house in decent condition to make the numbers work as best as possible. 

The other option I would recommend considering is finding a SFH with a walk-out basement or exterior access to the basement so you can operate a STR out of it. This strategy has netted us the greatest house hacking revenue in the area, especially if you combine it with renting out additional bedrooms in the other part of the home.

Hey @Aaron Costantino, I've got some contractors I can recommend. I'll DM you.

Hi BP Community!

Are you interested in joining a community of local, like-minded real estate investors designed to learn and grow together? If so, then we welcome you to join us for our meetup centered around creating community and sharing experiences related to Real Estate investing and House Hacking in the Colorado Springs area.

Meetup Topic: This week we will have Jeff Kearney with us from Aloha Capital. Jeff's investing career started largely because he had been priced out of the community he worked and grew up in. He quickly realized that he was never going to be able to buy a home the traditional way with 20% down while working as a barista for minimum wage. After many late nights falling down google search rabbit holes like "how to buy a house with no money" and "grants for down payment assistance," he realized that the best weapon he could arm himself with was education. He began reading FHA underwriting guidelines in his free time because he became convinced that his best option was to know the rules and worth within them to achieve homeownership.

He owes his success as an investor and career as a lender to the passion that grew out of that learning process and the hunger to own investment properties. He loves talking about real estate, making deals happen, and being creative to solve problems. Jeff enjoys working for Aloha Capital because they make this dream a reality for people every day. In his free time, Jeff fosters rescue dogs and enjoys the natural beauty of Colorado.

Hope you're looking forward to hearing some awesome tips from Jeff and learning from his wealth of experience in the real estate industry. See you all at Goat Patch Brewing!

Where: Goat Patch Brewing

When: November 10th @ 6:30 PM

Find out more here!

Hey BP, are you interested in joining a community of local, like-minded real estate investors designed to learn and grow together? If so, then we welcome you to join us for our meetup centered around creating community and sharing experiences related to Real Estate investing and House Hacking in the Colorado Springs area.

Meetup topic: This week we will have our rescheduled speaker, Nicole Rueth from The Rueth Team at OneTrust Home Loans coming down from Denver to speak with us about the current state of the market and the trends she is seeing throughout the mortgage loan industry. Nicole runs the #1 Mortgage Loan Origination Team in Colorado and is an expert in her field. If you aren't familiar with her, check out her YouTube channel here: https://www.youtube.com/c/TheRuethTeam

Hope you all can make it for another great night of learning and networking!

Where: Goat Patch Brewing

When: October 27th @ 6:30 PM

Find out more here!

Come learn and share without a sales pitch! Whether you're a new investor learning how to get started or an experienced investor looking to network and expand your knowledge, we want YOU to join us. This meetup is 100% FREE and is designed for those who want to grow and challenge each other in the pursuit of financial independence and your WHY.

Cheers and See You Soon!

@Darien Stinson It's going to be tough to find a deal with only $100k and needing to put down 20%-25%. That would mean you're looking for a multifamily property for between $400k-$500k or less since at this purchase price it is likely that you would need additional capital for renovations. Is the intent behind purchasing with an LLC to build business capital that would be used to fund the restaurant?

Ultimately, if you're looking to grow your capital as efficiently as possible then you should consider purchasing using conventional financing. Some lenders will allow you to purchase investment properties for as little as 10% down. This can't be done through an LLC, but you can still organize partnerships with others and lending terms will be much more favorable. You can always put it under an LLC in the future if needed.

Hey BP, are you interested in joining a community of local, like-minded real estate investors designed to learn and grow together? If so, then we welcome you to join us for our meetup centered around creating community and sharing experiences related to Real Estate investing and House Hacking in the Colorado Springs area.

Meetup topic: This week we will have Nicole Rueth from The Rueth Team at OneTrust Home Loans coming down from Denver to speak with us about the current state of the market and the trends she is seeing throughout the mortgage loan industry. Nicole runs the #1 Mortgage Loan Origination Team in Colorado and is an expert in her field. If you aren't familiar with her, check out her YouTube channel here: https://www.youtube.com/c/TheRuethTeam

Hope you all can make it for another great night of learning and networking!

Where: Goat Patch Brewing

When: September 13th @ 6:30 PM

Come learn and share without a sales pitch! Whether you're a new investor learning how to get started or an experienced investor looking to network and expand your knowledge, we want YOU to join us. This meetup is 100% FREE and is designed for those who want to grow and challenge each other in the pursuit of financial independence and your WHY.

Cheers and See You Soon!

Hey @Sean Keebler, congrats on starting out and best of luck to you! I'm a local investor in the CO Springs area and would love to connect. I don't know of any virtual investor groups, but I organize a meetup at Goat Patch Brewing the 2nd and 4th Thursday of the month. We do have a crowd of both in state and out of state investors to connect and network with so this may be a great opportunity for you. Here is a link to our meetup group - https://www.meetup.com/house-h...

Best of luck to you!

@Hunter Bentz awesome to see some more young investors getting involved in the CO Springs market! I do think the price for the 4plex is pretty reasonable, but it’s also not in the greatest area which will impact the quality of tenants you can get in there. This may just mean you need to screen more stringently, but it’s worth considering when analyzing properties.

As far as your numbers go, would you plan to house hack the property or purchase it as an investment? If I had to recommend any strategy for getting started it would be to purchase a multifamily property that you can house hack or a single family home that you can turn into a 2 or 3 unit. My wife and I have done this year after year and built a solid portfolio of properties in the Springs with very little money down in each property. We’ve combined this strategy with STRs/Airbnb’s to generate significant cash flow from each of our properties as well, which has allowed us to continue to scale our portfolio. We actually just had the opportunity to film a show with BP about one of our recent house hack Airbnb’s (https://youtu.be/NtLGDnS6_Mg).

All in all, I think it’s awesome that you’re analyzing deals to get familiar with the market and see what opportunities are out there before you jump in. If there is any way I can help, feel free to reach out!

@Neil Butterfield Colorado is definitely a tough market to find properties that cash flow in the traditional sense, but that's because cash flow and growth/appreciation are usually at odds. The only way to "beat" this and find cash flow in appreciation markets is creativity, which in Colorado looks like investing in STRs/MTRs, as others have mentioned. So I would say deals still exist, but require either a willingness to pivot to this strategy or a willingness to house hack in whatever way possible (multifamily, rent-by-the-room, house and cottage, etc).