All Forum Posts by: Luke Evans

It's a good question @Kristopher Kyzar - from the pictures, it looks like the kitchen needs new cabinets and flooring. Though this would be my first rehab so I'm sure there are things I'm missing. It would be ideal if I can find a PM who would also be able to help me on this front as well (I'm a very new investor)

Hi all!

I live in Denver, but currently looking at making an offer on a tri-plex in Portsmouth Virginia, and I'm looking for PM recommendations in the area.

I'd like to find a PM who's able to also manage the rehab work since I'm out of state (this property will definitely need some light rehab) as well as give me feedback on the specific neighborhood/property I'm looking at.

Does anyone have someone in mind that they'd recommend?

@Aaron Montague I can definitely see why that wouldn't be ideal for a co-signer. It would probably have to be more of an investment partner who would have just as much of an upside if they're taking on half the risk. 

Thanks for the advice! I'll look into the programs here for sure!

@Micki M. Wow! I didn't realize you could get loans that would cover renovations as well. Very cool. Do you happen to know if I would be able to put 3.5% or 5% down with a cosigner? The reason I ask is because I'd love to find a place like that funky house with a great location, but I don't qualify for a $400,000 loan. Would it be feasible to partner with someone while still qualifying as an owner occupant? Or is that a horrible idea? :)

Thanks!

@Pete T.  

 I agree! I definitely think a small multi-unit option would be ideal, and I don't want to give up on finding one. It would give me a lot of flexibility and potential for good cashflow down the road.

Unfortunately, the places in the area I'm looking at tend to be well out of my budget. In the meantime, I'm willing to sacrifice and try to find a great roommate.

Thanks guys!

@Anson Young  It would be great if I could find a duplex! I'm having a really hard time finding any that are still close to work (in LODO). I'll definitely keep my eyes open though.

@Sebastian Caycedo @Lynn McGeein I really like the idea of leveraging my "First Time" status and getting a roommate.

Both ideas would let me put little or no money down, save on expenses, and still have some cash to invest! I guess I just assumed I'd have to part with ALL of my savings no matter what I did. Bigger Pockets is the best!

So I'm just starting out in Denver, and my ultimate goal is to increase my cashflow. I'm currently renting at an apartment in the Highlands for $1,300 a month and I'm not pocketing much after expenses each month. 

Basically I'm wondering if I should keep renting and use my 25K savings to invest in a rental that would (hopefully) add income. Or if it would be better to use that money as a down payment on a condo as a primary residence. 

I am finding places near capital hill that look like I can keep my expenses down around $1,000/month including HOA, taxes and insurance. I'm not convinced that I'll be able to find a rental property in the Denver market that would net $300 each month.

Any thoughts? I just want to make sure I'm not missing anything!

I am very new to Real Estate, and I'm hoping to get into some buy and hold properties. I am definitely still learning how to do the diligence necessary to call a deal "good", and I have also been wondering if software like this exists.

Ideally, I'd love to have a tool that could be almost completely comprehensive: Comps (with photos), nearby rental details, craigslist searches, very rough calculations of things like CoC and NOI, etc..

I know sites like Zillow give you some of this data, but it's obviously only one source. It would be great if it was more investor friendly and could aggregate data from multiple sites. (Although, I know there are huge legal implications for scraping content from sites and I wouldn't want to mess with that).

I've noticed that some of the processes involved in looking into houses can be very repetitive, and I was curious as to how more experienced investors looked at automating parts of their diligence process.

Any ideas? Is it best to just stick with Excel?

Thanks for the welcome everyone! I am looking forward to talking with all of you on the site!

Sounds great! I'll be there!