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All Forum Posts by: Marquez Griffin

Marquez Griffin has started 3 posts and replied 28 times.

Post: Would you invest in a property on a busy main street?

Marquez GriffinPosted
  • Real Estate Broker
  • Denver, CO
  • Posts 29
  • Votes 22

@Michael Jones Hey Michael! If the numbers look good I would absolutely jump at that deal! Location does matter but I'm an Associate Real Estate Broker in Denver and I am about to close on a home thats on a busy street that got several cash offers from companies! Good luck!

Post: Starting out with $75,000. What should I do?

Marquez GriffinPosted
  • Real Estate Broker
  • Denver, CO
  • Posts 29
  • Votes 22

@Zach Medina Hey Zach! Once you've done the goal planning and such as the othera have mentioned, you should check out the Bp Real Estate Podcast #327. It talks about BRRRR investing which stands for Buy Rehab Rent Refinance and Repeat.You buy a peoperty that needs some fixing, fix it up, rent it out for more than your mortgage payment [well over if possible], go to the bank and refinance, then repeat. You are in a good cash position to BRRRR. Start analyzing deals, look for a property in distress (but a property with not too much structural damage). Just remember that sometimes it's best to BRRRR in a different state if the market you currently are in is super expensive. Good luck!

Post: Motivated with no money: what should I do?

Marquez GriffinPosted
  • Real Estate Broker
  • Denver, CO
  • Posts 29
  • Votes 22

@Aaron Elder I agree with Stephen. I suggest starting by just viewing your finances. Try and save as much of your income as you can while you keep researching the different ways to invest in real estate. Good luck!

Post: Favorite real estate motivational quotes!

Marquez GriffinPosted
  • Real Estate Broker
  • Denver, CO
  • Posts 29
  • Votes 22

@Greg Szymbor A great real estate quote/life quote: "You can really get anything that you want, you just gotta help enough other people get what they want" - Zig Ziglar

Post: Interested in Investing in Real Estate at 22 y/o. Is it too soon?

Marquez GriffinPosted
  • Real Estate Broker
  • Denver, CO
  • Posts 29
  • Votes 22

@Shawn O'Gorman Hey Shawn! I was in the same situation as you 2 years ago. At age 22 I read this awesome book calle "Set for Life" by Scott Trench and it really helped me to narrow down my expenses, to start saving and to prepare myself for my 1st property. I just turned 24 and I now own my own home that I househack with 4 other people and they pay for almost all of my mortgage! This is allowing me to save a ton of money each month so that I am going to be able to continue investing in real estate more quickly! I wish you the best of luck and feel free to reach out to me if you have any other questions! You've got this man!

Post: Should I charge my Girlfriend rent?

Marquez GriffinPosted
  • Real Estate Broker
  • Denver, CO
  • Posts 29
  • Votes 22

@Daniel Lynch

My fiancé and I have been splitting rent for the past 2 years that we have lived together. We split rent proportinal to how much money we make. We have plans in the future to allow her to become a stay at home mom, but in the mean time having her working and helping me pay off our home that we househack is extremely beneficial!

Post: I have $250K to invest..... This or That?

Marquez GriffinPosted
  • Real Estate Broker
  • Denver, CO
  • Posts 29
  • Votes 22

If you go with your 1st option it would be an ideal location for you and your kids, but money wise you can only hope that the value keeps going up in the area that you are looking at. The market has been going up for 10 years, it's bound to drop again in the near future. You would be losing 4k (according to what you've provided) a month which would take away from your goal of "having the most cash flow". Maybe consider not selling your condo, renting it out like you are doing with the duplex for more than the mortgage (I'm assuming if it's a block from the beach you can pull in some good cash flow), then just use the 250k for a down payment on the larger property you are considering getting with your kids. The 2 properties you have could at least mitigate some of the costs of the larger property. If possible, maybe even rent out a room in the larger property, giving you even more cash on hand. I hope it works out for you! 

Post: My 1st Home New Build Experience and Tips

Marquez GriffinPosted
  • Real Estate Broker
  • Denver, CO
  • Posts 29
  • Votes 22

In March of 2018 my girlfriend and I had just received word that we got beat by another bid on a home that we really liked. After 10 offers and no luck in the hot Denver real estate market we knew there was something else we needed to do. I did some personal research and saw that there was a new build construction site really close to where I am working. I called up my agent, we viewed the model homes and by April we had given the builders the earnest money and we were in the design center picking out what we wanted for our brand new home. Here are some tips when it comes to new builds: 

1.) Don't go crazy with the upgrades! A majority of new builds have base level upgrades at no additional cost. A few examples would be: carpet, tile, staircase handrails, exterior materials etc. When I went to the design center, I was told that on average most people spend over 20,000 on upgrades! With that said some things are worth it to do ahead of time such as; install extra supports in the ceilings to hang ceiling fans, have upgraded carpet padding, add laminate to bathrooms, add stucco etc. I would suggest getting the bare minimum upgrades and installing your own upgrades later down the road.

2.) Pick a decent sized lot. When you are looking at building a home you get to choose from a few lots that they have available and each one is priced differently. The price may vary depending on if it's a corner lot, on its size and if it has good views. When is comes to landscaping some new builds will pay for the front yard to be landscaped but leave it to the buyer to pay for the backyard. In my case, the builder did not pay for any landscaping to be finished (except a vinyl fence that runs along a main road in the neighborhood). Just be aware of how much landscaping costs in your area and to have money set aside to install and maintain your yard.

3.) The other major factor with new builds is time. A new build may take anywhere between 6-14 months, if not longer, depending on the size, quality and quantity of homes the builder is working on at the time. In my case it took about 10 months before we were able to move into our home. That actually benefited me greatly because it gave me more time to save while waiting for the home to be built.

4.) Another great thing about new builds is everything has a warranty. Everything that came with my home; Appliances, drywall, paint, electrical, plumbing is under warranty for 1 year, my furnace and a/c unit is under warranty for 10 years and the foundation is under warranty for 8 years. Compare that to buying an older home and the furnace goes out right after you move in, the plumbing is ancient and the inspector somehow failed to notice the large stress cracks in the foundation.

It has only been a few months that I have been living in my home and everything has been working out great so far! I will provide an updated version of this in the future and let you all know how things have worked out. My home in the past year has already appreciated well over 40k in equity and I plan on using my home equity to BRRRR in the near future. Please let me know if you have any other questions about New Builds I would be glad to assist with what I can!