All Forum Posts by: Mike Robb

@Thadeous Larkin I am an Active Duty Navy Officer... currently looking to invest in Colorado Springs as well. I plan to invest in commercial apartments, however I am doing it out of state... stationed in San Diego at the moment. I networked with an retired army officer we runs a property management company out your way. PM me if you want his contact info! Cheers - Mike

Steven, Thanks for sharing... I am riding along for the education. Great feedback by all! Cheers, Mike

I love the Dave and Robert quote! I've always agreed with Dave's budget principals but Robert's investing! it's a perfect blend. Great work and thanks for the motivation.

Andrew,

Welcome to BP. I had been meaning to visit an Uncle of mine in Colorado Springs for years and finally did this past summer. My wife and I fell in love with the area and are considering it as a potential move for when I retire from the military!

Cheers,

Mike

Joe,

Welcome to BP!

I am not quite at the "retired Navy" stage (less than 5 years to go). I am stationed/live in SD and currently exploring all my options for getting into a local multi family property. 

My restrictions are - I plan to owner occupy (I have a Wife and 2 kids) and need something that fits my family. Additionally, I will be working at Camp Pendleton so commute is a restriction.

I looked into FHA options however with limited down payments and short potential time on station in SD (2 yrs) I just cant see the math working as I would end up very cash flow negative.

I am currently searching for a duplex with VA financing in the $700-750K range. ( with certain assumptions regarding rents )

Depending on your plan for your current fourplex you may have some options - equity available?

Through multi-family searching  I have seen a few deals that might work with a 50/50 partnership which allows more of a conventional down payment. I will PM you in case you are interested.

I have a goal of attending at least one REI meeting monthly - I suggest starting with some meet ups - you may find many options you would have never thought of.

If you are looking for an agent I could put you in touch with the folks I am working with - they have a specific agent working with a focus in Multi.

Cheers,

Mike

Check out JF1028: He Quit His Corporate Job After Replacing His Income With Rentals! @joefairless I just listened to Joe Fairless (prior BP podcast guest) podcast on "Best RE show" today regarding differences between W2 vs. rental income. It was very eye-opening when considering high paying W2 jobs and tax losses versus real estate investing and using depreciation. When you start to compare returns vs. stock investing, with IRR considered for real estate and its leverage ability- you can see why wealth generation can happen from buy and hold. I would suggest you give this podcast a listen - might give you renewed motivation for the end state goals! Cheers, Mike

@Yuki Inui, Thanks for posting this info... I will be following this thread as I am currently reviewing a Pre-Con Fourplex Pro Forma which will be built in Herriman, UT.

I live in San Diego and don't know the slightest about the UT market... reading your post has helped me narrow down my research path!!

Cheers,

Mike