All Forum Posts by: David P.

Hi @Matthew Pepin welcome to BiggerPockets and Denver.  I'm in the metro area as well and hope to see you at the next meetup!  Get to know the market here and the surrounding areas; a lot of good deals go quick!

Have an excellent future!

- Dave

Sean, I downloaded a the Cash Flow Analyzer spreadsheet from BiggerPockets last year and have since modified the spreadsheet to help me better understand the financials of the property.  I have uploaded my modified version of this file but all the credit goes to http://www.chandler-property.com and http://www.BiggerPockets.com.  

Terms of use: use my modified version at your own risk!

http://beta.biggerpockets.com/files/user/MrMadMone...

@Jose Diaz starting close to you or even areas you know is best - because you are not driving as far to make the deals and you probably have a good idea of what the areas are like.  You should ensure you know where people are doing cash sales, but you also want to ensure you get in to areas that are A and B areas.  Getting zip code maps driving areas and marking what has potential and marking them on your maps.  Bring cards and if you see something that catches your eye, leave a card on the door; ensure you write the address down for further research; investigate county assessor office etc.

Doing your homework prior to just slamming marketing out there and getting to know people is just another avenue to getting deals.  I tend to work areas I know I want to buy; hot areas and great school districts etc.  Come up with a good plan and modify from there; keep learning and listening to Podcast and read forums on BiggerPockets and other sites as well.  The idea is not to use just one method; idea, trick to getting your properties; sometimes you have to be creative.  These are just some of the things I have tried; some work some don't but you learn; and then some that didn't work the first time worked on off chances.  

Also by working with Realtor(s), contractors, other investors will help build relationships. Join REIA groups in your area; attend investor workshops, etc - networking is critical in this business and the more people you meet the more you can ask for help or advice on things as well. Take action!

Keep your head up and I hope you have an excellent future!

- Dave

Hello Mohit, I would also be interested in accessing your list. I know you must be overwhelmed and I maybe able to help as I am also in technology and have access to database tools. Would you be able to provide ODBC access to your list? I can access and filter as I choose as I am starting to invest outside my area.  Currently I am looking in Denver and Phoenix.

What I am offering back is a possible network solution that could help you make some money off this service. If you would like, we can discuss further, but part of the deal is I will help architect a system, market it, etc. We would need someone else to build it out. If you would like to explore this opportunity, please PM me and we can discuss further

@Amanda Mueller welcome to BiggerPockets. This is a great site for all real estate professionals as well as people just starting out! I have been a member for about a year now and find some great conversations and especially the Podcast and Blog post.

I have a few properties as well as a great team in the Phoneix area and am always looking to connect with others, as you never know how or when our paths will cross.

Hope you find this site as informative as I have,

Dave

@Greg Shelburne this sounds like a great investment if you are comfortable with this type of area. The 2bd room doesn't bother me as much as you maybe able to rent to an elderly couple who also doesn't mind living in that area.

I would maybe try and do a lease option to purchase on this property. Even if you get it for $16K, ask for $5K down payment and hold the note yourself. This will give you a steady stream of revenue and more importantly they take care of the property and you can probably sell it at current market to them and make even more upside.

Additionally, if figure how long it would take you to get all of your money out of the deal and let them purchase at that time; say 5 years. Then you can do a 1031 Exchange and purchase in better areas that will be your hold properties.

The nice thing you have many options with this one; and it is not going to break the bank.

Good luck,

Dave

@Samantha Tite Webber it is great you want to start in real estate investing and a lot of good advice here. An alternative to investing directly in real estate is to open a online broker account and invest in REITs (Real Estate Investment Trust); this is a great way to invest in real estate without hands on of managing them. This way over the next year or so if the market keeps going up you will not have totally missed out; and conversely if it goes down you may lose, but safer as you can manage the risk via the internet and the broker account.

Disclaimer: This is NOT investment advice and you need to make your own decisions about the information contained within these post.

Dave

@Thomas Parrott make sure you understand the market you are getting into. Ensure you setup a team in the city in which you plan on buying the properties.

I live in Denver metro area and invest both here and in Phoenix area. It really helped having friends/family who live in the area who can recommend Agents, Maintenance people and even property managers. I originally hired a PM to manage two of my properties. This company said maintenance was being completed and charged/paid for however the work was not. I visit that area a few times a year and the property was vacant and all the items that were to be completed were not. Nonetheless, I moved on and am happier. Read blogs on BP on how to interview PM companies; and interview at least 5 or 6 - you may get a good gut feel for what they can and will do for you.

http://www.biggerpockets.com/search?utf8=%E2%9C%93&term=interview+property+managers

Remember it's your investment and if you want someone else to take care of it then you should actively manage them to ensure you are getting the service your tenants deserve.

Good luck,

Dave

Lets discuss off line, I'll PM you.

Jose, start in your area; this will be the easiest. Look for things like good school districts low crime areas etc. Do research and get a zip code map, study your areas and understand them before even going out (or marketing) and hunting for properties. To be successful, you have to have a plan in place prior to starting and ensure you follow-through "Do what you say you will." I have worked with other Investors/Rehabers/Wholesalers who jerk you around because of they have a list and want to get as much out of the property as possible. As I understand everyone want to make a living if you don't provide value to other investors, then you will not be successful.

Good luck,

Dave