All Forum Posts by: Nate Pummel

I'm new to real estate investing and I'm looking to get my first deal.  With the Denver market being so expensive I've been looking to invest in another state, possibly turnkey.  Well, I might have found a doable deal here in Denver...my grand parents house.  A couple of years ago my grandpa passed away and my grandma moved into a nursing home.  Well, there has been talk that the family is looking to sell the property.  It's in Lakewood (Sheridan and Florida for those familiar).  It's a 1950's and it's listed as a 3/1 even though I think it has 4 beds and 2 bathrooms.  It hasn't been updated in probably 30 years and it has about 50 years worth of junk built up in it.  My grandma owns it out right.  My uncle is also renting it for way under market value.  I could really use some help in how to approach this and evaluate it.  I want to make this a win/win for both parties and I don't want to offend my dad and his siblings by offering a number (purchase price) that they wont fully understand.  I've also thought about not getting involved from the purchase standpoint due to the family ties but thought of maybe wholesaling or helping someone out there find a great lead.  My grandma (85) will need the funds in about two years to continue to pay for expenses so I'm open to some sort of creative financing that will help maximize her financial position.  Any thoughts or advice is very much appreciated.

Hi all, I'm curious to learn what personal budgeting tools people are using.  I've always been a budgeter (not sure that's a word), and after defining my real estate investment goals, I'm more driven to dig even further into ways to squeeze every penny out of my current paycheck so I can invest more into real estate.  I've used mint.com and now mvelopes.com and neither has impressed me.  What are you all using?  Pros/cons/wish list.  For me I like transaction level detail that I can quickly categorize into the budget categories I create and after reading The Millionaire Real Estate Investor I would like to see how my net worth is changing from month to month.  I also would like more than one user to be able to see how the budget/s is shaping up for the month (my wife) and I'd like to be able to manage the transactions on my phone.  Thoughts?

Thanks!

Hi everyone,

I'm a new investor (zero properties) in Denver and I've been reading books, the forums and listening to the podcasts like crazy for about 6 months. I'm almost ready to buy my first property but I'm not sure entirely on how to start. I know there have been some great posts about how to start with $100K cash and the like but I'm wondering how you would start if you had $100K mixed between borrowing against a 401(k) and using a HELOC on my primary residence. The 401(k) I can borrow at a 4.5% interest rate and the HELOC is at 5.39% on a 10 year draw.

I wanted to start small (to minimize my risk) and do the BRRR strategy which led me to looking into purchasing my first property in Indiana. I feel the Colorado market is too prohibitive based on the cost for someone just starting out. But at the same time I think doing the BRRR from out-of-state for a newbie will be extremely tough.

Ultimately, I would love to buy two properties this year with the intent of refinancing in a year or two to repay my 401K/HELOC and then repeat.

I guess this is a really long way to ask, how would your strategy change if you had $100K 401K/HELOC instead of cash?

Thanks everyone!

Hi all, my name is Nate Pummel.  I live in Centennial, CO.  I currently don't have a background in real estate.  I currently work in corporate America in Finance.  I got really interested in real estate investing many years ago by watching Flip This House.  I've always loved building/home projects/DIY construction.  I'm very close to my kids and wife and I would love to spend more time with them.  I was hoping that real estate investing might be able to help.  A few weeks ago my thrid little girl was born.  During that time I downloaded a couple of free Kindle books, one of them being the BiggerPockets Investing book, to read in the middle of the night.  I thought it was great so I listened to the Podcast which was great as well which is why I decided to sign up.  I'm not sure what type of real estate investor I want to be yet.  I'm leaning towards multi-family rental and mountain properties for vacation rental but I still like the idea of project managing the fix and flip...only time will tell.

Thanks everyone!