All Forum Posts by: Nicko Ferguson

Sorry guys I can't make it as I need to be in Durango tomorrow. 

Hey Guys

I have a prior commitment I forgot about. I cant do the 29th or 30th. Any other day work for everyone?

Could we either go with a later time on Saturday 29th? Or meet in Ridgway? 

Yes. I'm down. Thanks @scott Elkins for tagging me. 

@Patrick Shaw

Hey Patrick. No I don't invest in Yuma but that doesn't matter when it comes to calculations. Providing you have the correct numbers for property taxes, mortgage rates, rents, etc then you're doing it right.

I usually under estimate rents incase I have to drop the rent I have a buffer. Maybe call the milliatary base and ask what size houses they are looking for and what they usually pay for rent.

I over estimate rehab to also have a buffer

Put your numbers in and see what comes out. Then play with worst case calculations.. if your rehab turns from 20k to 40k does your deal still work? Then it's about taking that leap of faith and learning from your mistakes and the things you'll do better next time.

I would also get I touch with some agents and have them email you new listings so you have properties to analyze I'm real time.

Good luck

@Christian Smith

Look up AJOSBORNE I'm sure he has some info on his website or Instagram

@Andrew Smith Have you listened to any BP podcast interviewing a wholesaler? You'll find your answers there. As for getting them to stop, call the number and ask to be removed. I take people off my lists when they call and aren't interested or their property doesn't fit what I'm looking for.

@Will Fraser Telluride is a dead-end for 2 reasons. First is geographical because Telluride is a box canyon. There is only one road in or out and land is very limited and very expensive. Secondly the community is being destroyed by the ultra rich buying up all the housing as 2nd homes and leaving those houses vacant for most of the year, add to that any "affordable" condos ($600k+ 1 bed 1 bath) are being used for short term rentals. The locals are all being pushed put of town with the nearest next towns being 45mins + drive and longer and more dangerous in the winters.

With this years covid changes the number of ultra rich buying up what property is left has skyrocketed. Telluride is facing a turning point where average people simply cannot afford to live here and soon there won't be anyone left to run the cafes, restaurants, ski shops etc. Ive worked for a successful business here for 20 years. We pay better than anyone else in our field and we can't find enough employees because they can't find housing. Several long time business here have recently closed because rents are way too high and they can't find employees.

If you are wanting to move your family here expect to pay $2million for a fixer upper that needs a million dollar rehab. Or if you can find a rental house big enough for a family expect $7k+ a month. If youre willing to squeeze into a 2 bed condo about $3k a month would be a great deal

@Dave Poeppelmeier

Thanks for sharing Dave. Ive been on a really drawn out investing journey but now I am ready to step on the gas and have already made some power moves this summer and aiming to be able to walk away from working a JOB in 5 years or less.

During quarantine in spring I read rei books etc and was very productive. I also took a class on manifesting your dreams. At the start of the 8 week class I sent an email to my teacher saying I wanted to buy my next property. 10 weeks later I was under contract and I'm almost done rehabbing it (it was trashed and I put in a lot of sweat equity) and already have my refinancing lined up.

I'm so stoked to hear that you did it and thats its quite possible to achieve.

@Matthew Wilson

There has been a few new deed restricted properties build since you were here but nowhere near enough and they're still relatively expensive. Its a pretty different place than when you lived here