All Forum Posts by: Colin Smith

This meetings topic: 

Chris and Lynne Jones will be sharing their experience house hacking the basement of their primary residence. First as a long term rental and now as a Short Term Rental. Hear about the difference in their experiences with both and the change in financials!

Yes it absolutely is with the exception of the first 12 months. Please verify this information with your lender but people do rent out properties all the time that are backed by VA loans.

@James Honeycutt, I would agree with most of what has been said above already. Ultimately you do need to think about what your short term and long term goals are. 

Having this cash on hand is a great way to start down the fix and flip road but this is absolutely a job and you're replacing your 9-5 for a 8-8 job being self employed. If you're looking for passive cash flow / mailbox money then long term buy and holds are going to provide the most passive cash flow. That may the long term goal and you start with flips now if your time can afford it. 

Have you thought about what those short and long terms goals are? Are you looking to do it in the market you're from (Colorado Springs) or going to (Greensboro)?

Hey @Larisa Dalekorey,

I think you are starting to put a great game plan together. Slow growth makes for steady gains!

I would recommend talking to your lender in terms of the refinancing the current VA loan. There has been some changes to the VA lending world that allows you to have significantly more, possibly unlimited, VA loan lending with the stipulation that you're moving to a new market for each new VA loan. If the sole purpose is only to convert the VA loan to conventional to make it conventional then you may not need to. I helped many Buyers over the last several years get very good interest rates with the VA eligibility and you may want to maintain those loan terms and monthly mortgage payments. The cost to refinance isn't cheap.

Certainly as you're coming out to Colorado Springs we will want to connect. I've helped many investors use their VA loan ot purchase small multi-families, to include fourplexes. Many fourplexes also need light cosmetic remodels which might make these be a perfect fit if you're up to the challenge. And of course there are always options in the single family world.

3 properties by the end of the 2022 is absolutely an achievable goal!

Hey @Larisa Dalekorey,

I ask what your goals are as passive income and building your portfolio are two opposite ends of the spectrum if you're only utilizing the current assets. If you have a large amount of cash in the bank that you can deploy then you could increase your portfolio and cash flow but I get the feeling that isn't the case. 

You could sell one property to pay off another which thereby increases cash flow but doesn't increase the portfolio. Sell one to buy another which might be an even exchange but keep in mind selling real estate isn't cheap. Or you do a cash out refinance to purchase another property which will grow your portfolio but is going to decrease your cash flow as more leverage (borrowed money) means a highly debt servicing cost. Does that make sense? 

If it does, then what part of your goal is more important? Growing the portfolio or increasing the cash flow?

@Larisa Dalekorey - I see a lot of opinions on this thread which can be great but I think you left out a key ingredient to the equation. What goal are YOU trying to accomplish? Depending on how you answer this will greatly vary what strategy you want to take. Are you trying to get the most passive cashflow? Are you trying to build a bigger portfolio? What do you need for your business? etc.

Colorado Springs Real Estate Investor Association - Join Colin Smith, Brent Bowers, and Dan Haberkost at Third Space Coffee on the 1st Tuesday of every month at 6:30 PM. 

Here is what to expect:

https://www.youtube.com/watch?v=Du053K5nes4 (Frequency Has Changed)

A time to learn from experienced investors or guest speakers, share wholesale deals, and network with other investors.

Date: Tuesday, January 4th, 2022

Time: 6:30 PM

Location: Third Space Coffee - 5670 N Academy Blvd, Colorado Springs, CO 80918

Cost: Purchase food or drink on your way in.

Meet The Hosts:

Colin Smith - Investing since 2012 and licensed Realtor since 2014. My niche as a Realtor has been working with Investors in the buy, sell, and management of their investments. I've flipped homes, own and professionally manage rental properties, and been a hard money lender. My goal is to find deals and match them with investors who are ready to jump on the opportunity, problem solve real estate deals, and grow a portfolio. I personally feel the buy and hold strategy is the ultimate wealth building tool. I personally own 45 residential doors and / or mobile home pads plus a commercial building across the Colorado Springs area working towards building financial independence.

Brent Bowers – Bought my first buy and hold April 2007 and have been wholesaling homes since 2013. I wholesaled 32 properties in 2017 all while working a full-time job as an Army officer by building a team. I have buy and hold real estate investments, whole-taled properties, and have flipped homes to maximize profit while minimizing the amount of rehab required.

Dan Haberkost – I discovered real estate investing while I was finishing college and purchased my first house hack before graduating. Currently, I work for myself managing my portfolio of rental properties, developing single family/small multi family homes and buying/selling land on notes. It's amazing how quickly I've been able to create complete freedom over my time through RE investing and I'm happy to help others do the same any way I can!

SEE YOU THERE!

@Crystal Townley - The Colorado Springs Real Estate Investor Association meets the first Tuesday of the month at Third Space Coffee at 6:30 PM. Next meet up is tomorrow night. I hope to see you there!

Hey Kevin,

A welcome soon to Colorado Springs! If you're okay with a little cold, you'll find this a great place to live. 

I am a Realtor, a Property Manager of 300 units, and an investor of 54 units. While Colorado Springs is not necessarily a cash flow market, it is a great place to invest.

I would highly recommend coming to the Colorado Springs Real Estate Investor Association that meets the first Tuesday of the month at 6:30 PM at Third Space Coffee. Usually a group of 50-70 people connect to learn and network about real estate investing. 

Feel free to PM me any time!

Colin

Colorado Springs Real Estate Investor Association - Join Colin Smith, Brent Bowers, and Dan Haberkost at Third Space Coffee on the 1st Tuesday of every month at 6:30 PM. Tonights Event - Dan will be discussing how he bought a cash flowing house hack below appraised value in the hottest market in recent history to illustrate that, with a bit of effort and intention, you can always buy real estate profitably!

Here is what to expect:

https://www.youtube.com/watch?v=Du053K5nes4 (Frequency Has Changed)

A time to learn from experienced investors or guest speakers, share wholesale deals, and network with other investors.

Date: Tuesday, December 7th, 2021

Time: 6:30 PM

Location: Third Space Coffee - 5670 N Academy Blvd, Colorado Springs, CO 80918

Cost: Purchase food or drink on your way in.

Meet The Hosts:

Colin Smith - Investing since 2012 and licensed Realtor since 2014. My niche as a Realtor has been working with Investors in the buy, sell, and management of their investments. I've flipped homes, own and professionally manage rental properties, and been a hard money lender. My goal is to find deals and match them with investors who are ready to jump on the opportunity, problem solve real estate deals, and grow a portfolio. I personally feel the buy and hold strategy is the ultimate wealth building tool. I personally own 45 residential doors and / or mobile home pads plus a commercial building across the Colorado Springs area working towards building financial independence.

Brent Bowers – Bought my first buy and hold April 2007 and have been wholesaling homes since 2013. I wholesaled 32 properties in 2017 all while working a full-time job as an Army officer by building a team. I have buy and hold real estate investments, whole-taled properties, and have flipped homes to maximize profit while minimizing the amount of rehab required.

Dan Haberkost – I discovered real estate investing while I was finishing college and purchased my first house hack before graduating. Currently, I work for myself managing my portfolio of rental properties, developing single family/small multi family homes and buying/selling land on notes. It's amazing how quickly I've been able to create complete freedom over my time through RE investing and I'm happy to help others do the same any way I can!

SEE YOU THERE!