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All Forum Posts by: Reed Huddleston

Reed Huddleston has started 4 posts and replied 27 times.

Post: Colorado Springs, CO

Reed HuddlestonPosted
  • Real Estate Professional
  • Colorado Springs, Colorado (CO)
  • Posts 30
  • Votes 11

@Jack Gibbons I will be there on Tuesday. I'd be happy to meetup with you guys @Ruben Banuelos @Michael Bartlett

Post: Colorado Springs: The next Portland???

Reed HuddlestonPosted
  • Real Estate Professional
  • Colorado Springs, Colorado (CO)
  • Posts 30
  • Votes 11

@James Carson 

Thanks for sharing this current article! I think I fit their description pretty well of a millennial wanting to move to Colorado Springs and being attracted to the outdoor living. I just hope the city doesn't get AS huge and AS expensive as Denver!

Post: Colorado Springs, CO

Reed HuddlestonPosted
  • Real Estate Professional
  • Colorado Springs, Colorado (CO)
  • Posts 30
  • Votes 11

Hey Ruben,

Are you located in Colorado Springs? If so, I will be moving there next month and starting out as a broker. I would be more than happy to meetup with you and discuss strategies for local investing. I too recently graduated college and find myself with plenty of time to read and prepare for my real estate investing future. 

Post: Air B&B or similar investing - Canadian Experience

Reed HuddlestonPosted
  • Real Estate Professional
  • Colorado Springs, Colorado (CO)
  • Posts 30
  • Votes 11

I manage vacation rentals in Las Vegas and yes they are a great investment, however the amount of work depends on the number of homes you have. 

Dealing with your guests is a daily routine. From answering inquiries of potential reservations to answering phone calls from current guests. There is a huge learning curve in the first 3-6 months that takes place.

If you are only managing one property it's not that bad. It's actually pretty fun to manage your own property. 

The second property becomes more of a job and then the third and beyond becomes full time work that requires systems and additional help.

Not exactly a passive investment but it can be a fun full time investment/business that gives you something to do every day. 

If you have more detailed questions I'm happy to help. 

Post: REI education jobs?

Reed HuddlestonPosted
  • Real Estate Professional
  • Colorado Springs, Colorado (CO)
  • Posts 30
  • Votes 11

Ignore those ads as they are pretty much always a scam. I see these little signs all over Las Vegas saying, "Become an RE Investor, earn $10-12K per month" I called a few of them and they all go to an automated voicemail and then someone calls you back and tells you they have a training program for you. I'm pretty sure they just want you to start making cold calls for them to help them find deals. 

Post: 22 Years Old with 20 Units in 10 Months!

Reed HuddlestonPosted
  • Real Estate Professional
  • Colorado Springs, Colorado (CO)
  • Posts 30
  • Votes 11
Originally posted by @Joel Florek:

@Logan Allec happy to answer questions and be totally open. I went with a commercial loan rather than a traditional mortgage backed by the government. Not as favorable of terms but this got around a lot of the red tape people usually get stuck with and allowed us to close in under 30 days as was the same with the 16 unit. I was fortunate my parents could loan me $25k at 8%. for legal purposes we structured it has a gift. With that money I could provide the 20% down that the bank needed for the $125k purchase price. My parents also cosigned the loan to help the bank feel more cozy. On the 16 unit the bank wanted them to cosign as well but I pushed back and said "if you want to do business with me then it will be only with me for this deal and all moving forward". The bank didn't require cosigning on the 16 unit. On the 4 unit I also provided my letter of employment and had a starting salary at $65k which in our area will go a long way. 

Regardless its a local bank that is a very strong and aggressive lender in the commercial space. 

Looks like I got my answers right here. Thanks! And great job, I hope to get similar financing!

Post: 22 Years Old with 20 Units in 10 Months!

Reed HuddlestonPosted
  • Real Estate Professional
  • Colorado Springs, Colorado (CO)
  • Posts 30
  • Votes 11

Joel,

Awesome story man I like reading this kind of stuff.

Just a couple questions for you, 

1)How did you obtain financing for that first four unit building? Were you working a full time job through college? Did your parents co-sign on the loan? 

2) What was the purchase price of that four unit building?

Post: New To Investing - Should I become a real estate agent?

Reed HuddlestonPosted
  • Real Estate Professional
  • Colorado Springs, Colorado (CO)
  • Posts 30
  • Votes 11

The education with books and everything was only about $200 because I found a great deal on groupon for the real estate academy. 

The program is supposed to be two and a half weeks but I spent about three months reading the whole book (22 chapters). The Nevada real estate academy has this two and a half week program going on every month so I just jumped in three months later once I finished reading the book to attend the last couple classes and take the necessary exams.

The licensing exam at the test center was $100 and the fingerprints for licensing cost $60

There will be an application fee and a lot more fees to come which should add up to about $2000 all-in to be licensed for the first year. Each year after that is about $1500/year

Post: New To Investing - Should I become a real estate agent?

Reed HuddlestonPosted
  • Real Estate Professional
  • Colorado Springs, Colorado (CO)
  • Posts 30
  • Votes 11

I recently passed my licensing exam in Las Vegas because I wanted to get into investing myself. 

While some investor friends said it was probably a waste of time because I don't plan on being a "real estate agent", I value the education I received and now that I can get licensed I will and when I make my first deal I will be able to represent myself and that alone will be worth it for me. Additionally, I can always represent a friend or someone else I come across who wants to buy/sell in this state. 

So I see it as a win-win-win because:

1) You get a good education for a few hundred dollars. 

2) You can represent yourself as an investor.

3) You can represent friends, family and anyone you come across who wants to buy/sell

And even more reason to get licensed is simply being able to say you are an agent. Sounds good in person and adds to your credibility as a real estate professional.

Post: Salesperson Looking for Broker in Las Vegas

Reed HuddlestonPosted
  • Real Estate Professional
  • Colorado Springs, Colorado (CO)
  • Posts 30
  • Votes 11

I just passed the licensing exam and now I need to find a broker to work for. I was hoping to find someone here on bigger pockets who is familiar with investing and could also help me with my first few transactions. 

I am not looking to be a full time real estate agent working on leads and finding buyers/sellers. Although if I have the time for it I wouldn't mind giving it a go.

My main focus is making my own investments and helping partners/friends invest in Nevada as well.

If anyone has the time to meet with me and talk some more I would be happy to hear from you!