All Forum Posts by: Ryan Riches

@Benjamin Ross @JD Gunter

I am the client JD is referring to! We just finished furnishing our our AirBnb unit and are hoping to get it listed this week. We had a great experience working with JD but the markets both in Cos and Denver are competitive. I have a lot of friends looking to househack in the area and are needing to get creative to find a property that works. I think that is going to be key in finding yourself a good deal. Thinking outside the box if you’re wanting to househack, how you are finding properties, and how you can make those properties work for what you are wanting to do! Best of luck!

@Ryan Riches big thanks to everyone who responded in this thread. My wife and I are closing next week on our House Hack property in Colorado Springs! Thanks for the insight and advice!

@Adam Rudolph I don’t think it’s too late. People will always need a place to live. Maybe HOW you invest is different. Sometimes your best bet may be flipping but other times it would be buy and hold. All depends on your market.

In addition to that, who you are surrounding yourself with has a big impact on your perspective of the “wave”. I know there are times when I’m listening to podcasts or talking to other investors when I feel like I’ve missed the wave. But when I talk to my non-real estate investors about it, they look at me like I have 5 heads.

Basically: focus on what TYPE of investing is going to be most effective in your area. There are many real estate waves to catch my friend.

@Jamee West hey Jamee! I am in a similar situation as you. My wife and I own our primary residence but are looking to find a duplex to buy with an FHA loan and house hack it. These properties are sparse in my area as well, but here are two ideas that I plan on using to help find our place:

1. Look at all of the places listed for rent in your area. You are bound to find one that is a 2-4 unit. Then write the owner, letting them know you are interested in buying the property. You might get a lot of no’s, but you also might come across that disgruntled landlord who has been looking for their chance to sell.

2. Drive around your neighborhood/city looking for a property that intrigues you, maybe one that looks a little worn out. Contact the owner of that property letting them know that you are interested in purchasing the property.

It's not as easy as keeping your eye on the MLS, but it can help you get to a deal before anyone else!

@Lucas Miller thanks Lucas! I put that meetup on my calendar and will try to make it. Our goal is to build passive income to replace our jobs. So long term I don’t want to be a property manager, but thinking it could be good to learn what they have to deal with before hiring one.

@Jenn N. This is great Jenn! Love meeting local investors. Do you attend any meetups in COS? And a good friend of mine (and my current roommate) is looking for a house to do that same thing: a large single family to convert the basement into a STR.

@Kevin Grinstead thanks Kevin! That’s kind of what we are doing now, we did Air-bnb through the summer with our spare bedroom, and we’ve got a roommate for the winter since the tourism in COS kind of dries up. As we think about starting a family that’s what makes a duplex more attractive, we wouldn’t have roommates sharing space with our growing family.

@Allen Lundgren Love the point you make here Allen and that's what excites me most about REI! There are so many options and different ways to invest. If I start out with a local house hack, I can always pivot into single family, or out of state investing! And I know that as we start out we will learn more of what our strengths are and what strategies best align with our strengths and goals.

@Dana Oredson Great recommendation Dana! That book is on my list!

@Katy Wyly investing in ski towns like you are, are you focusing on short term rentals?