All Forum Posts by: Steve W.

Is this problem property in Colorado Springs? Why *wouldn't* you do a 1031? Because it is not enough to cover acquisition of another local property you'd like to buy?

@Chris Pasternak LOL I would say more people are promoting Pueblo in this thread than the contrary, I really don't see any bashing here...

It's all about sharing thoughts to gain perspective.

@Tyler Scruggs Don't sell yourself short. This is a home run for you. A home run for Tyler Scruggs looks different than a home run for Grant Cardone or Brandon Turner or [choose whoever else you think is well established and successful]. Happy for you!

@Cathy S. I 100% understand where you're coming from. I'm a tech worker in the Bay, there is 0% chance I will be able to save up enough personal money to put down 20% on anything, period. I agree, the traditional saving up for 20% down is wayyy too slow for what I want to do. But, if you want to do something different, you have to think about it differently, and be comfortable with doing non-traditional things. What I am talking about is a mindset shift, of embracing doing what it takes to get what you want.

Instead of "WHY would strangers trust me with their money" it becomes "HOW do I structure mutually-beneficial deals so others WANT to give me their money." 

Instead of "I am hesitant to invest out of state..." it becomes "HOW do I invest out of state, WHAT systems and processes do I need to learn to be successful?"

1. First, establish what it is you want. Sounds to me like you are feeling less than fulfilled with your job, and don't want to be stuck in the daily grind for years on end while trying to accumulate properties. Often times, a goal is to "replace my W2 income" but you need to make it uniquely you.

2. Then, think of WHY you want it. This is your motivation, your reason for compelling you to do anything in the first place.

3. Establish a goal, fueled by your WHY, to get you to what you WANT. The goal should be S.M.A.R.T. - Specific, Measureable, Achievable, Realistic, and Timeline. 

4. Working backwards from where you want to be, and where you are now, to establish the steps you need to take.

I know this isn't exactly what you were asking for. But I believe if you take these steps you will find the answer you are looking for. For me, sometimes I get stuck focusing on one thing like "how do I save up more money" when sometimes the answer is something different entirely, like "don't save up more money, use other people's money." And then if that is the answer, how do I go about executing that.

If you found this useful at all, send me a PM I'd be happy to hop of a phone call and chat. I think I can offer some fellow newbie perspective. Just a short while ago I was thinking the same things as you, and felt very stuck.

@Nicholas Vandermolen I realize my sharp sentences might have read accusatory, sorry that was not my intention. Pueblo could very well suit your investment goals. However in my opinion Colorado Springs still has good fundamentals with room for growth. Maybe Pueblo does too it's just less obvious to me.

The chart below is Census/BLS data showing the percent change from 2010-2019. COS has more people moving in, more job growth, and better income growth along with a higher overall income level. All this with a population 3-4x of Pueblo (depending if you are also including Pueblo West). That means comparatively A LOT more jobs are being created in COS, justifying housing demand.

@Nicholas Vandermolen by Fundamentals I mean a reason to invest besides "cheap houses". Such as job growth, population growth, diverse employers, infrastructure, etc.

Why do you think it is a smart location?

Why do you think it is a smart location? I believe in fundamentals. Does Pueblo have any?

To The COS agents and investors, in your opinion what's the likelihood of getting an off market BRRRR? Since the market is so hot and the inventory so low, from what I've heard so far it's pretty slim pickins'

@Matthew Kresky "In my opinion Fayetteville has a unique need for short term rentals not as a vacation destination but rather to act as a family home while in town visiting a soldier."

Trying to understand what you mean here. Are you saying the STR base is family members wanting to visit their soldier relatives?

@Zach Lemaster "One thing you might want to explore is TK new builds in FL that have immediate equity you can likely refi the majority of capital back out to reinvest." 

1. Is this due to the builder selling for under market value and/or projected appreciation while you wait for the new build to complete? 
2. If you are purchasing prior to project completion, how are the builders coping with any rising material costs?
3. What kind of wait lists are you experiencing?