All Forum Posts by: Taylor Rees

@James Carlson Hi James! I'm a brewer/owner at Spangalang Brewery in Five Points (27th and Welton). Stop by sometime and I'd love to buy you a beer and pick your brain! 

Thanks for the input. I'm in the process of reaching out to different lenders to start the process and see if any of them think it's worth the time to apply for heloc, given my situation.  I've heard that the Springs may be an option as well. 

Thanks!

@Jeff Zinsmeister Thanks for the welcome and the input! 

@Justin Stamper Thanks for the welcome! I like your idea about the hedgefund! Stop by Spangalang Brewery the next time your are back in Denver, and let me know you're coming in. 

@Account Closed Thanks for the welcome and information!  I also like your idea of creating charts/spreadsheets so I can start analyzing my options and possibilities.  Thanks again.

@James Wise Thanks for the warm welcome and willingness to help!  I'll be sure to reach out in the future.

@Bill S.  Thanks for the advice, recommendations, and information!  I'm going to be digging deeper into hard money loan options, and what you've said here gives me more clarity as to what I may be looking for. Most real estate professionals I've spoken with, in general, share your sentiment regarding selling my rental property.  Your also not alone in your concerns with out of state investing. Ideally I'd like to stay local if possible. I'm also going to do my best to make it to the local meet up at Blue Moon on Feb 26th! 

Thanks again!

@Jerryll Noorden Thanks for the advice! I think you're right that at some point I just need to dive in and start learning by doing. 

@Matt M. Thanks for the recommendations regarding lending/helocs. I intend to keep reaching out to conventional and hard money/private lenders to see what they can do with my situation, if anything. 

Also, thanks for the insight regarding Denver. I'd obviously prefer to stay close to home if possible. Talking to our patrons is something i've not really considered in the past, but could be a real option for finding leads. Many of them live in the 5 points/Curtis Park/Whittier/Cole areas and might know of some properties. Thanks for the tip!

@Chris Lopez Thanks for the advice! Do you recommend I continue to reach out to some more conventional lenders (i've already spoke with a few who indicated it would be difficult to impossible to get traditional financing) or should I be focusing my effort on hard money and private lenders?   Your questions are also concerns of mine...Even if I have the cash from selling my other property, if i can't qualify to refi on a rental property into a more conventional loan down the road, it may not be worth it unless i just want to flip. Thanks again, and I intend to keep working on the financing situation.

@Tom Ott Thanks for the hello and welcome, as well as the input regarding Cleveland. 

@Matt Motil Thanks for the Welcome and input.

Hi Everyone,

I'm a long time Denver resident looking to increase my income through REI, though still exploring what "niches" and locations I'd like to focus my energy on. I currently own my primary residence (purchased in 2011) as well as a rental property (a single family HUD home purchased in 2009), both located in Denver. I was ready to begin exploring real estate as a source of additional income more seriously back in 2011/2012, but then other business opportunities got in the way. Long story short, I'm now an owner at a small brewery in the Five Points Neighborhood in Denver. The brewing industry is fun and rewarding (I've been a brewer for 14 years now), but nobody brews beer for quick profit. In the meantime, I'm back to exploring REI as a potential source of income, which in turn led me to the already incredibly helpful BP podcast and community. I've already enjoyed tons of podcasts and numerous posts, and am excited to dive into some of the BP books available.

I'm hoping for any input on my situation, which I'll explain below and is mostly related to money. While I can't currently offer any worthwhile REI advice in return, I can offer a free beer to anyone who happens to find themselves in Denver!

I don't receive a W2 and my income is not enough to qualify me for a conventional loan. I only have about $7k I might be able to access (in the forms of dividends from a life insurance policy I can borrow from).

I have a good amount of equity in both homes (conservatively, around $350k combined), but not sure how/if to access it? Do I try to get some sort of an equity financed heloc or non-traditional refi? I've also debated selling the rental (Mortgage is $72k, ARV is $290k) and reinvesting the money. I'm kind of stuck here...Even if I sell the rental, I'll need to put some work and money into it...I'm not sure if I'd even be able to get financing to do this (hard money loan?). If I don't fix it up, I'm pretty sure I can still sell it, but for much less, likely to an investor or maybe someone with 203k loan. This is my main road block now, as some people tell me I'd be crazy to sell the rental (after all expenses I still cash flow around $700/mo), and I understand the sentiment. But I also need some cash to get moving.

Once I do find a way to get cash, I'm thinking of looking at Cleveland and Akron as possible locations to invest in rentals or flips (I grew up in Akron and still have friends and family there and am somewhat familiar with the area). But I'm open to suggestions.  Denver seems like it might be tough to get into right now. 

Or..Maybe it's just not the right time for me to start investing in real estate?

Thanks for reading my rambling and I look forward to learning from and eventually contributing to BP!