All Forum Posts by: Tesho Akindele

I'm looking to buy an investment property in the Denver metro area that I can use as a short-term rental. I know there are a lot of restrictions in Denver and the surrounding cities with Airbnb's so I was hoping to connect with someone who is successfully investing in short-term rentals near Denver

@Joey McKenna try using the Biggerpockets calculator. They present things in a professional and easy to understand way.

I’ve found that presenting private money partners with a sample deal is very helpful. Show them an example of what kind of deal you are looking for and ask “if I find another deal just like this would you be interested”.

@Robert Carnie if you are just getting started I think house hacking is by far the best way to jump into real estate. You learn how to be an investor and immediately reduce or completely remove your biggest monthly expense (rent).

If I was starting over I would have house hacked straight after college.

Hey @Chris Olson I know Tony Robinson invests in STRs in Joshua Tree. He is one of the hosts of the BiggerPockets Rookie podcast. He might be able to help give you some recommendations

@Will Gebbie I started investing out of state before ever having an investment locally. So far I’ve had a good experience!

One thing you could do if you’re nervous to jump in is fly to a city or two that you’re interested in and meet some people who are local. Property managers, realtors, other investors, etc.

@Jason Kim everyone’s situation is unique. No one answer is perfect for everyone.

At the end of the day most of us get into real estate for passive income, so ideally you can outsource rehab and property management.

But if you are just getting started it often makes sense to do your own work to save costs and learn the process a bit.

@Ashwin Gudipati in my opinion the best strategy to get started is house-hacking. If I were you I would look to get a duplex, triplex, or quadplex. Live in one unit and rent the rest. Because you will be living there you should be able to put a low down payment (around 5%). Live in that for a year then look for another househack opportunity the next year. You will be able to quickly add units without 25% down payments. 

@Dan Krupa what are you seeing that is causing investors to lose so much money? Are they underestimating repair costs? Overestimating ARVs? 

@Jonathan Louie are you talking about a primary residence or an investment property?

Putting a property under contract without any potential partners is a risky strategy. I would start talking to partners before you have a deal. Tell them what kind of houses you will be looking for. Maybe present them a sample deal with all the numbers, costs, and returns for both partners and explain how they could benefit from investing with you. If they like the idea, go find a house that matches that sample deal, and you can be confident that the money will come. Good luck!