All Forum Posts by: Tristan Colborg

@Lane Kawaoka Lane I like the accidental landlord. I wish I would rented out rooms in my first place and then have kept it as a rental. How many properties are you at now?

@Brian Dickerson Brian great work getting to 3 units. I definitely want to lean more towards the BRRRR strategy as well because I don't want my initial capital tied up so long. I have been telling this to my agent as well when looking at properties, but haven't found the right one yet.

So I am new to the real estate investing game, and my journey started back in June. That's when I first read Rich Dad Poor Dad, and then joined BP later that month. Since then I have read multiple books, my favorite so far is the Millionaire Real Estate Investor, and been soaking up as much information as possible. I have also partnered with a real estate agent, and have been looking at properties.

1. My question to the BP Community is how long did it take you before you bought your first property?
2. What contributed to that timeline?
3. Looking back is there one thing you wish you would have changed before buying your first property?

@Jay Hinrichs So Jay are you saying that you rather see someone not get into real estate at all, or for a longer period of time if it means they would have to use a heloc on their primary residence to do so? That's the point I'm at currently. I have about $25k in savings that I plan to use as reserve funds on any rental property I purchase, but was planning on using some of the $100k in equity from my primary residence to get started. Now I'm not looking to just buy property to buy it, and anything I'm looking at I'm making sure it cash flows at 100 percent financed. But I feel like if I didn't use this strategy it would be a lot longer of a road before I could purchase my first property.

Originally posted by @Anthony Wick:

@Tristan Colborg I don’t believe in “meant to be”. I believe in the numbers. I was 2 for 2 on offering and buying properties at the start of the year. These last few months I am 0 for 6 on offers. And actually, I don’t mind that much. The first rejected offer I was happy about. It meant I wasn’t offering too much on what I was searching for.

Let the numbers be your guide. Too many people are paying too much. I’m “hoping” to buy another multi family this year, but only the numbers will dictate if that happens. I’d rather keep my cash than buy a bad deal. I’m content with solid singles and doubles, but the bidding lately seems more like swing and a miss to me.

 Yeah I think that is why I have only offered on the one so far. When I'm running the numbers I'm doing it at 100% financed and with about 7-8% for expenses except PM @10%. Once I use those numbers it's often break-even or didn't cash flow. I may be too conservative but don't want to get burned. 

Originally posted by @Omar Khan:

@Tristan Colborg I wouldn't find a wholesaler or start a direct mail campaign. Just work with your realtor and actively make offers. Don't be aggressive. Sometimes the best deals are the one you avoided. 

Best of luck!

 Why do you think I shouldn't do direct mail and work with a wholesaler on top of working with my agent? 

@Marvin Barrera My whole strategy is to try and go the BRRR method and purchase cash, renovate then refinance. I'm sure conventional financing will work as well just maybe a little more work. How long have you been looking into that market?

@Debra Thomson Sorry I had to after your Chiefs shout out. I have an agent in KC right now, but feel like finding stuff off the MLS that meets cash flow requirements is pretty hard to do. I am starting to develop a website to possible start doing some online lead generation, but that is still a little ways out.

@Account Closed Yeah I understand what you are saying about offering on multiple properties at once. I guess what makes me nervous is if multiple ones come back and accept and then I have to figure out how to get them all to work. Feel like it would put me in a pretty stressful situation, but I may be wrong. 

I do want to try and partner with a couple wholesalers just haven't started the search yet.

@Debra Thomson Yeah that is what my wife tells me... LOL If it was meant to be we would have got the deal. Have you invested in the KC market? If so are you finding your deals on the MLS or elsewhere? Oh..... GO BRONCOS!!! LOL