All Forum Posts by: Tyler Sterling

I will for sure be happy to get even just 1, I was more saying that 4-5 is kinda my perfect scenario.

Smudges are easy to fix. Lenders won't like bad credit blips, of course, but blips that have been fixed are way better than not fixed. And smudges that are just totally wrong thanks to freaking Equifax are definitely easy to fix (since I've never lived in Vietnam and therefore couldn't have opened accounts there).

What numbers would be helpful? I believe the max property price I would take would be $350,000, but thats assuming I can get a loan for that too. I don't mind paying some money every month while I'm living in the property, but after about 2 years I plan to move out. At that point, I'm looking for a 15% CoC return, but could stomach 10%.

Hey everyone!

I'm finally ready to buy my first property! Got some money stashed away, fixed some smudges on my credit, and I have been reading books, listening to audiobooks, and watching the BP forums religiously for about 2 years now.

So heres my plan: I live just outside of Denver. This market is very expensive. My solution? FHA loan househacking! I haven't used my FHA yet, so I'm looking to use that loan, and buy either an established multifamily, or a single family that I can zone and fix to be a multifamily. Along these lines, I'm looking for properties that need some TLC because I worked construction as a kid and can do much of the work myself. Plus this keeps the loan down.

I say all of that to get to my next step; I need a good lender who understands what I'm looking to do and can guide me through any changes I need to make, etc. I would love to be able to sit down in person with a lender because I believe personal relationships get people farther than most people appreciate. So, who have people on here used for their purchases? I want to have 4-5 lenders that I can use to really keep my options open.

Any advice is very much appreciated, and I can't wait to see/hear who people have used/not used.

Thanks all!

Tyler

Hi Jennifer!

I'm actually looking for some good leads on property management companies in Denver as well. Did you have any luck finding a good one?

Tyler

I'm new to investing, but I'm focused on the Tampa area as well. The market is amazing here with lot of growth. I personally set my minimum to 15% CoC, but i see deals out there with 25% potential if the sellers drops the price even just a little. I find deals out there and lots of potential daily, I'm still just building up my initial down-payments and trying to find potential partners. I'm new to all of this though, so my COC targets may be off here.

Hi Brett! I live in Denver, CO, but I'm actually looking in your market for investment properties! Welcome to BP! I'm in the same boat (or close) as you and your wife now; in the funding and investor phase. I'll be sure to share any good leads I find!

Do you guys have a realtor you're working with? If you are looking for one, I have one that has been great for me so far. Good luck!

Tyler

So mostly what I am doing now, is looking at the home prices, and the average increase in value. I spend a lot of time on Google, Forbes, Zillow, trulia, mls, etc. and so far I find a lot of cheaper real estate in Florida that is still gaining 15-20% value per year. Denver and Colorado are doing well, but the issue is that there is no $50-70,000 housing here that I can start with (at least that I can find!), even though owning in state would be much less risky, and definitely easier. I have friends in FL that are having great luck that just left the Denver market because not only is the growth equal or better there, but they can purchase multiple properties with what one property sells for here. I think long term, Denver makes sense, but starting out here with investing right now seems just about impossible unless you can come up with at least $40,000 to start with. 

EDIT: Wanted to include the links for the articles I found about this: http://www.forbes.com/sites/erincarlyle/2016/01/27...

http://www.realtytrac.com/content/news-and-opinion...

Thats just a couple so far.

Hi all!

Busy week, sorry for the delay! I think for me, one of the things I look at quite a bit if the costs of properties vs what the values are doing, and what the mortgages cost. I should say that I really look at all this as a first time buyer and investor. As I'm just starting, I'm looking at properties in the 50-75k range, since I pretty much have no choice about a 20% downpayment. Because of that, my options, at least when i look at zillow and the lot, are very limited. Once I have more money to play with, Colorado could be good. Maybe its just me though? Its very possible I'm just not looking in the right spots! I think another part of this too is that in the first few years, I'm looking to make a bit more money faster because I want to be able to expand my portfolio as quickly as I can to get the cash flow up. Because I have those two things together, I look at the denver market and get not quite discouraged, but just don't see much potential for me yet.

Right now, I look at the Denver market, and it seems very tight for profit after the housing prices alone. My long term goal is to own lots of properties that are rented out. Normally, I might look at something like a owner-occupy duplex, renting out the other side to build equity, etc., but its been very hard to find that opportunity so far! I grew up working on farms, buildings barns, rebuilding and fixing houses, and I've done everything from roofs to drywall inside, so I love the idea of getting a place and fixing it to rent for even more than before, or possibly even flipping it. I'm new to the arena though, so the standard 20% down rates are a bit out of my reach, so I'm looking to be creative with financing.

For books, I'm going through Build a Rental Property Empire, by Mark Ferguson, The Millionaire Real Estate Investor by Gary Keller, Rich Dad Poor Dad, a couple of books by Brandon Turner I found here on BP, the ABCs of Real Estate Investing by Ken McElroy, and Investing in Duplexes Triplexes and Quads by Larry Loftis.

Hi Everyone!
I'm new to Biggerpockets and wanted to introduce myself. I currently live in Denver, CO. My family owns property in a couple of states, and I'm looking to learn the ropes and buy my first property. I am reading any book I can get my hands on, talking with friends who are what I would consider a major success story, and now I'm here! I can't wait to get to know the community and hopefully become another success story!

Tyler