All Forum Posts by: Vance Corich

I am currently searching for a propertt manager in the Denver Metro area to work with. I am a skilled propblem solver looking to learn the ins and outs of property management! My work history includes working on house flipping projects,  warehouse work, and currently machining. I enjoy machining an awful lot, and mostly enjoy doing it as a hobby. I would like to move to property management because I feel there is a huge opportunity in it for me to scale my abilities and help whoever I work with! If there is anyone interested in working with me, feel free to send me a personal message on here!

I'm wondering what property management softwares people are using, what they like about the software and what they wish it could do better? Do they help with renter/owner communication? Do they allow transferring pictures of damage or things that need fixing? Online rent payments? I'm interested in hearing from you! Thanks!

@Bill S. Thank you for your input! I will absolutely use that to my advantage. I assume there is an initial estimation of costs done to make an initial offer on a place (or to determine if it is worth the investment), then a more thorough estimation, followed by further negotiation? 

Thanks everyone! I do have J. Scott's book, and I am currently reading through it. I just downloaded some checklists and worksheets. My plan is mostly to hire out to contractors, because I work six days a week. I love my job, but it ties up most of my time. In order to get any gains from a flip, I would need to spend more than the three hours a day working (which is currently all I have) so I need to find some really reliable contractors in Denver. Ill definitely talk to inspectors and such as well.

Whether I am investing in flip deals or rent properties through BRRRR or any other strategy, forced equity seems to be a strong tool to build wealth and help drive success for us. One of the tons of the topics I have had trouble with is assess repair costs. I am curious how other people started making educated estimations for repair costs? I'm sure some people have a background in construction, and some have had close friends to help guide their estimating powers. About my own experience- I worked as a hired hand for a flip in 2009, and ended up getting really sick, so I could not continue for that job, then got distracted by other life things, so I did not get back into the craft, until now... I am hoping to pick my Dad's brain, as he was an electrical inspector here in Denver for a couple decades, so he knows a lot of the contractors around here, which should be a good source, but how do I develop my own skills in the area? I can definitely learn by touring houses with contractors, my dad, other investors, etc. But is there a way to try to hone my skills, possibly looking at rehab pictures, estimating costs, like some sort of online tests or something? Also, I'd love to see how other investors tour houses to try and glean some information off of the experience!

 Wow, thank you to everyone! This has been incredibly helpful! I can definitely see now that this deal just wouldn't have enough meat on the bones, I'm very grateful for everyone's participation in this thread! I am going to keep looking and reaching out for new ideas and information to make a better judgement call on the opportunities that I find!

 I definitely agree that it can be risky to invest in a place I'm unfamiliar with,  so far I have found that Nampa is the second largest city, the median age is around 30 yards old, the crime rate is slightly higher than the national average,  which makes sense for a big city,  though the house I'm looking at is not downtown, the average income is around 45000 (if I remember correctly) and I'll learn more about the neighborhood when I talk to the realtor tomorrow,  such as if it was built on a landfill or other questions I dream up. Thank you for your input!

Thank you for your inputs!I Wii definitely change up my paperwork to reflect it,  @Don Spafford the place I'm looking at is in Nampa

Thanks for your input Aaron! My initial rent was set at 1,300 I didn't set the calculator up to show the discount. I don't exactly know how much to allow for initial repair- any suggestions? (I won't hold you to it, just to use as a loose idea)

My name is Vance Corich, a 28 year old from Colorado, where I have lived all my life. I am one of the two children of divorced parents. In my family, my brother is the only person who has gotten a college degree, I went and got a trade instead- I love precision machining! I work a lot with titanium and steel making custom knives. But that's not all I am- Most of my life I have fought depression and self image issues, which over the past few years, I have gotten much more in control of. I think in the bigger pockets podcast #200, they talk about getting control of your life, and follow through, which they used the example of losing 10 pounds- you need to show dedication and make a real change in order to do so. Well, I lost 55 pounds! I was 255 pounds, and worked hard to get down to 200!  But since then, I have changed my focus to financial awareness. I now feel like I have control over my life, my emotions, and have grown my confidence!

 All of the books, podcasts, etc. about investing put a big emphasis on having a reason or passion. I have a solid understanding of what that means for me. At the beginning of the year (March 9) I married the love of my life. That same day, while we were leaving the courthouse, I was offered a job doing the other thing that I love- precision machining. I was the happiest guy in town! But there is a downside. Although my new career is full of interesting gadgets and tons of learning experiences, it is mandatory that I work six days a week. That cuts deeply into the time I have with my wife, and my other company (more of a hobby, but has potential!) My drive is to see my wife! I will work hard to make passive income for us to have financial freedom to explore our passions outside of work. I don't want to stop machining, but I would like to start doing it for myself, rather than working for someone else.  

My wife is from Vietnam, which is where her parents still live, so we will need to make trips out to visit with them, which is another reason I need to be available to travel for periods of time without the fear of losing my job, my only steady income stream. 

My #1 reason for financial freedom:

My #2 reason- (my hobby) I design and make cutlery from scratch!

Thank you for letting me join this forum! I am excited to learn all about real estate investing from everyone! I'm incredibly excited to start my new passion and my new life!