All Forum Posts by: Wesley Jeanette

Welcome Melissa. I just started listening to the podcasts a few weeks ago and am on episode 31. I think they are great but they are all over the place in regards to topics. Every one I listen to makes me want to try something new so I would recommend you focus on an area and only listen to those at this point. You mentioned fix n flips and considering you have been an agent for 4 years I would assume you have a solid grasp on the buy/sell end of things but not on the rehab contractor end. Many people on the podcast have stressed needing to know your numbers for rehab costs, if you have those locked down you can price that into your offer and get deals. I haven't read it yet but based on the reviews I would check out the two books by J Scott, mine are currently being shipped to me. 

Another recommendation I have picked up from the podcasts is become active on here. By being a bigger part of the community you really show just what kind of person you are and that you are here to stay. I think by giving back to the community more people will be willing to help out when you are looking for something.

@Marshall Easlick I was just up in North Fort Collins last weekend and we drove through Wellington. I am totally blown away with the growth up North along I-25. As I was driving through Wellington I was thinking to myself I should buy something up here. The area has changed so much since I lived in Fort Collins a decade ago, but Fort Collins is one of my favorite places. Are there any decent older homes in the area?

This is interesting. I personally don't have that kind of money but this is kind of the level I am wanting to get to. I was just wondering where the property is located and what size the cabins/homes are?

What is you timeline for the rehab/refi and are you looking for the 400k from one source or would you be fine with a few different people coming in?

Thanks

@Kevin Wiley

Colorado is awesome, I have lived here my entire life with the exception of a year I spent in Florida.

The thing about Denver is it is an expensive market. Back in May the Denver post put out an article that metro Denvers average home price was above 485k (http://www.denverpost.com/2017/05/04/metro-denvers...). However, when you compare that with Boulders average of 1 million (http://www.dailycamera.com/boulder-business/ci_301...) it isn't to bad.

So I guess it depends on what you are planning on doing. It is just a bit higher of a price point to have to jump into than a lot of other places in the country.

I have rented both a townhouse and condo before, both of each in Boulder and Castle Rock. I think the demand is essentially equivalent as each type of property fits well at different stages of life.  

My Boulder TH tenant was an older guy with two kids going through a divorce. He was looking for something a bit lower maintenance than a house (yard work in summer, driveway in winter...) while still having some space and a more house like layout for when his kids were over. In short a step down from his larger SFR. I did have several people look that were newer families with a young child going in the other direction, needing more space.

My Boulder condo I have rented out to more of a young professional crowd. The kids who just graduated from CU and want to grow up but haven't really established themselves yet and don't really need a lot of space.

Both of my Boulder units rented for a similar amount, the condo is right downtown and the TH was out near the country club so a different kind of vibe.

Similar thing in the Castle Rock properties, the townhouse is rented by an lady with a teenage daughter. She ended a relationship and downsized from her SFR. She is loving the lower maintenance and general size of the place and it is a much better fit with where she is in life. The condo is rented out to a young couple who had no credit as they too were fresh out of school.

@Chris Mason thanks for mentioning the i/o box, totally overlooked that.

Hey @Anthony White I am thinking about doing the same thing. Did you watch the BRRRR webinar the other day? If not I would highly recommend it as he went through an example. The example used private money at a lowish rate and I would imagine you would just fill in that first section as a loan with your HELOC rate, over 20 or so years. Then in the refi section I think there is a start time and you just updated that for 6 months or so later.

Writing this up makes me think I should watch that webinar again.

Welcome Jose,

I too just joined BP and so far have been learning a ton. I would highly recommend listening to the podcasts and watching the webinars. They have been helping provide some level of focus as the subject of REI is insanely huge.

@Steve Stepanian I was just wondering if you had decided on a school yet? 

If not, I just recently (April) completed my coursework through Colorado Real Estate School (https://292.yssecure.com/) and thought it was pretty good. They offer 3 packages based on the level of additional help they can give. I picked the middle one where they will respond to your email questions but didn't end up using it at all. The nice thing is I could go at my own pace, which was fast. The only thing I found frustrating were all of the 'math moments'. Because a lot of people have a hard time with the math they really focus and slowly walk through what I consider very basic math, (I do have a BS in Math though so...).

I think the key to any of the classes is that you actually go through everything and really pay attention. Do the examples with them and then when it is time to take the test you have done it all. It is really easy to get distracted at home watching lectures, especially when you know some of the material. 

Also I recommend whichever school you decide to use don't take any breaks as there is a ton of information and it is easy to forget when the test comes if you haven't been actively studying. 

@Kody Fordyce I just started looking more into the single families and duplex/triplex on zillow/redfin. Even what they have shown there seem interesting and it has spurred my interest a lot. It is a bit difficult to comprehend the cost of some of those places, everything is just so cheap. It is kind of hard not to start that direction after seeing some of the stuff. My big concern is finding management that can handle a handful of properties spread across a town/city vs having them all in a building. Maybe that isn't a concern at all, but something I haven't thought a lot about yet as I manage everything right now.

@Tom Ott Thanks

@James Wise Thanks and excited to eventually get to your podcast. I started at episode one a few days ago so I have a ways to go.