Gillette, WY · Member since 2019 · 85 posts · 18 votes
Hello,
I am entertaining the idea of moving to the Denver area or even Colorado Springs, as we would be able to add $60k+ extra to our household income. Of course that comes with a higher price tag than where I live now in Gillette, WY. I would ideally like our next purchase to be a multifamily, but that feels really out of reach.
This is probably asking a lot, but are there any experienced creative financiers experienced with Longmont, Westminster, Erie, Thornton, Arvada, Aurora, Ft. Collins, Loveland? I only chose these towns because that's what I'm most familiar with, but open to other areas also. Not too familiar with CS I just know it's closer to the price range I'm hoping for.
I don't mind getting creative, am open to lease deals, owner financing, ect. I would just rather work with someone who is familiar with BP!
More townnames for keyword alerts: Lakewood, Wheat Ridge, Commerce City, Englewood, Cherry Creek, Littleton, Golden, Morrison, Evergreen, Parker, Castle Rock, Leydon, Broomfield, Brighton.
Rental Property Investor · Littleton, CO · Member since 2014 · 150 posts · 114 votes
7y
In the Springs you could also purchase a single family home on an R2 lot and make half into another unit. I have seen several ranch homes with basements which could be converted fairly easily.
Investor · Castle Rock, CO · Member since 2014 · 12 posts · 2 votes
7y
We would like to help you with your search. My wife and I started with a duplex in Aurora. We lived in one side and rented the other side out. After doing updates and upgrades to the house, the rent from the other side paid all but $50/mo of the mortgage. Then we saved the money we would have spent on the mortgage for a down payment on our second duplex in Aurora about 18 months later. We kept at it and have built a nice portfolio. We can be of better help and give more specific guidance if we have more information such as...
Location of job
Expected commute time to job or distance from job
Family income and expected home price
What kind of updates can you do yourself to the house?
Required # of bedrooms and home square footage
How much do you care about school quality in the area
That said, looking for multi-family in Colorado Springs is tough. As many realtors in this area will tell you, duplexes, triplexes, and quadplexes are few and far between here. That's not to say they're impossible to find. @James Carlson has found a duplex or two down this way, I believe.
After saying all that, I'm not sure what you're looking for. An agent to help you find a property, or someone to help you fund the purchase? Like a bank? I also think you should consider that your search range is VERY broad right now. All of the places you listed are very different and have totally different price points for homes. Telling a potential agent that you'd be willing to live in Evergreen or Castle Rock or Colorado Springs might cause them some frustration.
If any of us can help you narrow your search, I'm sure we'd be willing to point you in the right direction!
Rental Property Investor · Littleton, CO · Member since 2014 · 150 posts · 114 votes
7y
In the Springs you could also purchase a single family home on an R2 lot and make half into another unit. I have seen several ranch homes with basements which could be converted fairly easily.
Gillette, WY · Member since 2019 · 85 posts · 18 votes
7y
Thank you both for you swift responses!
A little more detail - I work in the oilfield, but Gillette just doesn't offer much for jobs for my partner who does not work in the oilfield. In the Denver area, the same career path (law but not lawyer) offers quite a bit more than here, so we are thinking we can maximize both our incomes by getting a duplex or bigger somewhere near Denver, North of Denver, or CS. It all depends on the job he lands, but also commuting is not an issue. Heavily considering CS above all else.
For context, I work 2 weeks on and 2 weeks off on a set schedule. I don't like doing nothing on my days off and feel that is plenty of time to work on my house I bought last year in Gillette and rent out my two extra rooms so I still have a place to stay while I'm working, make a little on the side, and meanwhile my partner be in Denver/CS that I will visit on my days off (I don't see him while I'm working anyway).
@Adam D. To answer your questions: Right now, my income is right around $100k/yr. My partner was making about $25k, but expect closer to $60k with a move to Denver. I can do just about anything with YouTube's help - but I own pretty much every tool needed to do most minor rehab projects on a house, though I would like to help someone do a remodel to make sure. I was more the handyman growing up than my dad was! My partner and I are child-free, so school doesn't matter to us personally, but would take it in to consideration for renting out in the future. As far as bedrooms, preferably two - three but we'll also take what we can get.
@Thadeous Larkin I would like to hear more about CS. I have heard mostly about the crazy crime rate, not so much the cool stuff! And agent that is a BP member preferably, but if there is someone who can find deals that might find some owner financing for us that would be pretty cool! The other issue is that we don't know what amount we might be approved for once my partner finds a job. Not sure if it would be enough for a place anywhere near Denver or CS! Or it might be just enough! Not sure. We're in the "looking and trying to decide" phase at the moment.
Other things: We have 3 giant dogs between the two of us, and he would have to take them with him to CO as I am very gone away from home (even in Gillette) while I'm working. The other thing is his mom is going to come move out with us and bring another dog and cat. With that in mind, I feel like our only option is to buy, BUT we would have a guaranteed renter for at least one unit through her, if that would help with financing options.
Property Manager · CO · Member since 2016 · 42 posts · 47 votes
7y
I live in the Springs. We lived full time in an RV for four years traveling the country before settling here. My husband is a web designer so we could live anywhere and chose here if that tells you anything. I'm not sure what crime rate you are talking about. I'd like to see data to back that up. I find the city very safe even "bad" areas aren't that bad IMHO. Alas, I have lived in LA and Indianapolis where there really are "bad" neighborhoods so perhaps my perspective is skewed. I own a couple of multi family down here. One is is a great neighborhood and the other not so much. We actually lived in one side of the duplex for 3 years before buying SFH. Our SFM has a walkout basement that we are in the process of converting to a STR. What I love about the Springs: proximity to mountains, not too much traffic, cool little pockets of town (downtown, Old Colorado City, Manitou Springs), tons of hiking even in the city, lots of open spaces, and lots of things to do with kids. The restaurant scene is getting better all the time too. It's also not to far from Denver (love that city too) for "big city" activities. Good luck!
Real Estate Agent · Greeley, CO · Member since 2017 · 23 posts · 23 votes
7y
Hi!
If your interested in the northern Colorado market I will be happy to share more about Greeley, Loveland and Fort Collins. Each place offers different things with investing market. And they are most likely more what you are looking for in the middle of both Denver and Wyoming.
I personally have my license as an agent in Colorado and utilize all the techniques I have learned on bigger pockets and by networking. I bought a duplex in Greeley last April and know the market here in northern Colorado well. Let me know if you are interested in talking more.
If your interested in the northern Colorado market I will be happy to share more about Greeley, Loveland and Fort Collins. Each place offers different things with investing market. And they are most likely more what you are looking for in the middle of both Denver and Wyoming.
I personally have my license as an agent in Colorado and utilize all the techniques I have learned on bigger pockets and by networking. I bought a duplex in Greeley last April and know the market here in northern Colorado well. Let me know if you are interested in talking more.
Mark
Hi there Mark! I'll send you a PM so we can talk more.
Rental Property Investor · Denver, CO · Member since 2017 · 51 posts · 39 votes
7y
If you're looking for a duplex in Denver, there is a lot of competition so it is certainly possible but will likely take some time to have an offer accepted. We bought one last year and probably looked at/made offers on 5 before we got ours. All seemed to be ~$450k and needing cosmetic repairs/upgrades for two 2 bed/1 bath units ~1,600 sf total and living in one side/declaring it your primary residence will let you get away with a lower down payment. We went with a local bank and put down 5%. This freed up some cash for us to use for the renovations, most of which we did with little skill and lotta YouTube!
If you're looking for a duplex in Denver, there is a lot of competition so it is certainly possible but will likely take some time to have an offer accepted. We bought one last year and probably looked at/made offers on 5 before we got ours. All seemed to be ~$450k and needing cosmetic repairs/upgrades for two 2 bed/1 bath units ~1,600 sf total and living in one side/declaring it your primary residence will let you get away with a lower down payment. We went with a local bank and put down 5%. This freed up some cash for us to use for the renovations, most of which we did with little skill and lotta YouTube!
Youtube is such a life saver!! Thank you for that info about the duplex's. Maybe we'll look at places with MIL units as well. There's a lot of options, just gotta find the right one!!
@Tashina Taylor As some others above have said -- like @Lizzie Carver -- duplexes in Denver are tough to come by. Everyone and their brother wants a multi unit now, and the competition can be tough even for as-is, needing-work properties. It's not impossible by any means, but you need to know what you're looking for so you're ready to act when the right thing comes up. And being open work helps as well.
We do a lot of work with clients looking for a mother-in-law suite. While you live there you can do Airbnb or some other kind of rental. And if you find a property with the right zoning with that MIL suite (be it basement apartment or carriage house, etc.), you might even be able to rent both top and bottom when you leave.
Anyway, I'd be flexible in your search. Denver's not as hot as it was just a year or two ago, but it's not exactly an easy market either. If Colorado Springs is serious contender, it's a bit easier down there. Same idea down there ... duplexes are not everywhere, the mother-in-law suites pop up every once in awhile, and again if you find a MIL zoned for two units, you might get a duplex by another name. Good luck!
Rental Property Investor · Colorado Springs, CO · Member since 2018 · 682 posts · 729 votes
6y
@Tashina Taylor I'm down in The Springs and and can agree with many of the above posts that coming by a duplex/fourplex (there are very few triplexes here) is not easy. There are many large split-level homes in Co Springs that can be rented as if they were a duplex. My house is a split-level and I rent the downstairs as its own unit for $900/month as it has its own entrance/living room/bedrooms while I live upstairs (and also rent the other bedrooms upstairs). I'm not sure if you're open to that type of arrangement but it's worked very well for me.
Several of my realtor friends have told me that the market here has taken a pretty significant seasonal downturn (and based on what I've seen on the MLS the last couple of weeks it seems to be accurate) so prices are slightly more reasonable right now.
Also, as far as crime goes, I always chuckle when people talk about "bad" areas of The Springs. I'm from Cleveland and have spent a great deal of time in South Chicago as well so from my perspective there are absolutely no "bad" areas in CO Springs. Easily the safest city I've ever been in.