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Updated over 10 years ago on . Most recent reply
New to Denver Looking to Buy Investment Property
I just moved from Phoenix to Denver (Parker area) and looking to buy a SFH or condo rental property. I bought a home in Phoenix 2 years ago which I lived in and rented out the extra rooms to college kids, it turned out well and I made good money on the sell. When I moved up here I was a little taken back by how much more housing seems. I'm having a hard time finding anything that would qualify for the 1% rule. However, I haven't looked much at distressed properties because I'm use to Phoenix where distressed/auction properties were always bought with cash by the big investors, small peas like me couldn't compete. Is it the same way up here? I did make some good money on my house down in Phoenix when I sold it but still probably not enough to buy anything decent here with cash. Any advice?
Thanks,
Mark
Most Popular Reply
@Mark M. Our market in Denver is pretty competitive on all fronts these days. One thing you might want to consider is your rental model. I own two condos near downtown and rent one as a shorter-term furnished rental which gets me 1.75%. When I start renting my second one, even as a regular rental it will do 1%, and more importantly together they cash flow $1300/mo. Not sure if the furnished or vacation rental model will work well in the SE but it's something to think about.