My name is Brian Watson and this is my first post to BP! I just moved to Denver from the Boston area and I'm in search of a 4-6 unit prop. that I will live in. Having been here for a few weeks already I'm feeling my optimism about being able to find a property that I can afford, and where the numbers work, here in Denver may have been short sighted.
I have a chunk of cash, from a previous sale, to put down on something but its not enough for what I'm looking for. I don't think I'll be able to get bank financing due to a lack of 1099 income but maybe if my down payment is big enough, who knows? My next line of thinking is owner-financing but I'm unsure as to where to even start.
My question: In a hot market like Denver, how does one buy investment property, strictly based on numbers (i.e- property paying for itself), when sellers are routinely getting 40-50k over asking? Are there still deals to be had on the MLS, or is creativity the name of the game?
Welcome to both the Denver area and Bigger Pockets.
Consider coming to our local meetups. Just do a search in the upper right hand corner of the site for Denver meetup and you should get hits for the meetings.
It's a competitive market here to be sure, but there are still deals to be had. I would talk to a couple of mortgage brokers now and see what your limitations might be. If you're finding that you won't be able to get into what you want, you can then start looking into something with owner financing or perhaps adjust your plans accordingly.
Welcome @Brian Watson, make sure to check out the podcasts, one of them will have the answers you're looking for.
I will most definitely attend some Meetups in Denver. Im excited to meet other people doing the same as me.
glad to be here!
There is 1 owner carry in the MLS that I found with a quick search. It is a 3 unit for $300k. OC laws have changed, and you will need to speak with an attorney to set it up correctly. You can find them on craigslist sometimes, but more often than not, they are lead generation ads for people.