Deals in Denver?
Hey all,
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?
Thanks
Brian W.