Englewood, CO · Member since 2018 · 1 post · 0 votes
My fiance and I are moving out to Colorado in the summer and instead of renting, I'd like to try and buy a multi-family unit and rent out the other units. Is this kind of strategy ill-advised and/or difficult to pull off? Would it be crazy to try and buy a house from half a country away, or is this completely do-able? I'm a little concerned about the timing of moving out of my current renting situation and buying a new place, fixing it up, and renting it out. I'd be able to fly out and look at properties, but not all that often. If this is indeed possible, then are there any pieces of advice anyone can give me to make this process a little smoother? Also, does anybody have any advice specific to looking for multi-family properties in Denver specifically? Thanks for any advice!
As @Bill S. said, if you have money, then it's easier. There are certainly multi-family units available but they're pricey and competitive. Certainly doable, but be ready to grapple with the competition.
If your goal is simply having an income-producing part of the property, another option is to look for a home with a basement apartment or carriage house. You can long-term rent that or short-term rent/Airbnb it. (A basement apartment or carriage house is actually the only way you can do short-term rentals full-time legally here in Denver.) Just a thought.
@Justin Cooper It's do-able but definitely wouldn't be easy. Multifamily inventory is extremely limited in the Denver metro area and highly competitive. You're definitely going to want to work with a top-notch agent who can be your boots on the ground here. Maybe they could view properties for you and walk it while on a video call with you.
My fiance and I are moving out to Colorado in the summer and instead of renting, I'd like to try and buy a multi-family unit and rent out the other units. Is this kind of strategy ill-advised and/or difficult to pull off? Would it be crazy to try and buy a house from half a country away, or is this completely do-able? I'm a little concerned about the timing of moving out of my current renting situation and buying a new place, fixing it up, and renting it out. I'd be able to fly out and look at properties, but not all that often. If this is indeed possible, then are there any pieces of advice anyone can give me to make this process a little smoother? Also, does anybody have any advice specific to looking for multi-family properties in Denver specifically? Thanks for any advice!
All it takes is money. Once you have that figured out, then the rest takes care of itself. Don't expect to buy at a discount and don't expect to negotiate. With technology it's definitely doable as mentioned by Matt. The less you can afford the greater the difficulty.
As @Bill S. said, if you have money, then it's easier. There are certainly multi-family units available but they're pricey and competitive. Certainly doable, but be ready to grapple with the competition.
If your goal is simply having an income-producing part of the property, another option is to look for a home with a basement apartment or carriage house. You can long-term rent that or short-term rent/Airbnb it. (A basement apartment or carriage house is actually the only way you can do short-term rentals full-time legally here in Denver.) Just a thought.