I am actually working on buying a multi family in Greeley right now. And are you trying to buy a multi family, with an fha and live in it? Or are you buying them up as investment properties. Ie using a conventional loan? (Keep in mind most lenders and brokers do not use the term house hacking)
Anyway I could tell you about an agent I know in Greeley that would understand what you are looking for. And there are lots of lenders on here I have talked to that I would recommend. Contact Chris Lopez at Your Castle in Denver as well! He is on bp too.
Hi @Derek Perez ...
> Multi- Family buy and hold is the model that most interest me. It’s what I’ve done the most studying and research in.
Yes. Makes sense to me.
> However when I speak to local brokers, bankers, and general investors, there is little to no knowledge or interest in the field.
While Greeley does have a larger number than most of the other parts of Northern Colorado, there are not *that* many multi-family that come up for sale each year.
For example, if you're looking at Greeley duplexes, triplexes or fourplexes to stick with non-commercial financing, here's a chart showing the number of listings per year going all the way back to 1997.
> I’ve even been told that multi family doesn’t work in Colorado for various different reasons.
> I’m from a smaller town (Greeley) in Northern Colorado and although there are several larger and smaller multifamily properties there doesn’t seem to be a major player.
There are definitely folks that have major holdings so not sure I quite follow what you're saying here.
> Does anyone in the BP community have a lot of knowledge or know of someone who has had success in the Multi-Family space in the Colorado market?
Yes to both. In 2017 alone, I just went and counted and we helped clients buy 36 units in various configurations of duplexes, 4 plexes and one larger unit.
If you're looking for some pricing history, here's a chart that shows historical pricing for multi-family in Greeley as well.
Let me know if that helps.
If lenders or agents aren't responsive to your inquiries you may just not be talking to the right ones. My experience has been that most real estate agents specialize in single family homes because that is where the majority of transactions take place so that is where they can make the easiest money. The same is true for lenders. However, anything that has 5+ units you will have to talk to a commercial lender about. Due to Fannie Mae rules these can not typically be financed by a standard mortgage product. If you just walk into a large national bank chances are you won't immediately be put in touch with a lender that can help you. Try smaller regional and community banks.
I do not plan on house hacking, I would be using these an investment properties. I would prefer lager units 5+ to utilize commercial lending options. And that would be great if you wouldn’t mind sharing your agents contact info. Also I don’t know if you would be up for it, but I’d love to hear any info you’d be willing to share on your multi purchase in Greeley as well. And congrats btw!!
I was hoping you were on BP, and would find you’re way to this post. I’ve been looking forward to the NCREIG Greeley meeting coming up, so I could speak with you in person. Also thank you for the insightful graphs and information you provided. Look forward to speaking soon.
@Mark Leavitt thanks for the mention!
@Derek Perez - Multis don't work in Colorado? That's a blanket statement! Can you elaborate? In Denver, multis are not giving the best return, but they still work.
I can send you over some data for multi unit investing that is Denver focused. But, if you're buying up north, talk with @James Orr . He knows the market and data up there.
Am in Denver, Colorado and have had success with Multi families so not sure on the statement, "Multi family doesn't work in Colorado"? My strategy may be different in that I house hack. I also do nothing but multi families and planning on doing a small 5 to 12 unit next.
The comment was equally as vague. But from my perspective, that’s what he was gettting at @Chris Lopez . That single family homes were drawing better returns than multi’s. And he would rather singles in his portfolio over multi.
I do respect the “house hacking” Anna and defiantly would do it, if it fit my families situation better.