Rental Property Investor · Sydney, NSW · Member since 2018 · 13 posts · 1 vote
Hi everyone,
I’m looking at buying in Aurora CO and I was wondering if any of you out there had any views about the best suburbs to purchase in that area?
Budget is around $200-250k. Looking at townhouses through to a multi door, depending on how the returns stack up.
Your help would be most appreciated!
Daniel
We help clients pick up properties all the time in Aurora in that price range (and under.) You won't find multis in that price range. Ready to go 3 or 4 bedroom condos or townhomes won't be an issue. We even find some with simple value-add plays (like adding an extra bedroom for a few grand) in that price range.
Using your ROI metric for 6%+, it shouldn't be an issue. Of course paper returns are different than walking properties!
Commercial Real Estate Agent · Denver, CO · Member since 2018 · 109 posts · 81 votes
8y
Daniel,
"Best suburbs" depends on your investment criteria. If your budget is all in $250,000 then you will face strong competition to purchase. Inventory is low, but not impossible to find. You might be limited to condos.
Is this an investment property? Your residence?
If you can provide a little more detail, perhaps I could point you in the right direction.
Rental Property Investor · Sydney, NSW · Member since 2018 · 13 posts · 1 vote
8y
Hi Rodolfo,
Thanks for your thoughts.
Below is an expanded criteria of what I am looking for in terms of suburb:
>> Long term buy and hold (investment)
>> $200-260K
>> Return of 6%+ ROI rent (annual rent divided by property purchase price) - if this is achievable whatever suburb comes closest
>> Stable capital gain
>> Low crime
>> Low vacancy rate
I am going to be in Denver from 11th to the 15th November - I'd be interested in checking out some available stock in that period if you have something that meets the criteria?
Rental Property Investor · Denver, CO · Member since 2017 · 82 posts · 38 votes
8y
@Daniel Green
Hey Daniel,
There aren’t many properties here in Colorado that guy your criteria. At most with that price you’re probably looking at condos or some townhouses that need a decent amount of work.
Is your budget a cash budget or is that with conventional financing?
The market out here moves very quickly and there are a lot of people coming out here with cash for the best investment properties.
Rental Property Investor · Sydney, NSW · Member since 2018 · 13 posts · 1 vote
8y
Hi Katie - thanks for the clarifying questions. I'd be coming in with conventional financing. I'd be open to purchasing a townhouse in a good suburb, but wouldnt want something that needs a lot of work. What budget would you suggest for that / what areas would you be looking in?
Realtor · Denver, CO · Member since 2016 · 499 posts · 129 votes
8y
Hi Daniel, there are some great properties under 300k but 300k is a good starting point. As for neighborhoods, the most ideal in Aurora is usually the homes in the Cherry Creek school district. There are also opportunities near the hospital that can really be good investments. You can be set up with a property search in these areas. Have you found a local lender that knows international lending?
Real Estate Agent · Grand Junction, CO · Member since 2015 · 1k+ posts · 736 votes
8y
@Daniel Green the greater Denver area can be tough - but Colorado is a big state and there are other areas (like mine) that have decent properties in your price range and are desired by renters. You didn't explain: Why Denver area?
We help clients pick up properties all the time in Aurora in that price range (and under.) You won't find multis in that price range. Ready to go 3 or 4 bedroom condos or townhomes won't be an issue. We even find some with simple value-add plays (like adding an extra bedroom for a few grand) in that price range.
Using your ROI metric for 6%+, it shouldn't be an issue. Of course paper returns are different than walking properties!
Rental Property Investor · Sydney, NSW · Member since 2018 · 13 posts · 1 vote
8y
@Kevin Grinstead
Hi Kevin, thanks for the tip regarding Cherry Creek and price point.
We are currently in discussions with international banks (HSBC) as they seem to lend at reasonable rates. Local banks that do international lending that could be preferred. Do you have any recommendations/ contacts?
Rental Property Investor · Sydney, NSW · Member since 2018 · 13 posts · 1 vote
8y
@Teri S.
Hi Teri, you’re correct, we have heard good things about the surrounding areas. However based on a macro analysis of the state, Denver seems to be the best investment option. Strong, stable and long term drivers that will drive capital growth.
Thanks for your thoughts!
Rental Property Investor · Sydney, NSW · Member since 2018 · 13 posts · 1 vote
8y
@Chris Lopez
Thanks Chris! Good to know so as to manage expectations. I think given we are long distance investors we would probably want something that does not require much modification.
Rental Property Investor · Sydney, NSW · Member since 2018 · 13 posts · 1 vote
8y
@Rodolfo Canon
Hi Rodolfo - I’ll be in Denver from 12-14 of November if you would like to catch up to show me some of your properties. The trip at this stage is with the intent on establishing a feel for the local market and meeting people like yourself.
Let me know what you think!
Hi guys, sorry if this is an old thread, I am in no way experienced whatsoever, but I know, in three years I want to buy my first rental property in cash. So I am looking around, window shopping, and I cannot understand what is "wrong" with this listing.