I'm a long-time lurker with a request for help. Hopefully some of you might find this an interesting exercise.
My parents and my Grandma live in Loveland, CO. Grandma is getting old and my parents are trying to take care of her, but having her at home is not an option (they're willing, but there are personality conflicts.) My parents would like to find a place for her to live on her own, close enough that they can help her. It could be a single-family home, condo, or one unit of a multifamily property where I'd hope to put renters in the other units. My parents live near Wilson and 29th in Loveland, but I feel like southern Fort Collins or Berthoud could be options if necessary.
My parents have some money to put into this. I'm an airline pilot married to a dentist so we can afford to help, but we can't afford $500K-$800K for a 4-plex. We need something that we'll eventually be able to get our money back out of, but we're not trying to generate cashflow now if it ends up being a single unit.
I'm well-versed in the FI/Mustachian community and a big fan of the Bigger Pockets Money Show (Scott and Mindy rule!), but relatively inexperienced at real estate. I live in Tampa, FL, right now, so any local legwork would get assigned to my parents or I'd fly out for short trips. Does anyone know of some options in this area? Would anyone in the area be willing to help? The market in Colorado seems crazy right now, but I believe this community has the knowledge to help me find something that would work. Let me know if you need more information and thanks in advance!
Thanks for responding so quickly Mindy, and everyone else! I'm very impressed by this community. I'm working leads now.
Hey @Jason Depew - interesting need. Loveland still has some good opportunity and. Small multifamily in Northern Colorado is dang hard to come by. Check out this one 394 W 13th St, Loveland, 80537 - could be a good fit with a 1 bed on one side and 2 bed on the other. Good location by Lake Loveland and on a decent lot. Let me know if you'd want to check it out and we could set something up. Hope all is well!
@Jason Depew You said you can't afford a $500K-$800K for a 4-plex. Does that mean you don't have the cash for a down payment? Because, if the rents support the price, the property should pay for itself over time so your out of pocket costs would be the down payment.
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