New Investor in Denver, CO. looking for multifamily

Real Estate Investor · Ridgway, CO · Member since 2016 · 29 posts · 18 votes

New investor here in Denver, I've been lurking for a while now and made my way through all 237 podcasts while taking in as many books as possible.

We're looking to purchase a multifamily unit to house hack for a year. I plan to refinance our current home, rent it out, and find a 2-4 unit building to purchase in Denver and live in for a year. I am also looking for a 2bd. condo in Summit County to rent out on airbnb. and occasionally use on the weekends. I'm excited to get started in this new venture, hope to see some of you at the local meetups.

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Rachelle RodaviaPro Member
BiggerPockets Support · Manila, Philippines · Member since 2015 · 1k+ posts · 148 votes
9y
@Steve Haag
Welcome to the BiggerPockets community!
Glad to have you with us.
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Chris LopezPro Member
Real Estate Agent · Denver, CO · Member since 2015 · 1k+ posts · 858 votes
9y
@Steve Haag
First, I'm impressed you made it through all 237 podcasts! My attention span is far too short to get though that many. Your plan sounds like a good one to me.
The only potential issue I see is if you purchase the house hack and condo at the same time. Depending on your finances, that may bring your debt to income ration up to high.
Goodluck!
Podcast Guest on Show How to Use Equity in Your Home to Reach Financial Freedom Faster
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Kayla V.
Rental Property Investor · Denver, CO · Member since 2016 · 66 posts · 44 votes
9y
@Steve Haag Welcome! I've done some casual browsing for 2-4 units in Denver with the thought of house hacking since our current primary is fairly expensive. Most of what I've seen on the MLS have been priced too high to make them a good investment. I'm sure the deals are out there, but if you want a Denver address, you'll likely need to start networking and get a bit creative.
As for a condo in Summit county, keep an eye out for the HOA's and know that you'll likely need to manage it yourself to turn a profit. The available management companies for STRs charge ~50%. Plus, that area is obviously very seasonal. You'll get insane prices over the winter holidays, but may have a lot of vacancy in the summer.
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Dave VisayaPro Member
Moderator
Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
9y
Hello @Steve Haag, welcome to the site! It's great to have you here.
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Matt M.
Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
9y
Welcome! What's your price point on those plexes? I know of a few off market. I've sold in Summit County as well, and you do have to watch out for the HOA fees. STR management fees are though the roof. I have a client up there self managing, and he is killing it up there. He might be up for a consultation if you want to self manage.
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Jean BolgerPro Member
Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes
9y
Hi @Steve Haag
As @Kayla V. said, small multis are going at a premium these days. But there are some good ones that pop up on the MLS. You just need to be able to move fast when you see one that works for you. So make sure you've got your lender, etc lined up
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