Brand new to this website from a friend referral. Excited to learn more and purchase my 2nd property. My goal of this property is to live-in the home and remodel, to then sell or use as rental property. Targeting Sunnyside, Berkeley, Highlands, and nearby areas. Looking for about 1600-2500 of total space (including unfinished basement area). Please reach out if you have some properties available or someone to contact. Thanks and looking forward to connecting with more people with similar interests!
@Sloane Gerrity Welcome to BP!!! This website is a great resource with plenty of articles, podcasts and posts to learn about any real estate topic that interests you.
Those are probably the most popular spots in Denver, so the competition for any property will be fierce for anything that is in decent shape, but there still deals to be had if you are patient and willing to put in multiple offers. What do you think of the neighborhoods next to those spots..Wheat Ridge? Edgewater? Sloan's Lake?
Those are popular spots as well close to your favorite locations.
Have you talked to a lender yet to see what you qualify for? That will determine your next steps for buying your 2nd property.
Hi Sloane and welcome to BP! There are terrific resources on here. Do you live in Denver now?
For your live in flip those areas are great but are super competitive with inventory available. I live in Jeff Park close by and we’ve seen tremendous appreciation over the years. The Denver market is crazy right now and I’m happy to help keep an eye on some properties that could become available for you. Feel free to reach out if you’d like to discuss some creative options in these areas!
@Sloane Gerrity Welcome to BP!!! This website is a great resource with plenty of articles, podcasts and posts to learn about any real estate topic that interests you.
Those are probably the most popular spots in Denver, so the competition for any property will be fierce for anything that is in decent shape, but there still deals to be had if you are patient and willing to put in multiple offers. What do you think of the neighborhoods next to those spots..Wheat Ridge? Edgewater? Sloan's Lake?
Those are popular spots as well close to your favorite locations.
Have you talked to a lender yet to see what you qualify for? That will determine your next steps for buying your 2nd property.
Welcome. Someone above asked, but I'll ask as well: Do you have any experience with rehabs? Finding a home in Denver is only half the battle. If you're doing any significant rehab, you'll want to have some contacts or your own skills (and desire to work) because getting contractors in Denver is tough.
If you're really just looking to get a start, and you're open to other methods, I recommend keeping it simple. Buy a home for yourself. Live in it for a year or two, move out, and make the old home a rental. Rinse repeat. If you have the desire, you can house hack that first place while you live there and likely live for free or close to it. (Quick math: If you buy a $450,000 4br house, with a 3% interest rate and 5% down payment, your monthly payment is around $2,200. If you put a roommate in each of those extra rooms for $750/each, that's $2,250 in income.)
If you're serious about getting started, I'd do two things: Find a lender and find an agent. There is such a low inventory of homes in Denver. You need to work with some professionals who know the market and has the tools to get you into a place with such high competition.
Thanks everyone for your input! Appreciate the insight. I should clarify my original post just a bit: I am from Denver and have lived in my current house in Sunnyside for years, and am trying to find my 2nd property (first rental). I have a realtor and lender already, just looking where to find remodel home opportunities. Where is the best place to find these for my neighborhood, is it through a wholesaler primarily?
@Sloane Gerrity this market is so brutal that most of the realtors here are hustling for their clients 24/7 and twice that on Sundays. But there is solid advice above that might be worth re-reading.
Your realtor should be able to help you find properties on the MLS, but unfortunately there is not much inventory right now, especially in those neighborhoods. I've seen some value-add properties pop up in neighborhoods close by (Regis, Wheat Ridge, Lakewood, Chaffee Park). I'm also seeing a few lemons come along that are still going at/over list because of the craze. It's just the state of the market right now. That's why it's worth working with a realtor you trust.
If you're going to go wholesale, prepare to put $10k cash down, line up a hard money lender, know your comps and ARV. That option is out there, but it's a different game than buying on the MLS.
I expect more inventory to come on the market in the coming months as the vaccine rollout continues. Keep looking.