Rental Property Investor · Las Palmas de Gran Canaria · Member since 2014 · 220 posts · 256 votes
Hello my friends,
Looking for wholesalers / off market leads in Boulder CO and any advice on the market.
My brother and sister in law moved to Boulder a year ago for work and their lease is coming due mid summer. Rather than buying another SF, we'd like to do a deal together and are looking for a multi-family property where they can live in a unit and we rent the rest. Anything between 1-5M that has that can carry itself with 35% down and has strong upside is interesting. We both know the game. They remodeled their last two homes and now have renters in them (his job moved him every 3 years). I own a number of multi-family properties on the west coast and have the capital and desire to diversify. I'm not afraid of the price point in boulder as most of my properties are bay area and seattle. Either the math makes sense or it doesn't.
Any particular nuances to investing in Boulder I should know about?
Any people I can connect my brother in law with to help grow his network and make this happen? Is there a good local meetup?
I’ll look out for you. Very few multi families change hands here, but they do come up occasionally. There’s currently exactly one on the market: a 5 unit listed for 3.5, but it’s a college rental so probably not something you guys would be interested in (it’s right next to the college campus). If you’re open to properties in the surrounding area, greater Boulder County or north Denver metro, there will be a lot more options. Initial cash flow will also be tough with 35% down. The best strategy here IMO is to look for properties that are under rented with some value add opportunity, rehab or perhaps reposition, raise rent, force appreciation that way and shoot for cash flow in a few years as rents increase. That’s what the big money is doing here. Almost all the multifamily properties are owned by a handful of people so it’s hard to break into.