Investment purchase in Denver

[Micki M.]

First of all, this is not my success story, but I'm really proud of my buyer and wanted to share his story to encourage all those starting out in Denver.  Things are tough here and prices are high but you can still find opportunities if you want to stay local.

We met when he bought a 1 bed that I had listed in Cap Hill last year.  I lived in the building as well so we became friends and would chat about real estate.  He doesn't make a ton of money and didn't have a lot of savings so he thought it would take him years to acquire his next property but I encouraged him to keep learning and think creatively about his options. He watched listings carefully, knew what he wanted, and what he could afford.  He kept his application current with his lender so he'd be ready at any time.  Last month he saw a 2 bed condo for $109k, we went and checked it out, and he wrote an offer.

He's doing all the right things, he's renting out his current place, and moving into the new one so he can use his VA loan. With 0% down payment and the negotiated seller paid closing costs and his only out of pocket cost for the purchase was the inspection. He actually got a check at closing. To take it a step further, he lined up a roommate at the new place so his monthly costs will only be a couple hundred bucks while paying down two properties. Current rental rates for the two bedroom are around $1200 so when he rents it he'll exceed the 1% rule.

If you really want it, you'll find a way to make it happen.  Good luck out there!