Investor · NY/CO/OH · Member since 2022 · 21 posts · 14 votes
Hey guys just looking to hear from investors who recently did a house hack in the Denver and the surrounding areas went for you? Im interested in the Aurora and Lakewood area.
I had a good experience purchasing a 3/3 in Highlands Ranch in June of LY. I added a bedroom in the basement to make a 4/4. Paid $565k; monthly expenses about $2900. I rented out the basement (included separate living area, bedroom, and bath) for $1,200/month, bringing my out of pocket to ~$1,700. I am now looking to buy something new, and will rent out the home by the room. I am expecting to gross about 4,600/month. The house is very close to 3 hospitals, Target, etc. so it is relatively easy to generate interest with professions. Lakewood seems to be very popular for investors…I think there could be a smart play in Aurora, too, given proximity to Fitzsimmons (though some might argue northern area is speculative; south likely “safer”). If you are looking to continue house hacking, you might also keep your plan for the home after you move out in mind. With cities placing more restrictions on short term rentals, I like the idea of buying a house hack today to then rent for the midterm stay or by the room post your occupancy. Hope this was helpful!
Didn't do it personally but finished helping a client set himself up. it only has been a few months but he currently has a separate basement unit that he has put on Airbnb. It is accomplishing his goals and is currently problem free.
Lender · Denver, CO · Member since 2021 · 243 posts · 253 votes
3y
Hey @Christopher Young! My fiance and I did a house hack last April - although our approach was pretty unique (we started a group home for men in recovery). I've worked with a lot of clients who are house hacking - a good mix of rent by the room and separate units (STR, MTR, LTR).
With rates as high as they are right now, it's a great time to be buyer in terms of price and negotiating power. I would look for a property that doesn't necessarily cash flow while you're living there but has the potential to once you move out and on to the next property. Making your monthly housing payment smaller is still GREAT and can get you on your way to the next property in no time.
Hey @Christopher Young! My fiance and I did a house hack last April - although our approach was pretty unique (we started a group home for men in recovery). I've worked with a lot of clients who are house hacking - a good mix of rent by the room and separate units (STR, MTR, LTR).
With rates as high as they are right now, it's a great time to be buyer in terms of price and negotiating power. I would look for a property that doesn't necessarily cash flow while you're living there but has the potential to once you move out and on to the next property. Making your monthly housing payment smaller is still GREAT and can get you on your way to the next property in no time.
House Hacking Specialist · Denver, CO · Member since 2016 · 411 posts · 396 votes
3y
@Christopher Young, I just finished a case study of a few different house hacker that closed in the Denver Metro in October of this year. Most of them are rent by the room strategies with 5+ bed homes and using various types of grant programs to pay down interest rate and decrease closing costs. I'll DM you the details.
I had a good experience purchasing a 3/3 in Highlands Ranch in June of LY. I added a bedroom in the basement to make a 4/4. Paid $565k; monthly expenses about $2900. I rented out the basement (included separate living area, bedroom, and bath) for $1,200/month, bringing my out of pocket to ~$1,700. I am now looking to buy something new, and will rent out the home by the room. I am expecting to gross about 4,600/month. The house is very close to 3 hospitals, Target, etc. so it is relatively easy to generate interest with professions. Lakewood seems to be very popular for investors…I think there could be a smart play in Aurora, too, given proximity to Fitzsimmons (though some might argue northern area is speculative; south likely “safer”). If you are looking to continue house hacking, you might also keep your plan for the home after you move out in mind. With cities placing more restrictions on short term rentals, I like the idea of buying a house hack today to then rent for the midterm stay or by the room post your occupancy. Hope this was helpful!
Hi Christopher. I live in Lakewood. Feel free to reach out if you'd like any info on financing options for 1-4 unit properties that you can house hack.
@Christopher Young, I just finished a case study of a few different house hacker that closed in the Denver Metro in October of this year. Most of them are rent by the room strategies with 5+ bed homes and using various types of grant programs to pay down interest rate and decrease closing costs. I'll DM you the details.
What are your HH'ing goals?
This sounds enticing. Please DM me, I'm curious to hear more about this.