Questions/Opinions on MTR in Denver and surrounding areas

[Roman Puzey]

Hello,

We are looking for our first house-hacking primary residence to buy and its been hard to try to find a property that cash flows based on BPR calculator. Does anyone has experience with MTR in Denver as of recently such as traveling nurses, insurance contractors, Furnished Finder? How effective is it to MRT an ADU or a basement that's fully redone? We are having trouble to committing to one due to not being able to break even and not having 3-6 months of mortgage payment in case of vacancy which would wipe out most of our savings. I know there are laws around MRT in certain cities/counties, which ones would you recommend to look for MRT but also have it be your primary residence? We are planning on buying the property with FHA loan (850k) and using HELOC as down payment and keeping the residence which we are currently in and rent it out as LTR

[Kayla Givens]

Hey, @Roman Puzey! So exciting that you're looking for your first house hacking property! With rates where they are and home prices where they are, it is going to be tought to find anything that cash flows right now. Your best bet is to find something that will make the greatest impact on your monthly payment. Ex: If your mortgage is $3k and you can rent out your basement for $1500, you're left with a $1500 mortgage payment which isn't all bad. 

There are no restrictions on any rentals that are 30+ days (MTR) in the Denver metro area - only less than 30 days (STR). Arvada, Centennial, Wheat Ridge, Unincorporated Adams County are all STR friendly although Arvada has a caveat of only allowing 240 days per year as an STR and Wheat Ridge has likely met the limit for STR licenses by now. MTR is a great strategy and in terms of location, you want to find something that is 10-15 minutes from hospitals. From the nurses I've spoken with, something closer to Denver or the south towns would be your best bet in terms of desirability.

Hope that helps!