All Forum Posts by: Blaine Martinez

Hi all,

Just got a non-warrantable condo under contract today, that was in foreclosure, in the Denver area ( Aurora ).

My non owner occupied mortgage was pre-approved before searching for properties, but not for not-warrantable condos.

I have a great credit score and 20% down payment ready to go.

Do you have any recommendations on lenders who hold these types of condos?

Thanks!

- Blaine

Does anyone have experience renting out to a student tenant, or family, that would be receiving payments (partial or full) through an academic scholarship or charity? Assistance will only cover rent. Any amount above the assistance amount would be covered by the tenant. Utilities, fees, and penalties would also be covered by the tenant.

In terms of collecting rent, what would make you feel comfortable in agreeing to this type of setup? (Perhaps setting 1 year’s worth of rent money into an escrow account, or something similar, for monthly disbursements to the landlord)

What type of income screening would you do?

How would that change your income requirements?

How would your lease be structured to hold the tenant accountable to discourage property damage and to allow them to rent from you?

With COVID impacting the world, I thought this would be a neat way to help out students with families and am brainstorming on how something like this could be implemented?

@Riley Wenger I'm house hacking as well.

I make sure that we are all communicating. I've given my tenants information for government rental assistance, information on borrowing from 401K with extended time to repay, and job ideas that are still operating (i.e. Uber Eats, online jobs, grocery stores, ...).

Keep them motivated since it is unknown how long we'll be in this situation.

Both of my tenants have paid.

One works remotely and the other works at a donut shop (where business has increased)

@Jack Ryan Wow! That's awesome that you fought to change your circumstances! I'm fairly new to REI, but bought my first house and started house hacking.

I'd be interested in tagging up sometime to meet other investors in the Denver area.

Hi all,

I just closed on my first home in Lone Tree and plan on using it to do House Hacking . I'd like to start meeting up with likeminded people as I am new and trying to figure this out as I go.

-Blaine

I'm in the process of purchasing my first home (currently renting a room). I found a house that is categorized as an "estate sale". What are some pitfalls, besides the usual property inspections, that should be taken into consideration when buying this type of property? What are some negotiating levers that you have used to reduce asking price, since the owner is unavailable?

Thanks!