All Forum Posts by: Brittney Housley

@James Carlson this is so helpful!!! Thank you so much!!

I think in the right market condos are definitely ok and I think Denver’s market isn’t going to change where renting isn’t necessary. Even Metro Denver.

@Rodrigo Barreiro Pujol I am definitely following this post...as I have the same questions! I would really like to start without putting anything down.

That’s what I was thinking. Thank you so much! 

Hello, we are looking to purchase a turnkey condo to rent out in the Westminster/Thornton area. We are ok with updating appliances and maybe some other minor work. 

I feel like this is a good place for us to start. My question is should I use a conventional loan or hard money lender?any recommendations for hard money lenders in metro Denver?

We haven't seeked out a HELOC just yet. We just paid off some of those debts so we are waiting for it to report on our credit to increase our credit scores.
We don’t have to flip it first. I just know that’s an option and I know the price would be lower than a newer or newly renovated condo. 
I’m trying to learn for sure

I have been researching and trying to make a decision for WEEKS on how to get investing. 

I originally thought I wanted to flip, and while I think there is good money in this, I think a steady stream of rental income is the wiser decision for our family. there is a bug MAYBE in purchasing a condo to flip and then keep and rent (this would be less expensive to purchase and possibly give back a greater return in value). 

Background:

-just eliminated credit card debt. Still have student loans and cars and a mortgage. 
-we have probably a max of $70k equity we can take out for HELOC for options.
- we live in metro Denver, a crazy competitive and intense market. 
-would most likely use a conventional loan to purchase if a conventional can cover the cost of a flip or regular updated condo. 
-I’m 8 months pregnant and currently furloughed, effecting possibility of obtaining a conventional loan. I would need to wait till I have a full time again (if I even can, no one wants to hire a pregnant woman...)

What would do if you were me!!!! Wait, plan, timing, go for it. I am ok with all scenarios but just don’t know what the right decision is. 
Thank you!!!!