All Forum Posts by: Chris Lopez

@William Schloth The advice from the previous people is right on.

Talk with @Jared Bouzek . He's a local lender who knows his stuff

Do you have income from where you live now? One option is to use your current your income to buy a second home in Denver. You'll still get very favorable terms (I think it's within 1/8 percentage point). Of course, you need to know where you want to live to buy long distance.

@Eric Dupuis Just to very clear, I'm not saying selling the house is the best option (or even recommending it.) It's a worthwhile exercise to explore the different scenarios. I'm a big fan of just buying and holding forever since RE transactions costs take out a good chunk.

What are you renting the place for? $2500/mo?

The argument to sell (just playing devil's advocate) is that $2,500/mo in rent on a property worth 495k is the not the best use of equity when you can buy a place for 230 and rent it for 1850/mo. If you sell, you'll walk with without paying capital gains.That's the argument on paper.

I would talk to a loan officer ASAP about refinancing. I believe for investment property they'll do 75% loan to value. 

@Craig Curelop 's advice about house hacking is right on. The numbers are amazing for house hacking!

@Eric Dupuis

You said, "which I now rent." - Did you use to live there as your primary residence? if so, was it longer than the 2 year rule to exclude capital gains?

It's hard to give you a detailed answer without knowing a lot more about your situation.

Is it advisable? Depends!! If you're able too, sit down with a loan officer and agent to run through different scenarios. If you're able to exclude capital gains, one can make a strong argument to sell that property and redeploy the capital for better investments.

What type of rates are you looking for a refi?

What type of cashflow are you looking for on your rentals?

The Denver market is tight, it's difficult to find properties where you can do the textbook BRRRR of where you pull out all of your original capital.

Chris

@Steve K. have you talked with @Marc Cunningham with Grace Property Management? I know he covers a good portion of the Denver and Boulder area.

@Conrad Kostrzewa Reach out to @Marc Cunningham at Grace Property Management. They've been in business since the 70's. He knows what he is doing! 

Hey @Brian Kohlsaat welcome to BP. FYI - my favorite resource on BP is the keyword alerts for the forums. I've learned a lot that way and have met great people. Take the time to set those up.

If you ever want to grab coffee, let me know. I'm happy to pass along any knowledge that I can.

@Joseph Hamilton Welcome! In addition to the podcasts, set up keyword alerts for areas and topics that you're interested in. I've learned a ton and met some great people that way.

@Josh Hawkins your questions:

No, it's not worth it "just to have." Expenses for maintaining it add up.  A license doesn't give you any advantage. You can go on Redfin and get new property alerts just as fast as agents.

Only get it if you want to become an agent.

Hey @Francisco Jaramillo I was in your shoes not too long ago! I talked with a handful of brokers, but ultimately went with Your Castle Real Estate. They do a lot with investment properties. Look up Jeremy Lambert on their website and reach out to him.

At least talk with 3 brokers to get a feel for who and what is out there. If you ever want to chat on the phone, give me a call.

@Roger Poulin I'll have to put The 10x Rule on the reading list. Thanks!

@Brittney Johnson You'll probably get more traction for your answer by starting your own thread (or searching this topic... you're not the first person to ask this.) We have clients from CA and NY buying properties in Denver? Why? You can find cash flowing properties from the MLS. Plus, long-term, there's a lot of potential upside for appreciation.