All Forum Posts by: Craig Curelop

@Jason M. - These common rules of thumb do not work here in Denver. These rules only take into account two numbers: price of the property and rent. It does not take into account taxes (lower here), insurance (rare if flood insurance is required), capital expenditures, or repairs & maintenance. 

I find that people who use these rules get stuck in analysis paralysis more than anyone else. Make sure the numbers pencil out after understanding: rents, your mortgage payment, and what repairs & maintenance will be. 

@Caitlin Caldwell - There won't be anyone who argues that a one-car garage is superior to a two-car. However, it really depends on the location and what the other houses in the neighborhood have. If you are the only one with a one-car garage, you will have a hard time selling the house. 

If all of the neighbors have a one-car garage, that is what is common in the neighborhood and shouldn't be an issue. 

@Michael McClearn - I have a few that I can introduce you to. We can chat about them on Thursday! 

Welcome to BiggerPockets @Jason M. - you found the jackpot for real estate investors! I wouldn't doubt that you could find each team member here on BiggerPockets. 

@Patty Nisbet - I think you will be surprised at how much you can afford! We work with a lot of people similar to you. As long as you have an income of ~$50k or more, you should be able to qualify for something in the $400k range and that's really all you need.  

If you are open to the rent by the room strategy, we also work closely with a lender that has a program specifically for this strategy. You are able to use a signed lease to bolster your "Debt-to-income" ratio so that you can afford more. 

@Austin Shulman - Good to see you posting on here! 

As you know, you certainly don't have to put 20% down on a property here. You can put down 3% to 5% when doing an owner-occupied loan. That will be the best strategy for you to get started! 

@Mateo Steele - We just helped a military couple purchase a house hack that had a separate entrance, a second kitchen, and laundry room in the basement. 

The couple is paying about $150/month towards their mortgage and when they move out in one year, will be cash flowing around $1,400 per month! 

In this market, you need to get creative if you want things to work out fruitfully for you. Otherwise, you will always have the excuse "there are no deals." That's the easiest excuse in the book. If you were serious about investing in real estate, you would find a way to make it work. 

For someone as young as you, your biggest advantage is time. I suspect you are flexible (no spouse and kids?) so this would be the time for you to make some sacrifices. Live with roommates (aka tenants) like many other 20-year olds do. If you remain consistent, by the age of 25, you'll have enough passive income to be financially independent. I did it in 3 years with $90k of student loan debt... I don't see why you can't do it in 5? 

Remember the quote by Dave Ramsey, "Live like no one now so you can live like they dream later."

@Zack Haberle - I really like the 5+ bed, 2-3+ bath options! 

@Jason Cacioppo - I recommend looking into eXp as an option too. Just joined them in January. You have the ability to make a lot of money in a lot of different ways. In just a few months, I have made $4,000 that I would not have made had I gone with any other brokerage. 

It is a nation-wide one and they throw a lot of great events. Just purchased my ticket for a Tony Robbins event for $300. Usually his events cost $1,000+. 

@Greg Pond - This might just be one of the most valuable posts on BiggerPockets. I love this! 

I think the biggest things have been hit. However, I think some repairs increase rent while others increase property value. Here are my thoughts on each: 

Rent Increases:

1. Finishing a basement/adding bedrooms
2. Kitchen Update (cabinets, countertops, appliances)
3. Bathroom update (tiled bathrooms) 

Price Increases: 

1. Large, obvious, big-ticket items such as the roof, water heater, furnace, plumbing, electrical, AC, etc. 
2. Finished basement/adding bedrooms or square footage
3. Kitchen Update (cabinets, countertops, appliances
4. Bathroom update (tiled bathrooms)