All Forum Posts by: Craig Curelop

Hello everyone,

Thank you to those have purchased BiggerPocket's recently launched landlord forms! We are currently working with lawyers from every state to create state-specific forms for all 50 states + Washington D.C. You can keep track of our progress and access the landlord forms here: 

http://get.biggerpockets.com/forms/index/

For those of you that purchased, we would be grateful if you could take a moment to leave a review on this thread. This will ensure that the landlord forms are of quality and to help others decide whether the forms are right for them. 

Thank you!

BiggerPockets Team 

@Tom Conant - I would recommend to start by going to biggerpockets.com/meet, refining your search for "Denver", and building relationships with fix & flippers, contractors, as well as other types of investors in the area. The fix & flippers and investors will give you good recommendations and you'll get a good feel for the contractors. Also, ask the contractors to provide you with references, call upon them, and ask them how they did. 

As a heads up - you might need to upgrade to "pro" to search outside of your area. But the $390 for the membership will pay for itself if you find a good contractor. 

@Paul Bryzek - Yes - I also know a few people doing along the peninsula and the East Bay. SJ could be interesting too. Especially because it's so close to Levi's Stadium. If you do go to SJ, I would suggest trying to get a place that is walking distance to the Light Rail. 

Also - I would hate to give you advice and then have you pay a fine. But I know most cities (including Denver) will give you a warning before heavily fining you. 

@Paul Bryzek - I am thinking about doing this idea as well. I am in the research phases right now and it seems to make A LOT of sense if you're looking for an extra $500 to $1,000 a month in cash flow. Obviously, be careful with the regulations in the Bay and be sure that you're doing it legally. 

I know J. Martin has started a successful business in Oakland doing just that. He's now financially free and travelling 10 months of the year. Al Williamson (based in Sacramento) is also a good person for you to meet. He is an expert on short term rentals and I'm sure would be glad to help. 

@Charles Peralta - Look into house hacking. Great way to purchase a 2-4 unit property. Live in one unit and rent out the other. That's a very common term here on BiggerPockets. There are hundreds (if not thousands) of forum posts, blog articles, webinars, podcasts, etc. all on this concept. Familiarize yourself over the next couple of months and get it done! 

Looking forward to having you in Denver! 

@Nathan Poole - Be careful renting out the rooms in Denver. There is a law that states only a maximum of 2 or 3 unrelated people can live together in the same household. Check out this link and scroll to the bottom where it says "too many people."

https://www.denvergov.org/content/denvergov/en/den...

I do know a few people who are doing this in Denver, but all it takes is for one a-hole neighbor to rat you out. 

@Randall Kates - It's much easier to raise the rent gradually each year by $50 than to increase it by $200 or $300 every 4 or 5 years. I always suggest the slow and steady increase. 

@Denver Gray - I would say talk strategy about getting UNcomfortable. Once you can be comfortable getting uncomfortable then analysis paralysis is not a factor. Trust your numbers. It doesn't matter if you get the BEST deal on the market with a 45% CoC.

If you can service your debt payments and hold on, you will be good in the long run. Taking action now is better than holding off x years and being afraid of not getting the best deal. 

@Jim C. - Being based in Denver, I am in a different market than you. I run both a short and long term rental. Both are profitable, but the short term rental is more lucrative. However, it's also a lot more work. So obviously you have that trade off. 

To see what you can get for short term rentals vs. long term rentals I would suggest you do the following. Go on Craiglist and inquire to a few people about long term leases, see what they charge you. Then go onto AirBnb and search for a 5 day stay at the times you are concerned about in a residence near yours. Multiply that by 4 or 5 (20 or 25 days occupied) to see what you could get for a month on AirBnb. 

That should give you a decent understanding as to whether you should do a long term or short term rental. 

@Eric Dupuis - Yes, it's in North City Park.