All Forum Posts by: Grant P.

Jon Holdman
The loan was is 170k, purchase price of 221k PITI=1050 a month

Expenses will be very low in the initial years as everything in the house will be new.

Expected ARV=400-420k

Cost of renovation=80k+or-

Amount of hours spent to keep renovations that inexpensive=God only knows

Jon Holdman

My numbers are correct. I don't own it free and clear, i purchased it with 20% down and funded the renovation with cash.

It is a single family home in the lower highlands, and projected rents are $2800-3000 per month.

My single family project that I picked up in Nov will cashflow $1000-1400 a month. I will have about 100k in unrealized gains in added value as well.

It was not turnkey, and I have a ton of sweat equity in the project, and it is getting completely gutted.
It is located in the Lower Highlands, in Denver.

Still possible to find killer deals, but for me its all about finding that value with modification, as there are no "deals" to be had in the current market.

I would stray away from the FHA loan unless you have a poor credit score. The fees and new PMI rules make this a last resort IMO.

I work with multiple lenders that do 3% down loans for conventional financing if you are going to occupy the property.

It sounds like to need to get in contact with some new lenders, and do some more research. If you need the names of some lenders in Colorado that can help feel free to contact me.

Welcome and good luck

Welcome Bill Wilson

You have come to a good place to start you REI Journey.

Join us on 4/22 at 6pm at Hacienda Colorado I-25 and Colorado for our monthly BP meetup. Very casual, and it sounds like we will have a few new members joining us this month.

I am doing my best to promote it on the site so we can establish successful ongoing meeting.

Welcome and good luck

Welcome from another Colorado member. I am a Broker/Investor/Developer and I can tell you there is a wealth of information to be found here. I am happy to sit down for lunch and talk strategy if interested.

There are deals to be had, just tough to find in the hot market.

I think Denver metro area would be where I would focus as I see much better returns in the area vs. Boulder metro.

The Denver BP Crew has been doing a monthly meeting where we get together and talk real estate/strategy. Sounds like we are going to have a bunch of new members joining us this month.

Save the date if interested 4/22 6pm at Hacienda Colorado at 6pm.

Welcome and good luck with the new ventures

A cap of 7-8 in the Denver market on a fourplex, in a place you would actually want to live is pretty good here.

How turnkey is it? Will the market support improvements and increased rent.

If you can get in at a 7-8% cap on a fourplex and take it to a 10% with some sweat equity, you are golden my friend.

Denver had seen rapid rent increases, even as the housing market was struggling.

The trends show that the rents will level off in Denver once the all of the new developments are complete and there is not the large shortage that we are seeing. I can only speak to the urban core as it is the only market that I work in.

Great idea if zoning allows.

Check and see if you can legally do it or not. If its not legal your asking for problems.

I think your fatal flaw in not using an architect. If your are challenged with something as simple as a sloped lot, than I can see how developing a plan can take you 6-8 months. It sounds like this is way over your head

Planning should not take 6-8 months, if it was me and I had the dirt, I could be ready to break ground as soon as the GC was ready. Its all about the team you have in place.

I also don't touch anything without an architect, let alone a 600k-1mm house. The difference is night and day