All Forum Posts by: Grant P.

Check the rules with your lender, but as long as you plan to refi as your primary residence you should have no problem getting a new loan for your new property. You are welcome to give me a call, as I don't respond as quickly on BP sometimes, but if you need the names of some great local lenders I am happy to help.

Hello from another Denver member.

Come to out monthly meetup as Anson said. The main reason that I love the site is all of the local networking that comes along with it. Denver is am exciting place to be with everything that is happening right now.

I think we should push it back a day to the 28th due to the holiday if that works for everyone. What does everyone think? Gather on 5/28? Anson Young Michael Begley Robert Blake Vic Waln Sebastian Gruner Grant ShaferScott LimogesTanya HAdam Tutwiler Graham GloverJason NickelVal Dufour Ryan Nguyen

As far as the tax credit goes, you will be maxed out at the $2,000 per year. Declaring more or less shouldn't matter because you will be paying more than $2,00 per year in interest.

Also you should consider that this only applies to FHA, VA, USDA loans. You said that you will not have a big down payment. I would suggest looking at numbers, and I think you could do better with a portfolio loan that offers no PMI, and you can still deduct all of your interest, rather than taking advantage of the tax credit and being stuck with PMI for the life of the loan with the new FHA rules and the high fees that come along with FHA.

Message me if you have any questions about how to structure this, or if you need the names of local portfolio lenders. I think that if you could qualify for a no PMI loan you would be better off.

I couldn't disagree with the original poster more. I currently am developing infill projects in the city. My current single family project is on a 25 foot lot, and the structure is 22 feet wide. I have 18" to the property line on either side.

My partner and I designed and developed a multi million dollar house in Denver on a 33 foot lot, the house is 23 feet wide and about 4700 sq feet.

My current development project is an 11 unit, on a 50x125 lot. Density should be used in context, however the areas I want to be in in my market demand high density.

In fact tonight I will be attending a micro housing competition put on by Modern In Denver, a magazine and the Denver Architectural League, a group my partner founded.

A quote from the event invitation.

"Living smaller sounds great, but also vast and broad without real-life perimeters. Modern In Denver is proud to be a sponsor (our publisher, William Logan, is one of the judges!) of The Micro House Ideas Competition along with the Denver Architectural League, Roth+Sheppard Architects, studio 2b, hobbs:design and Zeppelin Development.

The competition brings the concept of micro housing home. Participating designers and architects were charged with creating a new housing typology, an 8 unit micro housing complex near 3457 Ringsby Court, located across the street from the entrance to the TAXI community. Their entries produce answers to questions dealing with thrive-ability, prefab design and ultimately living in smaller, more efficient spaces."

My focus is different than most on BP, but one of the things I try to do is stay ahead of the game on trends. All of the data shows that whats important to the 25-34 year old is not their home anymore, but rather the amenities and entertainment that is around it. if it takes living in 375 sq feet to be near this, people are willing to pay top dollar. My partner was quoted in the Denver Business Journal just a few months ago on the same issue. Link to the article:

http://www.bizjournals.com/denver/print-edition/2012/10/26/metro-denver-apartment-trends-mirror.html

I have, nor do I ever plan to live a sub-urban area. Like I said earlier, density should be used in context, and where I invest and live it happens to be very dense.

Hello from another Denver Broker/Investor

Like everyone said check out our monthly meeting. Last month was a really good turnout, I expect this month to be the same.

If you need help pulling comps or have any questions about the Denver market feel free to message me, and hope to see you at the meeting this month.

Vic WalnScott LimogesVal Dufour Sebastian GrunerAnson YoungRobert BlakeGrant ShaferAdam Tutwiler
and anyone else that I am forgetting
What does everyone think about changing the meeting location to Gather where we met last week. IMO this was a much better venue than Hacienda, and a much more central location allowing people from the north and south to access these meetings.

My vote is to move it to Gather. Thoughts?

Welcome from a Denver Investor/Broker/Developer.

In my experience there is money to be made, you just have to adapt to the market. I got involved in real estate at a young age as it is a part of my family business. I have been lucky enough to see first hand what can happen from long term buy and hold.

In my 9-5, I was primarily working with a handful of investor clients that were doing 3-4 fix and flips a month. Because of the way the market has changed we cannot find them deals with enough meat on the bone for them to be profitable. Both of us have had to change our business. Buy and hold deals are still out there, with historic low interest rates and rents at an all time high in Denver.

I personally have been buying SFR and development sites, but to make my numbers more attractive on the SFR I buy properties that are in need of renovation, and create some value there.

Make sure to check out our monthly meeting, I love this site and it has allowed me to network with local investors that I never would have been able to otherwise.

Welcome and enjoy!!!

Kelly Williams
I was looking for what portion of the payment is interest, and what portion is principal. The portion that is principal is an out of pocket expense, but it is not an expense. You are essentially banking that every month.

Also LoHi is where i concentrate. I just rented a 650 sq foot 1bd 1ba row home in lohi for 1350 a month, my guess is you are underestimating the rents in this area.

Also I would talk to a lender and see if you can get the PMI off of there. FHA PMI automatically drops off in 5 years, but if you refinance to a conventional loan they underwrite it themselves. Unless you have a loan that states that you can't refinance(which is highly unlikely 3 years after the loan was written) assuming you have 20% equity based on the new appraisal you will have no PMI, and potentially a better rate with a lower payment.

Kelly Williams
Do you know the breakdown of your mortgage? What neighborhood is this in Denver, specs on the house(bedrooms, bathrooms, etc.)? I think you can be profitable with this.

I also wouldn't plan for 1 month or 8.3% vacancy when the data I saw last week for the metro area was 1.7%. It will go up at some point, but address that when it happens.