All Forum Posts by: Jean Bolger

Hi @Petie Ehm. I would agree that it sounds like with your timeframe might do well to do some calculations based on a 15 yr mortgage. You also would have the option of getting a 30 yr mortgage and accelerating your principal payments to a 15 yr plan. That takes some discipline and planning, but it sounds like you've got those skills. The advantage of that is that if an unforeseen financial setback sneaks up on you, you would have the option of making the lower required payments for a while. 

In general, your idea of buying  SFRs rather than small multis or condos is sound, but at this particular moment the market for lower priced SFRs is kind of... horrible. There are so many owner occupants who are desperate to find something in the lower price range- it's made that particular sector extremely competitive and it's difficult for an investor to find one that makes financial sense. You don't say what your timeline for moving to Denver is; maybe all that will have changed by the time you get here, who knows. If you were buying in the next few months, I would suggest looking at condos, I think there are still some decent cash flow options there.

Also, there are some decent duplexes in the Denver area that can feel more like living in a SFR. If your wife is up for it, you could buy something like that using a low downpayment owner occupant loan. You could fix it up over the course of a few years while also bringing in income, and then rent both sides after you move out- on to the next similar project or just into a home that you want to stay in long term.

Welcome @Trevor Terry!
I'm in Aurora too. As others have mentioned, the market is pretty tight right now A lot of folks get discouraged because they are comparing the market to how it was three or four years ago. It's just a whole different animal right now, but it's by no means impossible to find a good property.

Just as long as you get that cent sign in there, @Micki M.

branding, ya know

Hi Rhonda! I have invested in small multis both in Denver and out of state. Either way has its advantages and disadvantages, and at this point I am still on the fence about what my next move will be. We're pretty far apart (I love Berthoud, BTW) but if you ever come down to the big city and want to meet up for a chat  let me know.

Many busy realtors hire assistants. Check the online job boards, Craigslist, etc. In my state you can have a licensed or a non-licensed assistant- certain activities do require the real estate license (showing properties, filling out contracts) but many are more general administration things. You could always consider getting a license and starting up as an agent yourself of course, or you could try to work for someone as an assistant and see if you like it before you go to that trouble and expense (in the scheme of things, it's not that much trouble and/or expense though) good luck!

In Colorado we have standard contracts that are approved by the state real estate commission. If you are licensed, you are required to use those contracts. If you are not licensed, you don't HAVE to use them, but you can. And it certainly simplifies things if you do, because the other party is less likely to feel the need to have a lawyer look over the contract. In the current market in my area I don't think many people would bother to consider an offer that was not on the standard contract- it would be too much hassle.

interesting! Have you asked some mortgage brokers about that? It doesn't sound to me that you are trying to deceive, and I don't know that there are (or could be) any regulations about who sleeps where... I know Madison's not a cheap town, and it makes sense to try to be super frugal when you're young and starting out. I'm curious to see what others may have to say about this 

Seems odd to me, too! I would definitely talk with a few other realtors... 

@Krish Das, there are certainly promising properties (yes, on the MLS) for cash flow in that price range if you are looking at condos. I am also in Aurora; there are some areas that have a lot of potential. One advantage to you is that so many of the complexes are not approved for FHA loans- that means they are not as accessible to first time home buyers because they can't use one of the very low downpayment loans. There are local portfolio lenders that are happy to make investment loans on these properties, though. Our housing supply is so tight that I don't see any risk of rents dropping much in the foreseeable future, and if you get a decent location and an OK HOA you could do quite well, IMO

hi @John Robison IV! We have a lot of active BPers here in Denver,  at all levels of experience and involvement. You should definitely check out the monthly meet-ups. The market is pretty tight right now, but there are always deals available for the flexible, imaginative, and patient!