All Forum Posts by: Kaley Roberts

Also this post might have some insight for you... 

https://www.biggerpockets.com/forums/52/topics/649...

Agree with @Kari Herman about zoning and @Matt Walker about running those numbers. Don't forget to include in your numbers but I believe you cannot legally let one tenant pay utilities of another tenant, you foot that bill. The other option would be to add separate water heaters, HVAC's, and electrical sub panels. Hope that helps you in weighing your options. We have a similar investment that we cover all utilities on it alleviates headache and you just bump the rent a little more to cover. 

Hi CJ - We have observed the market here growing as well and another thing that strengthens our market in my opinion is the military base. They provide a stable rental base that being said you could check out areas that have military bases around them. Good luck 

I've thought the same at times and I have to remind people sometimes that as a buyer you don't pay anything. A busy agent who has their finger on the pulse of the market will be able to provide well educated negotiation skills for you. It's different on the seller side but as a buyer and investors at that it's worth finding a great agent preferably one who has investing experience. 

@Vincent Pirrone no problem - when we did ours it was a pencil sketch with the general layout of where stuff was going to be located. More for their records I think but a requirement none the less. To save the trip you could simply call the department and once you get your answers you can upload your plans on the website saving you time and money. 

Congratulations on the new home purchase. A separate entrance in the basement is a great start. The PPRBD will be your go to. They will want you to open a permit on your work to be completed. Depending on how big you want to make your kitchenette there are a couple of options. You can eliminate the need for a full size oven and running that larger 220V cable by using a convection microwave (one that bakes). Also for purchase are mini-dishwashers which are great for small spaces. PPRBD will want to see some plans laid out first before opening the permits. Good luck. 

Welcome to BP - it sounds like you are doing the right things, you can't go wrong following the advice from the BP podcasts and books to boot. Best of luck in your journey. 

Chris, You have the right mindset for your age - well done. 

I would agree it's Dave Ramsey smart to have an emergency fund saved up first before investing in RE. A 4-plex is a great option to buy and live in especially if you don't have more than one kid or need more than two rooms because most quads don't have more than two rooms. 

The VA loan is great because it requires no money down to get into the property, a 1/4 percent or more lower interest rate, but it must be an owner occupied residence. Something to think about is that when you go the no money down route your cash flow will be decreased because you don't have that 20% down payment reducing your loan amount.

I agree with my husband, there are numerous areas up and coming and planning a few years down the road is a great strategy. Good luck on your investment here in wonderful Colorado Springs. 

@Haley B. I would recommend getting something central or downtown if it’s just your boyfriend and you. Colorado Springs has such a great little downtown. Square footage, separate bathrooms, kitchenette, seperate utilities, home separation/ divider walls etc all come into play when finding the right house hack. Depending on your budget I’d house hack in a nicer area like the Broadmoor, downtown, old north end, old Colorado city, briargate, etc. and do a throughout background check as well.