All Forum Posts by: Kayla Givens

@Linh Terford I would look into the rules/regulations in your city. Because it is your primary residence, you shouldn't have any issues with doing a short-term rental for a private room. I would hop on Airbnb and look at how many "private rooms" are in your area and what they're going for. If you can show your husband the cash flow possibility he might get on board!  I always use the AirDNA calculator on BP to get an idea of what a property could bring in :)

Feel free to DM me if you have any additional questions! Happy to help!

Hey @Marc Roberson! Your dream home sounds a lot like mine :) How long have you been investing? Do you own any properties yet? Echoing what @Cameron Tope said, being able to invest in your own market is really helpful -- you can meet and build your own team and you are already pretty familiar with the area. The best way to find cash flow in the Denver market is to find a property that you can implement a short-term rental strategy with. Bigger up front cost but the cash flow will pay back your investment fairly quickly.

Would be happy to chat through any questions you might have about strategies and the Denver market! DM me if you want to connect!

Hey, @Linh Terford! Definitely sounds like you're in the right headspace as far as getting creative and trying to figure it out. How often do your parents visit? Do you think you could Airbnb the two extra rooms when they're not there? House hacking can be hard if privacy is important but if you can handle it for a year, you can move on to another property and use a low down payment option (3-5% for owner-occupied). Maybe the next property you target is multifamily and you can guarantee you have privacy by living in your own unit :) 

@Matthew DiGiacomo have you thought about house hacking? While it might be thought to do a short-term rental in the Denver metro area, it's not impossible. Wheat Ridge, Arvada, and unincorporated Adams county are all Airbnb-friendly and could be a GREAT house hacking strategy if you're up to it. I see a lot of people who house hack and see a decent amount of cash flow while living there and nearly double once they move out. Something to consider if you want to get your foot in the door in Denver!

Hey, @John Intfen! What are the differences in cash flow/CoC return when you analyze for FHA vs. Conventional? Is it significant? If I was you, I'd use whichever loan got me into the best house for my needs and would allow me to cash flow after moving out (if you plan to house hack) or cash flow at all. With the amount of appreciation Denver continues to see year over year, you could probably expect to be eligible to refinance out of your FHA loan within a few years.

Just my two cents and would be happy to chat through more and give you insight into the Denver market!

Hey, @Matthew DiGiacomo! Congrats on what sounds like a really great deal out in NC. I'm a realtor in the Denver area and have been looking at investing in an STR out of state. I've found that the only way to cash flow a good amount of money in Denver/Denver metro is to implement the STR strategy and you're quite limited as far as locations can go so hoping to get a deal out of state.

Investment Info:

Single-family residence buy & hold investment in Highlands Ranch.

Purchase price: $460,000
Cash invested: $12,000

Great investment for my buyers in the highly sought-after Highlands Ranch! We were able to get this property for $10k under asking and after a little renovation (updated kitchen & bathrooms), my buyers were able to rent this property out and are currently cash flowing over $500/mo!

What made you interested in investing in this type of deal?

My buyers wanted to find a property that was close to their primary residence so they could easily self-manage. Luckily for them, this property is less than half a mile from them!

How did you find this deal and how did you negotiate it?

This property was found on the MLS. We submitted our offer on Sunday and at that time, we were the only offer on the table.

How did you finance this deal?

My buyers brought 25% down and used a conventional loan

How did you add value to the deal?

My buyers updated the kitchen and bathrooms in the home prior to listing it for rent!

What was the outcome?

They listed the property on Zillow and within 24 hours they had MULTIPLE qualified applicants reaching out. They were able to rent the property out within the week and are cash flowing a little over $500/month.

Lessons learned? Challenges?

This transaction was super smooth - my buyers got everything they asked for on inspection, got the property for under asking, and walked away with a cash-flowing asset!

Hey, @Jun Ho Lee! Welcome to BiggerPockets! House hacking is, in my opinion, the easiest way to get your foot in the door with real estate investing! Have you thought about what sort of strategy you will implement? Single-family home with roommates? Multifamily with long-term/short-term? 

Congrats on getting started!!

@Blake Morton - definitely could! Good luck with it! Hope you will keep us posted!

Hey, @Blake Morton! Sounds like a pretty good setup you've got there! Have you thought about what you'd do with your ADU? A short-term rental might be a good idea depending on your city's laws/regulations. Since you already have electrical and septic setup it shouldn't be too crazy with maintenance.

I tried to do something similar with an RV a few months ago but it crashed and burned... We did not have the proper electrical setup and did not have access to septic. Long story short, we nipped it in the bud very quickly but it could have been a great way to earn some extra income had we had those things sorted out.