All Forum Posts by: Kevin Grinstead

Hi Grant, Welcome to BP.  If there is anythinf I can help you with up north, let me know. 

Hi Tracy, rent can be used as income to help your DTI when you are borrowing money. If you have rent that is documented and is available for you then your income is increased and you can use about 75% of the rent you collect as income. This helps to ofset the mortgage on one property to buy the next property.

I have a client that bought a two-unit home and had rent from the secons unit and also rent from a carriage house.  Then after a year he leveraged the extra income to purchase the next house where he can do the same. The first property is giving him 3 long term rents and the second home is set to give them one rent and they are looking to add a carriage house to add another rental income from their property. 

If you can find a good duplex then you could rent out one side as a long term and then you could use the other side that you live in to rent extra rooms for additional income. 

I know that they had a package on BP for great lease agreements in Colorado to help you. 

Hi Tracy, the numbers look ok and I am sure you can get that depending on the area in Denver. One thing I would thin about is that technically most zoning would not allow you to rent your house that way. I know that many people do it. However, there is at least one instance I know of recently where the homeowner was required to change the house back to a single family home and then had to sell it due to their zoning violations. 

I would also check with a lender on how a room renter would be seen. I am wondering if you used the same plan but bought a duplex (or at least a house zones as two unit or more) you might be better set up in the future to leverage the rent into your next purchase.  

If you want to rent out rooms, i would focus on older houses in neighborhoods that don't have HOA's

And now would be a great time to start looking,  before rates go up and while less people are looking at properties. 

Hi Brian, there are several companies that will let you hang your license there for a little fee or a piece of your transaction. Between the license fee, the board fee (if it is required) and the monthly fees that you are charged and of couese update courses every year and other continuing education classes that may have a fee. 

If you are not planning to do transactions, then I am curious what thed raw is to get your license? As an accountant I am sure you understand the value of your time and resources. If your plan is to buy and hold property, use an investor friendly agent that you can connect with. An agent that lives and breathes real estate, if they are knowledgeable or experienced  will be well worth the relationship and in most cases, as a buyer you will not be paying them. 

If you are selling property, there is a lot that goes into it including marketing, staging, planning the open house and the legal aspects. I would much rather have a professional that pays for insurance and who has read many contracts do mine than have someone who only sees a few contracts a year. 

Hi Matt, welcome to BP. It might be hard to find a REO in the areas you are looking for. There are some For Sale by owners but I wiuld auggest you find a great realtor in Colorado to help you negotiate the best seal and help you make a great initial investment. My wife and I just bought our first property and we chose Frederick for the growth potential and the current lower cost properties. Depending on your budger you may want to look at Longmont for some lower cost properties tht also have great rental opportunities.

Lafayette has some decent townhomes and condos that might be good for rentals but the demand for being close to Boulder makes some fierce competiton in those areas. 

If you are willing to do some work on the homes, you can get into Broomfield and some parts of Westminster for a lower entry.  Let me know if you want to touch base. My office is in Westminster.

Hi Tiffany, welcome to BP. There are a lot of options for you depending  on what you qualify for from the lender. Outside the city of Denver you might be able to do AirBnB without many rules or requirements. 

There are also a few houses out there that would have carriage houses and you could rent that out as well.  I have a client that currently has a house like that where he can rent out the basement,  the upstairs and v the carriage house.  

Personally, i would either get something close to a new light rail stop or something near the new Amazon center. 

If you are interested in the northern part of Denver and  the suburbs, let me know.  

Hi Parker, welcome to BP. I like the multifamily aspect. Especially when you can get them cheap and rent them for a lot. In Colorado, while denver is higher priced, so are the rents. In Colorado springs, the cost is low but you still have good rent and with the military base nearby renters are easy to find. I hope you enjoy your visit to Colorado and if there is anything I can do for you while you are here, feel free to reach out.

Hi Nathanael,  Personally, I have had the best luck with my clients dealing with some really good mortgage brokers that are about to shop your loan to get you some good deals. I have an investor friendly mortgage broker that has been able to help me structure several deals for my client. He has rarely told me it can't be done and instead has done everything to find a way to get it done. 

Hi Patrick, in my experience with my clients, finding a good GC that can take on smaller jobs and finish the job seems hardest to find. I have several friends that are electricians and they all try to work more than an 8 hour day to make the money while the market is crazy. 

I hear stories all the time of contractors walking off jobs and never returning. Seems like they under bid to get a job and then don't want to finish a job because of what it cost them. 

Hi all. Great feed. I know a few people interested in adding an ADU to their property. I would love some construction referrals for those clients.

Does anyone know how ADU's work with the AirBnB rules in Denver? It seems that the ADU wouldn't fit the regulations of AirBnb to be your "Primary Residence"