All Forum Posts by: Kevin Grinstead

Hi @Crystal Wilson You have a great start to getting the duplex or quadplex. Cost of a multifamily property here in Denver is higher but so is the FHA loan limit. In Colorado Springs, the cost of entry is lower and so are some of the loan programs and the rents you can charge.

Make sure you look into the local AirBNB or Short term rental laws for those areas. In order to make sure that the short term strategy is the right one for that property.  I would look close to the hospitals or major attractions as there are many people that will need/want a short term rental near those facilities. 

Good Luck and Happy Investing. 

Hi @Hamilton Sutton. Welcome to BP.  The most important thing would be to get a solid written agreement for the process so that this endeavor doesn't ruin your current relationship.  I would speak to a lender that can show you exactly how to situate your money and how each person can be involved in the loan.  For all of you to qualify, you would need to all have credit reports pulled and all your debt to income calculated.  

Some things to think about:

- Location (does it work for all of you)

- Starting cost 

- Repairs

Finding a home that needs some repairs that is live-able should be easy. For your agent, make sure that they know what work you are comfortable in doing and what work you are not willing to take on. 

An option you might also explore is to see if there is a townhome or condo that needs some updating. One of you might be able to qualify for the loan and then the repairs should be relatively small and the lending process would be a little easier than having all three of you on the loan. 

There are many conventional and FHA loan programs that would allow the 3% or 3.5% down depending on your qualifications.

Hi Ryan, 

If you can handle roommates you can also house hack a traditional home that has a much cheaper entry point. It all depends on your circumstances. Most duplexes in Colorado Springs are listed in the high 300ks and maybe to get a good one are more like 400 or 500k and a traditional home would be low to mid 300ks.  In the Denver area they can be the same or are usually more expensive where duplexes can be listed at 500k to more than 1 million dollars.   

I am always for duplexes so you have more doors to rent and more private spaces for your tenants. Once you move on you can cash flow from both doors. I would check out a great investor-friendly agent and see what they can map out for you to set you off on the right foot. 

Hi Clayton, it looks like you could keep the Airbnb and pay a company to do it and still come out ahead. I would probably keep that because it will probably continue to cash flow for you to get you closer to financial freedom.  

If you want to sell the Aurora property, you can get to many places that buying a house could be cheaper(depending on what lifestyle you like) you can probably find a few cities in the Midwest where you could buy a home outright for the 100k you would pull out of the Aurora home. Or even have a small mortgage that would be paid by the rental property.  Then you would be able to invest in a few more Airbnb or rental properties. 

Hi Shawn, Welcome to BP. There are some great opportunities out there. There are also some opportunity in making a home into an assisted living center and then renting it out to the caregivers to run the facility. With your background that might be a great niche market for you. 

Hi Karen, your best bet is to interview a few great realtors and see what each brings to the table. I would like the opportunity to meet you and see if we are a match. 

I can provide you with a series of questions to ask your Realtor to help make the decision. 

Good luck and Happy Investing!

Hi James, 

Check out there website and they only have a few listings in the area. If you select them, they may not allow other agents to view the property and it will be a fight for the buying agent to get paid. 

The model is, since I can't compete on satisfaction and added value to the transaction, I will get listings by cutting corners. Check the statistics out there and you can see that an effective agent will make the sellers far more money than what they are saving by a discount company. There are companies out there that will put your listing on the MLS for 1/2 of 1% but they will not provide you with the marketing and service that a full service agent does.

As a rule of thumb the cheapest is not always the best. There is a reason why Macy's is still alive and well and Kmart is basically dead.  Walmart took the place of kmart as cheapest and Macy's is for the best service and best quality, I am willing to pay more. 

Hi @Justin O'Malley I just looked quickly and it seemed there where 4 or 5 properties that could work for you and maybe even more depending on where you want to be.  The 203k Can definitely work but there are added fees and some issues with the process depending on how extensive the repairs are. 

Hi Justin, Welcome to BP. I am not sure where you have been looking in Denver but there are some properties you could buy that would qualify for conventional financing in our market. 

The one challenge is finding one that is a great deal that hasn't been scooped up by cash or hard money investors. 

Good Luck and Happy Investing. I know that a hard working, investor savvy investor can help you get what you want. 

Hi Dave, I also work with investors that do Fix n Flips. Would love to connect.