All Forum Posts by: Tanner Pile

Distance to the subject property, bed bath count, SqFt, overall condition, and property floor plan/layout are the main items to look into for a good comp. 

Good Luck!

@Kyle Thomas

@Arjun Dhand

Have you looked into finding a SFH that can be converted into a duplex?

Or possibly do SFH and rent by the room route if it is hard to get in with the typical MF HH route

@Mike Tiderington

Run your numbers based off what it would look like as a full rental property. (long term, mid term, or short term) and run the numbers with out generating any income from the bedroom or unit you will be living in. 

This will give you an idea if this will still break even with out you living in it. Also, what are your goals for how much you plan to pay while living in the property. My goal is always to pay lower than what rent in that area would be or lower than what I am previously paying in rent. 

@Jane Park

Nick Reckman is an Attorney I have been recommended to out of Denver before. He is with Godspeed Merrill. Good Luck!

@Ethan Fowler

Everyone gave some great advice on getting spouses on board. I've never bought real estate with a spouse before but this is one idea that could work out. 

Have you looked into house and cottages with separate yards? This will get your wife the SFH she wants with a private yard and looking "cute" while you get the income unit in the back that can help pay the mortgage. Plus you can pitch the idea to make the rear unit a short term rental to increase your income and possibly get your wife on board to help design it to make it "cute"!

Definitely communicate with your wife and it will all work out in the end. Good luck!

@Dillon Taylor Lindsey

I have done this with two of my properties. The first one I partnered with family and they get a 50/50 split ion all rental income and equity once I move out of the property. On my second one I took a loan for the down payment and pay them monthly. This is amortized over 10 years with the plan to pay it off sooner. The second property is a duplex as well that I plan to rehab and refinance to pay off the original loan!

If you can find partners to invest with you can definitely make a deal work! If you do not qualify for a higher purchase price you can always have a family member co-sign on the property with you.  Good Luck!

@Nathan Crankfield

Moving to a mid-term rental will be the best route to go. This way you still follow the city laws and can get higher cashflow than long term tenants. I like furnished finder or even setting you booking stays on airbnb to 30+ days can work really well too. (Will need a residential rental license in city of Denver)

I have spoken with others on here about paying someone a cut of the rent for the STR to put the permit in their name so it can still be operated as a STR but it has it's challenges. You will need to trust the person you're doing it with, who manages it? They will have more control than you would like with their name being on the permit that could lead to problems with working with the city or even on the property itself. With the right person it could work however I feel it is wiser to go the MTR route than this option.

Another idea is to possibly find someone to do the airbnb arbitrage for the property. They live in and manage it themselves but pay a higher rent to do so...

STR laws Denver

@Kelley Louden

I have heard of a site called fractional that is a bit similar from what I have heard about rootstock. One friend of mine was doing it hoping to learn more about the investing process but did not learn as much as he was hoping. 

We have a real estate meet up here in Colorado Springs to network with other investors in town. It would be great to have to come! 

@Dan Keefe

Did you pull data from BP on rents too?

I typically look at Zillow, centimeter and BP to get a full understanding of what rents are in the area to get the best estimate of what a property would rent for. 

I always check active rentals to see what the competition is currently looking like for if a rental were to go live that month too. This is what active renters look at too which is why I believe it tells a better story of what rents are currently at compared to other sources. 

@Alexander Schloe

Do you know any lenders that could help with this in your experience of using Physician Loan in Colorado?