All Forum Posts by: Tanner Pile

Hi Tyler, 

I'm a real estate agent in Colorado Springs. I don't have any experience in RV parks but may be able to help you find the land you would need for it. I can also give you an update on the COS market and where the ideal places to be are. Let me know if you'd like to chat!

Hi @Devin McGinley, 

Congrats on house hacking your first property! 

I would definitely look to refi ASAP to get some cash out towards your next property. As for getting new tenants I would start with putting adds on Facebook market place, Zillow, or apartments.com. How do you have your friends pay you? I use apartments.com and it works very well. You'll be able to post your listing and collect rent all from one place. This is how I found my roommate I house hack with. 

For your next property finding a multi-family would be great but most lenders will require more than 5% (ideally 15-20% if you're living in it having already used an FHA loan). In the Colorado Springs market I have seen many SFH with the capabilities to be turned into a duplex. This could be a good option for you and your girlfriend to have a private nice space and rent the other section to your friends.

I typically see these types of SFH turned duplex going for around 390-440 on the west side of town. It is important to find one with the proper zoning for multiple units.

If you decide to sell the property I believe you would be eligible to use your FHA loan again for a multi-family property which could be a proper duplex, triplex or quad and you wouldn't have to worry about the costs for turning a SFH into a duplex. Many options for you!

I'm a real estate agent in the area as well if you have any questions and want to connect for coffee some time! We also have a property management team if you're interested but I think you'll be able to find a renter just fine!

Investment Info:

Condo buy & hold investment.

Purchase price: $256,000

First house hack! Two bed two bath condo. Renting out the master bedroom and bath with walk in closet, covered parking, and utilities included. I cover the rest of the mortgage, utilities, cap ex, and insurance and pay around $300-$400 a month. I'm a 50/50 owner with my mom who brought in the money for the down payment.

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

In Colorado Springs it is hard to house hack and be able to cash flow or break even. From the options available in my price range and criteria that is how I selected to go for this one.

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

MLS with a realtor

Lessons learned? Challenges?

Having a paying roommate is a challenge but is a great learning experience

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I have currently not used my FHA yet. My current condo I had family members put up the funds for 20% down payment. I personally have $0 into the condo and have partial ownership to it.

You should purchase it yourself! This could be a great opportunity to own a cash flowing duplex and give you the experience in remodeling a property. Use the bigger pockets calculators, they help big time! It may be tricky finding a way to get funds for a down payment but this is where you get creative to get your first deal going. If wholesaling is the route your looking for I would connect with other investors and see what they think of the deal.  You got this Alethia!

I've been talking to several lenders to do FHA loan for a triplex in Colorado Springs $530k. I currently house hack a 2/2 Condo and would rent it out. Lenders won't accept any profited rental income towards my income but will cancel out the debt if I provide them a lease. All good so far but this is where I ran into trouble... I'm told that if I'm going to rent out my current primary residence and purchase a multifamily (Triplex) as my next primary residence, according to FHA rules that property must be more than 100 miles away from my 2/2 condo. Because of this I won't be able to go the route of a multi-family property as my next property (One that the numbers work and in good location that is).

 Has anyone run into this type of trouble before? And have any advice or good lenders to work with to help in this situation?

Hello, rookie real estate investor here with some questions...I recently closed on my first property in Colorado Springs and will be looking to house hack the master bedroom to a tenet. I have found someone that would be a good fit but am curious how I should handle questions about they ask about utilities and who owns the place etc. 

Rent will be $1,050 including utilities, covered parking and HOA dues. (which seems competitive in this area being just walking distance to shopping centers, groceries, restaurants, and gyms. As well as the master bedroom being furnished with a private bathroom and walk-in closet)

Tenet questions: 

1) How much is parking and utilities typically?

2) I'm assuming you own the place and I will be renting the room from you? rent seems a bit steep and would it really be $2,000 if you weren't living there?

I'm caught in between just being honest to a certain point but don't want to disclose that I'm only paying the rest of the mortgage which is around $400. 

Please let me know your thoughts on how I can better handle this situation or any corrections I could look into making. 

Thank you for the inspiration! Your goal setting techniques are ideas I plan to implement as I'm just getting started on my on my real estate journey. Every bit of advice helps along the way. Congrats!

Amazing post! Thank you for the tips and tricks. Seeing where you started helps me believe I can make it happen too!