All Forum Posts by: Vincent Pirrone

@Frank Wong Thank you!

@Melissa Dinas I will definitely do that! Thanks!

Investment Info:

Single-family residence buy & hold investment in Colorado Spgs.

Purchase price: $222,000
Cash invested: $3,000

First house ever! Full finished basement that I plan to use as separate apartment. Used a grant for down payment and closing costs. Plan to refinance in at least one year.
4 beds, 2 baths, 1,737 sq ft, 7,000 sqft lot

Hello everyone,

I am about to close on my first house ever! It has a finished basement that I want to rent out as a separate apartment and the entrance to the home can easily be configured to allow for separate entry. It needs a kitchen, but other than that it's ready to go. I am in Colorado Springs and need some help on figuring out if this is even legal? 

I emailed the building department to ask about what kind of permits would be required to add the kitchen and if I was able to use my basement as a separate dwelling, but haven't hear back yet. I was wondering if anyone has done this in my area before or has more information on this situation?

Thanks!

@Shawn Mcenteer Yea I guess I can save more, and definitely network with investors in my area.

@Account Closed I have looked into the 203k loan a little bit, but doesn't it require you to not sell or refinance for 3 years or something like that?

I think I am stuck and can't start my real estate investing with my original plan. 

My original plan was to buy at least a duplex and live in one unit and rent out the other, but the lender I am currently talking to said I could most likely only get approved for about 250k. In my area those are either super run down duplexes or in super sketchy areas.

My next plan was to try to find a decent single family home with multiple bedrooms and rent out the other rooms, but I wanted to try to avoid the whole roommate situation.

My next plan was to try to buy a condo or townhouse because they are cheaper, but then I am paying the entire mortgage myself for about the same price as just renting an apartment.

Do any of these ideas sound worth it and possible with only being able to spend a maximum of 7k out of pocket?

Thanks!