Denver Metro Investing

[Jared Chipkin]

Hi All,

This is my first official post.  I've been researching & learning amazing things on BP. <3 The podcast. Thank you so much to everyone that gives back the wisdom that you've been imparted with. I would love to give back by offering insight in to the automotive service industry.  I was a Volkswagen/Audi technician for ten years. I would be pleased to answer your VW or Audi questions in a PM.   

I am looking to invest locally in the Denver metro area, specifically for a rental property with good cash flow in the low 100k's. The market is so hot as you probably know that all deals are being sold @ or over listing price. I have put in two offers on two different condos in the last two weeks, lost both deals.  I even offered 5k over asking price on one of them. 

I would love some expert advice on how to secure my first deal in this hot market.  I also may be in the market for a local real estate agent who's familiar with rentals & the Denver market.

Thx!

[Jason Miller]

Id rather be selling then buying in Denver right now and i am. I have not found any deals on the MLS for rental in quite some time. The numbers simply don't make sense. I just saw a wholesale property in the Barnum neighborhood 2/1 800 sq ft that needed quite a bit of work. They were asking 160k. On a great day, that property will rent for 1100. I sold a similar property over there a few months back. 15k over asking in 3 hours. Inside was okay but rental quality, no garage, terrible yard. I'd rather not compete with those buyers.

My recommendation to investors in Denver is wait for the Price to rent ration to improve before investing in this market. Most rental purchases will be speculative. I doubt the MLS will give you many solid buys. off-market deals may still find some properties that cashflow.