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Updated almost 5 years ago on . Most recent reply

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5
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1
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Garrett Gemmel
  • Denver, CO
1
Votes |
5
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Denver Area 203k Loan/ Luxury House Hack

Garrett Gemmel
  • Denver, CO
Posted

Hello BP,

I'm looking to move to Denver, Colorado from California at the end of this year. The plan is to find a duplex, triplex, or even a SFH with

a detached in-law unit to do a luxury house hack. I want to buy and create equity, so I would like to get a good deal on a distressed property and use a 203k loan with 3.5% down. I am looking in B- neighborhoods and up South of Denver proper so anywhere around Littleton, Highlands Ranch, Greenwood Village, or Centennial. 

I am aware of the red tape that comes with a 203k. My concern is that I will not be able to

land a deal in Denver's competitive market wielding a 203k loan. Do you think it is feasible to get a 203k loan on a MLS listing or a foreclosure/ off market distressed property in that area?

Most Popular Reply

User Stats

5
Posts
1
Votes
Garrett Gemmel
  • Denver, CO
1
Votes |
5
Posts
Garrett Gemmel
  • Denver, CO
Replied

@Tyler Howell thanks for your response! I’m seeing that now. There are lots more options with basements than side by side duplex’s. Im going to focus my efforts, but not restrict myself to, the lock out basement. I’m not so concerned about luxury finishes, my girlfriend just wants us to have our own space which Craig and company refer to as luxury house hacking. She is comfortable with the lockout basement though. If it was up to me I would by a 5 bedroom and rent out every room lol. I used to work construction so I’m very excited to start earning sweat equity!

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