Where to find duplexes and triplexes?

[Kayla Davis]

Hi Denver Forum,

My husband and I are looking to do some house hacking in Denver to get ourselves started on the path of financial independence. Right now we're pre-approved for conventional financing by KeyBank, up to $300k. We'd really like to buy a duplex or triplex in the Arvada, Lakewood, Golden or western Westminster areas. It seems like duplexes etc don't really hit the MLS. How can I find these types of properties?

Would love any help!

[Bill S.]

@Kayla Davis off market are deals you make happen yourselves. In your price point, it's really hard to find anything that isn't hammered and had meth cooked in it on the MLS. My advise, get a marketing budget and start making your own deal. I tell everyone pretty much the same thing when asked about how to break in to the business. Pick an area and learn that area inside out.

For you, get an agent to search for your type of property under the sold section and identify an area that is selling at about 125% of your max target price. You can probably find only about 2-3 areas that would fit that criteria. An area should be no smaller than one zip code and preferably two zip codes. Pick the two or three with the most sales that you are willing to live in. Create a boundary of the area (usually major streets) but zip codes are easier if you are going to be doing any mailing. In your situation, driving/walking for dollars would be cheapest. Map out all the properties that fit your criteria. Look for properties in distress and contact the owners. In person is best, a phone call is next and last is a hand written letter. Negotiating should be fairly easy since you have a max price point. Keep in mind many will want above market price but you are looking for a deal so hold out one. Don't be afraid of missing a deal early on. Have patience with the process and learn what is a good deal. Look at every MLS deal in the area and by look at I mean set a showing and go see the inside. Run the numbers on them as well. If you have the budget, buy a list and do mass mailing once a month until you find the deal. Your list should be at least 250 and preferably 1,000 but quality is as important as number especially since your marketing budget is limited. Pull your list based on age of ownership and equity as well as property type. Don't waste money sending to people that just purchase or who have refied out all their equity. You should have a deal within two years if you have persistence and stick with the program.