All Forum Posts by: Candice De

@Alexander Ignatenko I agree with @Grace Wang. Several Denver communities are evolving their policies so look at them now and also what they are discussing for the future if you choose to go down that path in Denver or elsewhere. Some neighbors just don't want to be in a STR area.

@Ann Wing make sure to understand the HOA as others have said but also the Special Use Tax as some areas around Denver have some sneaky hidden fees that may seem minor but add up. Also consider the new build for yourself (treat yoself!) and the rent yours a few years to optimize loan terms if that's in the cards. Good luck!

@Enoch Fredericks I use Long Law Group for business entity setup and accounting in Denver.  They have a real estate focus and have been great to work with. Call Karson to set something up.

Kyle, building on Tim's response, I have some contacts for STR property managers here in Summit County, CO, so message me if you are still looking. I am in Frisco and have found some good contacts for specific resources (cleaning, contractors, etc) but also have a good Property management company if you want to be hands off. Getting into a property is another story these days!

@Justin O'Malley without seeing the property details, your numbers look good. If you can secure a 5BR in Denver for under $500k, good on you!  For house hacks, I wouldn't see it as a negative cash flow, but I like how you called it rent savings and someone else is paying a lot of your mortgage.  I do think that SW Denver has room for appreciation as well, so I like your idea of a short term and a long term strategy.

@Matt M. I like that long game strategy, so maybe I will try to see if we can look further down the road.  But yes, cash seems like the only real option these days!

@Chris Freeburg I agree that staying within their means is important, regardless of the market, and yet owning and getting in is always the best long term strategy.  I hope you are right that the inventory will pick up!  Thanks for the responses!

@Miguel Ochoa yes it is called a transaction broker and they have different duties if that is the case.

I have some clients who are first time home-buyers who have done an amazing job to get to a position to qualify, here in Denver, Colorado. Unfortunately, since we started looking last summer, prices have skyrocketed. They are looking for 3 bedrooms, driving distance to U-hills where they work, no HOA, and a price point under $350k. We have looked a lot in Aurora, but they don't want a fixer upper.

1) Any advice for first time home buyers with this criteria at this current state of the market?

2) Any suggestions for secret pockets I am missing?

Thanks!

@Thatcher Glode school teaches you the basics, but I highly recommend a mentor that will ensure you stay out of trouble. I felt like I had the market knowledge and passed the courses and exam, but the real life situations that come up are hard to predict and that’s where experience is invaluable.

@Hannah Taylor I agree with others that you are in a great position. And it’s always easy to hear about looking long term, but it’s uncomfortable in the short term sometimes.

When you find a deal that you like, you can get creative regardless of variations in current income. My experience has been to get my RE license and keep my W2 job doing both part time while learning the ropes and still having income that supports financing a mortgage until my agent business grows more.