All Forum Posts by: Dan Mackin

@Michael Ibosiola - With DAMAC what would you be doing as an independent agent?

As for a niche, lots of people say to pick a niche and go for that, but it really comes down to what you feel comfortable with. You'll hear lots of stories of people who do quite well covering lots of "niches" because they like the variety. At this moment what appeals to you the most?

I can't say if it's a good investment, but I will say that if you can get from 3.5% to 5% down and can get a conventional instead of FHA then that is what I would recommend at least. You'll have PMI still, but once the 20% mark of the original purchase price is met the PMI will drop off and you won't have to deal with it anymore.

Also one more thing to think about is how you plan to sell. Are you using an agent, doing FSBO, etc? It's very likely you will end up paying a buyers agent either way so calculate that into your numbers. The running average right now is about 2.8% per agent so of 240k for FSBO that's another $6720.

I'm with Aaron. There are other expenses that you haven't worked into that yet. For a first property it can be difficult to take care of from a distance. It can be done, but is more difficult. 80k to purchase an owner occupant multi you could make something nice happen.  That all depends of course on where you are getting relocated to...

As you probably know from hanging in the background for a bit you have come to the right place! Get to posting and building a rapport with the members on here. It's a great way to build some good relationships. Welcome.

It depends where your offer is compared to market value. If you're lower than market then I would throw out the offer and see what they say. If you're near market then it may be worth seeing what they think they want and start negotiating from there.

Figured it would be helpful to get and give an update on the Colorado market outside of Denver. Lots of posts about the state generally lead to the capital, but let's give the rest of the state some love. How about Fort Collins, Colorado Springs, Grand Junction, Greeley, Pueblo, Durango?

I'll give a general update on my area. I live 20 minutes east of Boulder, but west of I-25. New builds are everywhere. Everything from 1700 sqft to over 6000 sqft. The general base price is around 300k and generally gets you a two story home around 1700-2000 sqft. Even with the massive amount of building happening the prices continue to rise. One neighborhood even had raffles for lots since they have sold phase 1 so well. Cost of water continues to be a massive portion of the costs for building. We do live in a high desert, but grass is just so pretty and green...  Metro districts are the way for many of the communities to build the infrastructure so be highly aware of the taxes when looking in the area.

As for established builds. Inventory is low just like the whole metro area. Buyers all over are resorting to removing as many contingencies as they can to get a contract. Many are beaten out by cash offers. Established home pricing has risen consistently with townhomes and some condos leading the charge due to affordability. There was speculation that the oil and gas slowdown would affect the area a bit, but that does not seem to be the case. I have noticed some of the workers leave the area, but were very quickly replaced. Boulder and Louisville remain high in the price bracket and maintain a steady increase due to limited options for building. Lafayette is the next down the line and is looking like it wants to catch up with Louisville. 

Numbers are tight as far as investments go, but they can be made with diligence. I have come across multiple sellers who are selling off market and still attracting multiple offers. As for the time being there does not seem to be a slow down coming in the near future. Demand is high all over the area and supply just can't keep up.

So how is it in your corner of the state? Give some insight. We all know about Denver already :-)

Nice and clean. I like it.

Come join us on July 1st.

http://www.biggerpockets.com/forums/521/topics/200466-first-ever-north-denver-colorado-july-1st-meetup?page=1#p1353697

@John Baker-Do you just send them letters or do you show up to their homes to talk?