All Forum Posts by: Dan Mackin

Just as an extra thought. Some communities up north allow "Accessory Dwellings" on SFR if you want to do some house hacking. There are restrictions of course on what's allowed, but if you are dead set on MF it could be a good way to keep moving with it.

From what I have noticed in my research it seems that MF likes to show up around established town centers.  If you look at Arvada, Boulder, Colorado Springs and other spots like that where there was actually a downtown there seems to be more MF.  Most of it would likely be due to the town allowing the zoning at the time.  The areas of north Denver that you are looking were mostly planned developments which likely didn't leave as much infill of other types of zoning.  Just my guess.

I am officially looking at my first property now. Working with my mortgage broker we have figured out what my max payment is for the initial rental to keep the DTI under 40% to stay conservative.

I'm looking for some clarity on how those who use conventional financing work with their DTI to keep themselves eligible for new loans. I've read that the waiting period before the rental income becomes valid in most cases is 2 years and that they usually only count 75% of it. Does this apply to each property or just for the initial one? I have checked with my broker about the loan count limit and he says he can make the 10 max happen. He does investments himself and has worked with other investors to get to that number. From looking at if from my current standpoint I will need consistent 2% properties to keep my DTI in check to hit my 9 rentals.

@Mindy Jensen 

I would be interested in something more local.  Both Denver and Loveland are a little far for me on weeknights.  All of the breweries in Longmont are great places to meet up.  They have enough of a casual feel to make most people feel comfortable.  

Erie, CO

My wife and I grew up just down the road in Louisville, but could not afford it once home purchasing came around.  We love the local feeling of having events you can ride a bike to while still having amenities within a close drive.  Tried north Denver for 2 years and it just didn't fit.  When you live in certain parts of Colorado you get spoiled with open space and trails which we completely lost in our first home.  

I have traveled most of the country and just have not seen myself living anywhere else in the USA.  Ireland is a different story, but that is being saved for down the road.  One thing I will say about the active lifestyle in Colorado is that you know quite quickly when you're getting out of shape when compared to everyone else!

@Jamie Greenberg 

My first question for you is what type of work you are looking to find once you move out this direction?  If you are like most folks moving to Colorado for the tech scene then up north would have a lot more options in terms of employment, but as you say it does come with a little bit of a premium.  Just for reference in price for north of Denver you can pick up a home in the size range you want with 1/8 acre lot for sub 300k on the eastern side of I25.  Occasionally where i live in Erie you can get about 1500sqft for 250k or so.

As for Colorado Springs there is a lot of variance in the prices.  I have family that live in a few different areas of the city and the areas they have told me to generally steer clear of are Fountain and some areas near Airport Rd.  There are others on the list, but those are the ones that I can currently remember.

Thanks for the responses.  She is working with the current owner to find figure out a solution.  I just wanted to check what sorts of things may possibly come up in the future.  Thankfully a panel replacement on a 30+ year old house isn't a complete oddity so it won't stand out too much.

Right now I am helping an associate through buying their first property. They are currently renting the condo and have gotten an great offer from the owner which will result in an almost instant 30k in equity on top of the down payment. The inspection was done today and they found a Federal Pacific panel. I was not aware of these until today and was wondering what concerns this will have for resale. If she gets the property she will have the panel replaced, but since the whole complex was built with them how will this possibly affect the resale? If she replaces the panel will the disclosure she sells need to include her reasoning for it? Would it be stepping out of bounds to have the HOA inform the other owners about the potential issue in their units?

There a some credit unions in Colorado that will do 90% ltv HELOC as long as you have good credit and it is a home/townhome. They will only do 80% if it is a condo. The one I pulled has no closing costs if you pull 15k out on day 1. If the home you're putting the HELOC on is worth around 100k then the 10k difference between 90% and 100% shouldn't be too hard to make up in other ways.

I've known a few people in Colorado who have built them and lived in them, but it has been mostly under the radar. Do you plan on just having one for yourself or having a few to rent out?  Are you thinking of buying a lot and having taps installed?