All Forum Posts by: Derek Diamond

@Marshall Henry

Congratulations!  I think you are spot on.  Prices in Hayden are rising and Craig right along with it as Steamboat prices increase.  Stabilizing your monthly expenses by getting a mortgage/house hacking and now no longer being subject to rent increase is a great idea.

@Chris Lopez

Thanks for sharing this!

Hey @David Cutright,  I had a great agent (helped me buy a small multi under market value) but I have reached out a few times over the last month and have not heard back.  His website is also down.  I do know an amazing property manager, if you would like his contact information PM me.

@Lynn Fletcher

Hey Lynn,

I am a Realtor that lives in Steamboat Springs.  Check out my profile and you can see what investing I have done in the past.  If you would like to talk about investing in the Steamboat area feel free to message me.

@Logan Marienau

Hey Logan. If you are willing to go an hour outside of steamboat you can find properties in your price range.

@Trevor Aydelott. As you know there are not many barriers of entry to become a realtor. But then, it should be easier to rise above the rest if you work hard. 🤷‍♂️

Hey @Michael Elkins

There are some great books on this topic.  I liked:

How to take an Apartment Building from Money Pit to Money Maker - Craig Haskell

or

The complete guide to buying and selling apartment buildings - Steve Berges

Hey @Akil Kariym-Bey

Using both calculators is a good idea for sure. They can help paint a clearer picture. There is not too much information here but I would be a bit nervous why there is not much information about ARV. Sometimes it is easier to have a "normal" property that can get a clear ARV. If your property is to unique then it can be hard to get clear numbers. You have the Redfin numbers so that's good but if you are thinking that it is "too much house" could you then just offer less money? Make your money going in to the deal.

Hey @Thomas Helm.

Great question.  You can get a 3% conventional loan if you move into the property then in a few years get another. Not the fastest way.  But like you said multiple would be a bit more difficult. I am sure there are more ways to do this but if it were me and I found a good deal (or deals) say 20% below market you could partner with someone(use others money) or get hard money, improve the property and then lock in long term financing.  Yes, you would have to leave 20% down but that money could be from the increased value not your original $65K.

Nice Job @Account Closed!

I really like how you are managing the property on your own but have built in the numbers for a manager for when you are ready to make it a bit more passive.