All Forum Posts by: Sean Gribbons

@Marcus Johnson do you have a VA benefit? I had someone write an offer 0 money down amazing rate to purchase a $1,500,000 4 unit. If I had a VA benefit you betcha I would be looking for something similar!

@James Carlson man that would be amazing thanks for the update! I look at other major cities and many have few restrictions on owner occupying for short term rentals. With Denvers amount of tourism and expensive cost of living it only makes sense that cities would start moving towards this. 

Kevin that w-2 can be a gold mine to get you rolling don't leave it yet! 

Denver may be tough for your BRRR strategy just to be frank. However there are so many different options to get you guys into the market and making money so don't let that discourage you. Usually flipping houses here in Denver we are buying the house at 75% ARV before repairs due to amount of competition and short margins. Not saying its impossible just saying it will be tough. If you guys want to brainstorm or have any questions shoot me a DM I have a few properties and have done more than a few fix and flips.

It's the next Detroit, will go to shambles and then 20-30 years form now it will start to come back. I hate to get political but all these cities that end up running people out have one thing in common! 

I love threads like this. All of us young dudes making it happen! I started at 16 becoming an intern for a brokerage company in Denver. Got licensed at 19 have been selling since I just turned 25 in August and will have my single biggest month ever, over 6 figures in commissions this month. You are getting in at the right time! The first 3 years are always the hardest but if you can break through the possibilities are endless. 

If you have any questions or need any help shoot me a message!

I would be careful about just sending out low ball offers to just see if they fly. If there isn't a chance it will happen don't waste a bunch of peoples time and risk reputations. A'lot of the time it actually does offend sellers and even the other agent. Your name is on the offer and so is your agents. You can get a quick reputation in your local market like this. I would try to only go after deals that have some sort of chance of going through. Everyone sees MLS listed properties so if you are trying to come in low balling without any signs of it actually working out move on.

I'm super cautious about who I take on as a client for this reason and several others I've had to fire clients although I do it in a way of asking for a refundable upon closing retainer fee of $1500 sometimes higher. I know alot of real estate agents who are the same way most clients look at 5-12 houses at absolute most before they bite on something. 

A couple of ideas for you.... try to only look at and submit offers on properties actually with submitting on. If its a hot property low balling or coming in even under ask is wasting peoples time. Go after properties where a seller needs to look at some sort of offer and incentivize the agent saying when I sell the property you are my guy.

I would also try to call FSBO's and start doing more of your own marketing. You will likely gain 10X more traction this way anyways. Everyone and their mom is searching the MLS its just too easy. If you're looking for rentals why not call houses that are for lease by owner and try to purchase them or call management companies and ask if any of their property owners have interest in selling.

When youre a real estate agent alot of peoples walls come up so you being unlicensed and the end buyer goes so much further than a real estate agent calling a seller. Use this as your advantage and target stuff real estate agents don't have listed.

My two cents hope that helps! 

Jay if you don't plan to live in the property you will likely need 15-25% down more than likely 20-25% down. The markets you are looking in are pretty expensive even Wyoming you would be looking at $200-300k purchase. 

You would probably be better off using an FHA 3.5% down loan in your home state you can owner occupy that would buy you about $400,000k if you wrap your closing costs into the loan.

Otherwise I'd look for a partner to partner with or keep saving and work your way up. 

Could also look into other markets where the cost to get in is lower like Indy or Ohio

Just going to be straight up honest with you. Texas is probably a better market unless you are looking for some other play in the Denver area. Texas will just give you better returns solely based on the overall cost of living and current rents. 

The only downside is the high property tax but they do have zero state income tax which is nice. Better Cap rates in Texas and less competition. Return wise Texas is the way to go I'd say appreciation wise Denver may be a better play. 

Hey @Rob Singles, I take it the property is currently zoned for duplexes?

A zone change through the city is a fairly straight forward process but they do ask neighbors about what they think before allowing it to all go through. Usually takes around 6 months. Honestly I would call them and just ask usually they wills end you the outline of everything and how the process goes. 

I personally have not done this in Englewood but have done zone changes in other metro area cities. 

Hope that helps.

@Christian Knapp fantastic thank you!