All Forum Posts by: Garrett Gemmel

@Tyler Howell thanks for your response! I’m seeing that now. There are lots more options with basements than side by side duplex’s. Im going to focus my efforts, but not restrict myself to, the lock out basement. I’m not so concerned about luxury finishes, my girlfriend just wants us to have our own space which Craig and company refer to as luxury house hacking. She is comfortable with the lockout basement though. If it was up to me I would by a 5 bedroom and rent out every room lol. I used to work construction so I’m very excited to start earning sweat equity!

@Craig Curelop thanks for the advice! With the Airbnb idea you are talking about just having one room set up for it right? And the other unit would be rented out on long term? I have been looking at basements for rent in the areas we like and they area usually only about $200 less per month than the top units. I’m thinking we would go top unit, but we’ll see when we actually start looking. We’re making a scouting trip out in May. I’m seeing a lot of potential houses with basements in the areas we like! Well definitely be checking out some open houses!

@Craig Curelop thanks for your response! You're episode on the bigger pockets podcast is what got me really hooked on the idea of house hacking in Denver! I am focused on a luxury house hack to keep my girlfriend happy, who will be moving in with me. But, the idea of setting up a SFH with a in-law basement with a separate entrance might work for us. I like the idea of renting the other unit room by room to maximize cash flow. Do you think I would be losing out on a lot of cash flow if we took the main house and rented out the basement? Looks like the FHA limit on SFH in Aprapahoe and Douglas counties is $575,000, so that would be max after repair cost

@Mark Leavitt Thanks for the response! I was thinking FHA, yes. I am studying loans and which to use, but on a broad scale. The 2 meter aspect is very useful information. I can google 203k loan and find plenty of info, but do you have a specific resource for learning about loans in the Denver area? I will check out that podcast!

Hello BP,

I'm looking to move to Denver, Colorado from California at the end of this year. The plan is to find a duplex, triplex, or even a SFH with

a detached in-law unit to do a luxury house hack. I want to buy and create equity, so I would like to get a good deal on a distressed property and use a 203k loan with 3.5% down. I am looking in B- neighborhoods and up South of Denver proper so anywhere around Littleton, Highlands Ranch, Greenwood Village, or Centennial. 

I am aware of the red tape that comes with a 203k. My concern is that I will not be able to

land a deal in Denver's competitive market wielding a 203k loan. Do you think it is feasible to get a 203k loan on a MLS listing or a foreclosure/ off market distressed property in that area?