All Forum Posts by: Jesse Beckman

@Billie Miller I will have to drive over there later today and see what's going on with that, can't seem to find it in the MLS.

@Matt M. Any information on this? At that price I might have to see if I could get creative to get it.

I am interested in purchasing a multi-family in the Denver or surrounding areas.

Area of interest in inside square of Hampden to south, Colorado Blvd/I-25 to east, 150th to north and the city of Superior to the west.

Will be used as owner-occupied.

Can be fixer-upper.

High end of purchase price ~$450k.

@Stephen Bagnani Welcome to BiggerPockets.

Just make sure to read up on people's opinions of Rich Dad Coaching before you dive in. Lots of different ways to spend 4k+ (especially in real estate).

Welcome to Bigger Pockets.

Creative financing aside, typically you are not going to be able to find a low percentage down-payment mortgage for a fix-and-flip. That is why a lot of people go with the owner-occupied mortgage, where you can get much lower percentage down payments (as low as 3%). You have to live in the house for 1 year (and 1 day) on those, and there are some more benefits if you wait to sell until after year 2. There are tons of options for owner-occupied mortgages and tons of information on this site about "live-in flips".

It will be owner occupied.

I had never heard of the HomePath renovation loan, sounds pretty cool. I will have to research that.

I understand that. I am talking about doing something like taking an equity loan out on the equity gained by using a 503(k) mortgage to renovate a house and increase it's appraised value.

BTW loved when you were on the podcast, gotta say the Diablo story is pretty great. 

I meant HUD 203(k)

Does anyone have success stories on using equity from a 203b flip to further their investing? Nightmare stories?

My goal is to hopefully improve a house enough to get a little equity that might help with a down payment on a buy and hold property. 

I know 203b work has to be done by a licensed contractor, so the "sweat equity" kind of isn't there.

Does doing something like this make sense?

@Micki M.  Hey I loved the podcast you were on!  I even remember you on the one about a year ago when you were starting up. The kind of investing you are doing out of state is a goal of mine, especially in an area that can hit that 2% rule.

Thank you guys for your advice!

Hi everyone, I am a longtime lurker and first-time poster who just got pre-approved for his first mortgage!

I have been trying to get a feel for what this area is like with the real estate, but can't make a decision on what I should buy. I would love to get a duplex, but it seems to me that it's a small inventory right now, causing prices to fly up. I have been looking at Denver and the surrounding areas trying to find the best place for buy-and-hold properties. Does anybody have any advice or experience on this area? Any advice would be greatly appreciated!