All Forum Posts by: Jean Bolger

I've got a property that I'll be listing soon that could make a good househack.  It's a large 3 bd 2 ba house (possible up/down split) with a triplex in the back (3 small 1bd units). The owner has put tons of $$ into it over the last three years so it's in great shape. The 1bd units are renting for $995 each, the house is currently owner-occupied. 
We'll be listing it at 875k. I think it's a good opportunity for the right person, especially for someone with a family, so I thought I'd throw it up on BP and see if that person is here. The apartments could be fantastic Airbnb rentals - they are nicely remodeled and the location is good. There's a lot of scenarios that could work well. Let me know if you'd like to talk about it!

You say it's your primary residence, so I'm assuming you're living there now? If you transfer to an LLC you will completely lose any capital gains tax personal exemption you may be eligible for when/if you sell. So if you have any gain, I'd be careful about working that into your calculations. You can take up to $250k gain tax free ($500k if you're married) as long as you've lived in the house 2 of the last 5 yrs.
Depending on your situation it may make more financial sense to sell it and invest that money in a different rental property

This is probably all resolved by now, but I'll add my two cents.
What do you mean exactly by "listed as"? Did they really misrepresent? Here's the thing- there are tons of listings on our local MLS that list all the bedrooms, conforming or not, in the main part of the listing. Then in the room details they mention "nonconforming", or perhaps in the description/notes. This may sound on the surface as if they are being shifty, but I don't think that's the case. I mean, if you'd seen this house listed as a 2 or 3 bedroom would you have gone to look at it? It probably wouldn't have even turned up in your mls search.
You can always ask for concessions of course, and you may as well try it.

Sounds like there is only one basement bedroom? Egress windows are only required in bedrooms, not living/family room areas.

You can of course rent it as a non-conforming 4th bdrm, or as a 3 bdrm with office, whatever. (believe MJ Barret's advice above would apply in CA but not here- these laws are state specific.)
 But you will increase the value with an egress window plus you'll sleep better at night having done it.

Thanks @Travis Sperr!

Hi Denver area peeps.
Anybody have recommendations for a company that does Phase 1 environmental assessments? The property is about 4 acres, I don't foresee any issues but I also have no idea what a reasonable fee would be for this. 
Thanks!

Interesting that you say you already have an agent but you don't have someone you can ask for advice. Shouldn't that be part of the deal?

Sounds great! I can't make meeting #1 but please keep me in the loop for #2

I like Bill's advice . Find something to exchange into first -- don't want to be left holding the bag. The inventory here is so low that anything that is appropriately priced sells super quick so I don't think you'd have any concerns about timing on this end. 

I second the advice about Aurora. I'm a broker and I live in NW Aurora. The changes in the area are happening at an amazing pace but there is still a real price difference between Aurora and Denver. There is more long term development coming that will shift a lot of energy out to the eastern part of the metro area, IMO.
Yes, small multis are hard to find. We don't have as many of them as some eastern cities and right now there is high demand. I am encouraging people to look at SFR properties that have zoning that allows two units and has the potential to split. Not a ton of those out there, but some. Another idea is to get a SFR with an area that you can rent out -a guest suite or something that can be used for either short term or long term rentals.
LMK if you'd like me to set you up with an autosearch for duplex/quads that emails you listing as they come up on the mls. That would perhaps give you a more immediate picture of what's going on than the consumer sites.
You'll like it out here, I'm sure!

@Brian Pulaski you're absolutely right, it's state specific. James is just up the road from me though and Colorado seems to be one of the states that requires the most transparency in RE deals. Brokers are held legally responsible for not disclosing known defects.
Of course, you see many "seller property disclosure" that simply check off "don't know" down the entire list.

About photos? From my perspective, when I am looking as a buyer agent or for myself I LOVE bad photos.
Some lazy agent with a cell phone can make a great house look terrible, thereby keeping away the competition.