All Forum Posts by: Jean Bolger

Hi Dan!
Good advice above. The small multi market is pretty tight. Depending on how you look at it, you might have something of an advantage being a house hacker. You're going to have to live somewhere while you're here, and prices for rent/buy are high. So a property that might be a little tight from a straight investment perspective might work for you since you'd be saving money on your housing expenses. 
Self-employed and selling your business is not going to make a lender happy, but if you can get into a solid W2 position once you are out here you should be OK.
I'd suggest exploring all the different possibilities of continuing to rent your current properties vs. selling them. You should be able to get that rental income counted towards your total income. Since you'd be owner occupying here you could get a lower down payment loan.

Drop me a line if you want to chat more about the area!

I feel your pain! I have been self-employed and developed a bit of a lending phobia from it (LOL) that I am only now getting over.
You don't mention how expensive your private money is, or if you have the option to extend at the same terms. If that doesn't work I would suggest looking in to another loan from an individual. It's a small enough amount that you might find someone willing to lend to you out of their IRA, perhaps. (there are rules about who you could borrow from in a case like that- couldn't be you parents, for example - I'm no expert but I could point you to one) This would no doubt be a higher rate than a regular mortgage right now but could be a win/win.

In Denver?  Are you sure it's with the land included? That is an unbelievably good deal if it is. My guess is that it isn't, and you'd still be paying land rent. There are plenty of homes in parks selling in the 30-40k range but lot rents can be as high as $700/mo.
If you're not sure and want me to look into it for you lmk.

So excited. IMHO we are on the verge of a leap in how we deal with energy production in many sectors. There are still plenty of naysayers, but inventive minds like Musk & co have been pushing forward on these technologies for a long time.
After all, what is ho-hum tech to us today seemed  mindbendingly impossible just a few decades ago.

Part of your confusion is due to the way things are worded here in Colorado. We have two levels of licensing. The initial level is that of "associate broker". In most states  those with that level of licensing would be called a real estate agent or real estate salesperson. 

The next level of licensing is a brokerage license. That allows you to be a "managing broker" "employing broker" or "independent broker".

As an associate broker you do have to work under an employing broker for 2 years before taking the exam for the next level of licensing. BTW there's a ton of record keeping and liability that go with being an independent broker. IMO any financial  savings for the amount of deals you're looking at would not be anywhere near the hassle.

I had the lack of a backflow preventer come up on an inspection report recently for a single family residence- I admit I'd never heard of such a thing, but it keeps potentially contaminated water from outside from siphoning back into the domestic plumbing system. Fortunately all that was required to fix the situation in this instance was little $6  anti-siphon valve that screwed on to the exterior hose faucet. I hope it's that simple of a solution for you!

@Preston Brown exactly, it's an area that has the capacity for growth but maintains easy access to downtown and transportation hubs. Your initial question was about the desirablity of 2 bd 2 ba condos, and there are some in that area that would be good choices from that perspective. 

But the later part of the picture (family, wanting an SFR, good schools) does make it sound like you'd be better off looking towards the southern part of Aurora and a different eventual renter demographic.

Most of the Cherry Creek School district is pretty high end (those property taxes are how they fund those good schools, after all) but there are more affordable sections like Mission Viejo. You can easily set up MLS searches to filter by school district LMK if you'd like me to set something like that up for you

Hi @Wayne Yates
I love the idea myself. You are young, but you're thinking outside the box, and it's that kind of thinking that will enable you to become a successful investor.
I'd also check out this blog, if you're not already familiar with it:
http://www.mrmoneymustache.com/

@Preston Brown I live in Aurora right by the medical center by that I mean the big complex between Peoria and I-225 N of Colfax. It's know as the Fitzsimons redevelopment area, the Anschutz Medical Complex and a few other things..... too many names, unfortunately! but a major growth area for Aurora all the same. I'm a big fan of the NE part of the city in terms of future growth/demand for a number of reasons.
I think there are still decent condo buys to be had, but I would stick to areas fairly immediately around the light rail stations. I agree that places with yards and potential pet areas are great- Colorado people LOVE their dogs!
I'd be happy to talk with you more about the area.

Hi @Scot Sorenson, welcome to town! The market is a little scary indeed, esp when you're trying to get to know the different areas and their advantages/disadvantages. If you have the flexibility and the stamina you might consider buying a place with the intention of converting it to a rental in a year or so, and then doing the same again. That way you can take advantage of the lower down payment owner occupied loans and build a portfolio faster. There are still some "entry level" houses and condos that can provide decent cash flow.