All Forum Posts by: Joshua Meyers

There are deals everywhere you go. It's just a matter of how hard you have to look to find them

@Bill S.

I considered that! I only work 2-3 days per week(poker is fairly lucrative) so I plan to travel over here and stay in the Ameristar hotel and then drive back. I remember reading the regulations on FHA and I'm pretty sure there's a % of every week that you have to be home. Not only that but my wife will also be living there round the clock so I believe that counts as owner occupied.

Even if we took her income off the loan underwriting, I'm still around 4K by myself which at 28% allows for a $1100ish payment which is within what I'm shooting for. This doesn't include the rental income either. Hopefully this plan will work. What are your thoughts?

@William Slater

I will send you a PM sometime tomorrow when I get off work(graveyard shift.) 300k is my max and I'm more actively searching for a property between 150 and 200k or even cheaper if I stumble across a gem

@Manolo D.

My job makes me claim 100% of my tips which is good for getting a loan. There are lots of properties out there that make the 85% rule but not necessarily cash flow. It's nice to know that the banks will consider the rental income though. Thanks for your input!

Hello BP I'm in the beginning stages of preparing to buy my first property. My wife and I want to purchase a MFH here in Colorado. I just figured before I start shopping around for lenders I could check on here to see if I could work with a fellow BP member I don't have a very long credit history but I'm 100% on time with a score in the 700's. My wife has a shorter credit history with a score in the mid-high 600's but also 100% on time. I'm 23 and she's 21. I work as a poker dealer(tipped position) in Black Hawk, CO. I've been in school for dealing and actively dealing for 23 months and I'm coming up on my 2nd tax return for it. My wife works in the food industry as a server and she's been doing that for quite awhile. Our gross income is typically around 5k per month with our only debt coming from a car payment of $224. I'm looking at the Grand Junction, Montrose, Delta, CO areas because they have much more affordable housing with better potential cash flow compared to the Denver area. I'm 100% open to advice and ideas. Thank you all very much for the help!

Originally posted by @Dan Mackin:

What do you consider reasonably priced? 

Something purchasable with an FHA loan for a start. I've been using the 1% rule lately because the 2% rule seems impossible in this state. I'd like to house hack for the first purchase and then go from there. I'm from Pennsylvania and you can find multi-unit buildings for much cheaper where I lived, but the quality of life is also much worse as well as the average monthly rent.

Originally posted by @Matt M.:

Originally posted by @Joshua Meyers:

 I'm having problems finding multi units for sale in these smaller towns.I live in Idaho Springs, CO currently.

 Talk to a local Realtor. Also check the newspaper, ask around, & Craigslist. Make sure to speak with a lender to see if you qualify for the purchase.

 Thank you for the info! My next plan of action was to start contacting local realtors from these small towns

Thank you in advance for any advide or info!

After much deliberation and a honeymoon, My wife and I finally decided to pack our things up and move to beautiful Colorado. I'm 23 and looking for my first purchase to be a multi-unit property in a small town somewhere here in Colorado. I'm having problems finding multi units for sale in these smaller towns. I'm not a city person so I prefer to stay away from places like Denver(outrageously priced right now anyways.) Can someone help me out with strategy for finding MFH deals in towns with less than say 100k people? I live in Idaho Springs, CO currently.

@Laureen Youngblood I'm definitely leaning towards Boise. It's pretty centralized  and it matches my personality perfectly. The cost of living is very reasonable as well. Thanks for the great info!