All Forum Posts by: Kayla Givens

Echoing @Dan Guenther - Philip is great!! 

Hey, @Guy Cardinale! House hacking is one of my absolute favorite strategies for getting started - my husband and I got started that way and have had our foot on the gas ever since. I live in Denver and the median closed price last month was around $600k so I feel you when you say you're nervous about starting in a higher price point area. If I were in your shoes, I would try to find a home in my price range with the most beds/baths as possible with as little work needed as possible (basically a unicorn right?!). But, I wouldn't let the price point deter you too much - in this rate environment there are deals to be made and there are strategies you can implement with your agent to get a permanent or temporary lower rate. Get your foot in the door, start building equity, refinance when rates come back down, rent it out, cash flow, on to the next! 

Also, I always recommend purchasing a home in a location that YOU want to live in. That way if rates do not come back down and you end up staying there for longer than anticipated, you are somewhere you want to be :) Just my two cents!

Thanks for the shoutout @Ryan Thomson! @Benjamin Crowell would be happy to help - I work with plenty of investors that do the same thing you're looking to do! I'll send you a DM :)

Hey, @Chase Puckett! Where is your MTR located in Denver? City and County of Denver has not allowed non-primary residences for quite some time now - there is a pocket of Denver located in Adams county that does allow non-primary residence STR's so I'm curious about yours.

Hey, @Jessica Ewanic!! Congrats on getting ready to make the move to Denver - I haven't met one person that hasn't absolutely loved it here! Where are you moving from? 

To answer your questions:

1. I think getting your real estate license could be a great investment IF you plan on being a full time real estate agent or are planning to purchase multiple properties once you get it. You will have to hang your license at a brokerage which will cost you monthly and every transaction. Pros: You can represent yourself and get reimbured by your commission or use that as a negotiation tool, you can help other investors get started and make a career change or hustle part-time and make some extra money for the next house. Cons: Monthly costs/fees and if you are only doing it to represent yourself, it may not be worth it. You will be a BRAND NEW agent and may not know how to properly represent yourself or negotiate to get the best deal

2. If you choose not to get your license, finding an experienced agent (am I raising my hand? Oh why yes, I am!) will be a great start. An investor friendly lender would be a good first or second step as well. These first two people can get you connected with the rest - inspector, contractors, property managers, other investors, etc. 

3. Depending on what you mean by "deal"... You can find properties that are listed on the MLS either on Zillow, MLS, Loopnet etc. When it comes to it being a DEAL (cash flow, equity, appreciation, etc.) that will vary. You may find some on the MLS and you may find some off market. It really just depends. And no, never too ambitious! Set your sights high :)

Would be happy to hop on a call and chat more - I love helping first time/new investors get their foot in the door!! Hope this all helps!

Hey @Garret Burlas! Would be happy to connect. Denver is a great place to invest!! I’ll send you a DM!

Hey, @Christine Cho! Hopping on the MTR band wagon here as I personally would go that route - maybe less cash flow but less work and less headaches if you run into any issues with an LTR tenant and the STR.

@Jacob Munson so exciting that you're looking to get started with house hacking! Thanks for the tag @Ryan Thomson!! Jacob - I'll send you a direct message. Would love to hop on the phone and chat more with you about your goals in the Denver area!

Hey @Stephania Ramirez! Good to see you on here :) I know we chatted a little bit about potential red flags with house hacking a condo/townhome but figured I'd put it here in writing for your reference and anyone else considering doing the same thing!

I'd say the biggest thing to watch out for in this type of property is the HOA. There are 2 major things to consider:

1. What type of lease terms do they allow? More than likely, HOAs will not allow any sort of STR. I have seen some that place limits on their lease terms to 90+ as well. This would apply to a SFH with an HOA too, not just condos/townhomes.

2. Financials - is it a well run HOA? Do they have enough money in reserves for any major repairs? If not, it's possible the HOA could dole out a special assessment to all of the owners if something big comes along like a roof, sewer lines, etc. Talk with your homeowners insurance agent to see what, if anything, could be covered if a special assessment comes along. Also, will be very important during the due diligence period to get in the nitty gritty of the numbers and ask a lot of questions!

Hope that helps!! Happy to answer any additional questions as they pop up!! :)