All Forum Posts by: Kenny Smith

@Joshua Fallin

You could always talk to the buyer's lender and have them reach out to the appraiser to let them know that.  As long as the mold isn't all throughout the house, I would be very surprised if this affected the appraisal all of that much.  

Welcome to BP @Jen Ikuta!

If you are in the Denver area, our real estate team hosts monthly meetups all centered around house hacking (which is our niche).  Feel free to connect if ever interested!

@William Ward

House hacking 100%.  Or you could buy a flip, flip it, rent it out until the market gets hot again, and sell it then.  As previous folks have mentioned, there are will continue to be great deals to be had.  Especially heading into the holiday season.

@Lakshay Gopalka

First off, congratulations!  I agree totally with Diya.  If your agent has been doing this long enough, they are going to know the good ones from the bad.  Also, very important you are at the inspection!  You hired and paid them to flip the house upside down, so I always tell my clients to 100% ask as many questions as you possibly can without getting in their way.  Once you get your report back, make sure to review it with your agent and the inspector.  It is important to understand an inspector should have general knowledge of things throughout the house, but is no expert in any one field typically.  If they are unsure of something, or state something seems off, DO NOT leave it to chance.  Call in another specialist to have them look at it.  Could cost more money and take more time, but totally worth it.

Good luck to you!

If you have any specific questions, I'd just give Aurora Building department a call, and they can answer all of these specific questions.  Always good to hear it right from the source so you feel comfortable moving forward. 

Only an extra $200 a month for an MTR or STR? That number seems very low. My fiancé and I run 3 airbnbs right now in Westminster, and they do extremely well vs what we could get as an LTR. How many bed, bath, renovated? There are a series of hospitals over there, and you could crush it as a medium term rental. Check out furnishedfinder.com to see what MTR's are going for in your area. Then, check airbnb and see comparable STR's to yours in your neighborhood. Look on their calendar and see how booked they are, and what their going rate is to give you a ballpark idea of what you could get. Also, if you do consider an STR, you need to follow Denver's laws which is owner occupied, and requires a license. Read more below.

https://denvergov.org/Governme...

Feel free to give me a call if you have any further questions, I'd be happy to help.  

@Emmanuel Caldera

A couple initial questions you should ask yourself.

1. What type of rental are you doing right now? LTR, MTR, or STR? If you are doing an LTR, look at what an STR may cash flow on the property. Instead of selling, maybe you maximize your cash flow that way.

2. What part of town are you in?  Pulling data on what the equity growth may be in future years by looking at previous years median home price (by year) in that area, may be a good indication of where to expect your equity to go.  Hence, does it make sense to sell in that particular area if you can expect significant equity growth in the future. 

3. What is your current interest rate on your property now?  If you have a low rate, and you sell it, just know you'll have to now buy in a market with 6.7% interest rates for a 30 yr fixed mortgage which makes it even tougher to cash flow.

My advice is to analyze your current areas potential growth in future years, wait until rates drop, then you can explore either selling or doing a cash out refi in which you can pull money out to go buy more properties at that lower rate. Also, take advantage of an STR or an MTR if you are capable in your area. You will net much more cash than an LTR.

@Breonna Mahana

All sounds great.  Good luck in finding your investment property!  Who knows, maybe we'll see you around at a local meetup here and there.

We do ours the first Wednesday of every month at Blake St Tavern downtown.  

@David Lemont

All great points provided above!  One other thing to consider is maybe looking at a medium term rental to maximize cash flow even more?  It would be a little more involved seeing you'd have to furnish the place.  Depending on where it is in Denver, travel nurses are an excellent tenant pool to target and can make substantially more than an LTR (given it is a nice property, in a good location, near hospitals, etc.)

Let me know if you have any other questions, and good luck!  Sounds like you'll crush it.