All Forum Posts by: Kevin Smith

@Ben Brown I had not.  Very cool building.  Outside my wheelhouse I have to say.  Have you looked at LoopNet?  Looking there for commercial leases in RiNo they're at $2-3/ft.  Steel House is not listed there, but I'd say the closest comp is World Trade Center Denver's new campus planned for 2023.  Originally it was sited for 38th and Blake St a few blocks away from Steel House.  It's no longer going there, but the listing is still on LoopNet, and they were at $3/ft.

https://www.wtcdenver.org/wtc-...
https://www.loopnet.com/Listin...

Hey @Ben Brown.  My apologies - I also missed the part that you're looking for commercial space.  I'll have to rescind my earlier comment (womp womp).

Hey @Ben Brown. Unfortunately, there's not a ton of rental data on the MLS as most landlords and PMs use other 3rd party services for their listings. You could certainly look through Zillow, Facebook Marketplace, Apartments.com, etc. to get a feel for prices, and Zillow will offer a rental estimate for a given address.

There are actually no active rental listings in RiNo in the Denver area MLS currently.  Looking at the listings that did get leased over the last six months, you're looking at an average of a little over $2/sqft.  This of course varies based on location, amenities, and quality, and of course I have to say this doesn't count as a BOV :)

Cheers!

Hi @Ryan Deckrow.  Welcome to the Denver area.  My question would be what are your plans once you find your new home?  If you're wanting to rent out the mobile home, keep in mind many parks in the area only allow owner occupants.  You could potentially owner finance a buyer to get around that, but that would still probably require some conversation with the park owner.

If you were thinking you would sell the mobile once you found something more permanent you might not realize any upside if you weren't holding the mobile for very long.  Alternatively, you might consider a live-in flip if you guys are up for it.  You could find a mobile that needs some work (the seller might even finance you so you only need money for a down payment and rehab), and fix it up while looking for your long-term home.  Given the price point of mobiles around here, you could potentially make $20-30k on a flip.  Some food for thought.

Hi @Kyle Gagnon.  Sunnyside is a great area, and I anticipate strong appreciation in that neighborhood for the foreseeable future.  Also, MFs are hard to come by, so if you have the funds, I'd encourage you to move on it.  As for analysis, Chris Lopez and the team at Envision Advisors have a good podcast analyzing investment properties in the area, and they provide analysis spreadsheets on their website.  I would play around with those spreadsheets to get more familiar with the numbers and to make sure you're considering all costs.

Depending on your loan product, I'm guessing your PITI will be somewhere in the $4500-5000/mo range. Without knowing the condition of the units and the exact location, it's hard to say if your rental estimates are accurate, but they do seem plausible. If you live in one unit and treat the other two as long term rentals, you'd probably end up coming out of pocket a bit each month. I'd say it's still worth it though considering it's probably cheaper than your current housing cost, and you're building equity and getting tax savings (note the spreadsheets mentioned earlier will reveal all this).


If going the house hacking route, I would treat the other two units as short term rentals in which case you'll almost certainly live for free and make some decent cash flow.  After moving out, you can turn the three units into medium- or long-term rentals.  With the way rent continues increasing in the area, you'll almost certainly make some cash flow with all three as traditional long-term rentals.

@James Carlson as always thank you for keeping us up to date on these ever-changing regulations.

Cheers!

Hi Clayton.  I'd connect with Vern Harris.  He's the goto guy in the area for all things RAL and does a monthly meetup.

@Ashley Carr-Lewis can you expand on your experience?  I grew up there and wouldn't mind having some STRs there.  Have you been happy with the performance and why the one switch to long-term?

Thanks!

Have you looked into doing the furnished monthly rental thing?  You would have to come up with the funds to furnish, but you could probably get more than with a traditional rental.  A quick look on Furnished Finder shows a couple in that area listed closer to $3000/mo.

Alternatively, have you gotten bids from any iBuyers?  I've seen them pay more than the market was offering.

@Trever C Trader , I don't know that there's a site for estimating MTR revenue.  You'll probably have to look at comparable listings on Furnished Finder, Corporate Housing, Blue Corporate Housing, etc. and make a guess from there.  

One anecdote, I know someone who does some co hosting in Denver, and they're renting a place in North Denver for $3600+/mo that would probably get $150/night as an STR. Once you consider vacancy, that's not much of a drop in income as an MTR.

Like @Ben Einspahr said, as remote work becomes more popular, I think we're only going to see the demand for MTRs increase