All Forum Posts by: Kevin Smith

Cash flow can be difficult to find in those neighborhoods especially when you consider most HOAs are $300-400/month.  Having said that, if you're going to live there for 2 years, by the time you move out, market rent may very well have risen another 8-10%, and you could go the furnished, monthly rental route, which will demand even higher rent.  Also, I see Denver being under supplied for a long time to come leading to further appreciation.  To echo @Peter Jakel 's point, you could do some renovations while living there and get even more appreciation.  

Welcome @Steve Lowe.  This is a great community, and there is a lot of great information to be found in the forums and on the podcast.  Be sure to check out Network > Events to find some of the great meetups in the Denver area.  These are a great way to connect with others in the area who are more than happy to help out.

Fairplay was the only place that made Airdna's list of best vacation rental markets.  Breckenridge isn't too far from there.  I helped a client get a cool property in Idaho Springs that has been doing well on Airbnb.  Loveland, A Basin, and Winter Park are fairly close as well as Black Hawk.

Personally, I'm looking at Buena Vista.  I like what they've done with the downtown area, it's popular in the summertime, and Monarch is close by.

There are some places further west I like, but they're not within 3 hours of Denver.

Curious to hear what others have to say.

Welcome @Thomas Speer.  The investor community is very strong here - several Meetups in the area and very active on the BP forums.  If you ever have any questions or are looking for some recommendations, I'd be happy to pass along some resources.  Is there a particular strategy you're considering?

If you're looking for a retail buyer who wants to do a live-in flip, it might sit for a little while, but if you're looking for the cash buyer who's just going to flip it, you shouldn't have any delays selling it on market. 

@Riley Wenger

@James Carlson is your guy for this stuff.  I'll just say Westminster currently allows it because they've not taken a stand one way or the other, but that could change in the coming months or years.  As for Wheat Ridge, they're issuing a certain number of permits (1% of housing stock I believe), and once those are claimed, new applicants are placed on a waiting list.

All that said, my choice would be Arvada or Littleton near their downtowns and lightrail stations.

Also keep in mind, these regulations apply to stays under 30 nights.  Furnished month-to-month or 30+ night stays also have some demand though the income would be less than your typical Airbnb.

@Ashley Tulare

Hi Ashley. Welcome to the BP forums. I'm assuming you're planning to make the new purchase your primary residence. Are you looking to do a cashout refi on the current or get a HELOC and use those funds for a downpayment on the new home? Will both mortgages be in your name or an entity? Knowing some of these things can clarify your options. Either way, I'd be happy to pass along some recommendations for mortgage brokers and answer any other questions you may have.

Regards,

Kevin

@Andrew DeLorenzo

Hey Andrew,

Conventional financing might be tough if it's in really rough shape.  I would consider hard money and/or owner financing for the purchase and rehab.  Once it's fixed up, you could refi into a conventional product.

I can pass along a list of lenders (hard money and conventional) and cleanup crews in the area if you're interested.

Keep us posted!

@Damian Cummings

Take a look at Arvada, Littleton, and Wheat Ridge. Those are the municipalities in the Denver area that don't have the primary residence rule. Of those, Wheat Ridge would be my preference due to its proximity to downtown Denver and Highland. They are capping the number of STR licenses they're issuing though, so you'd probably want to move on that sooner rather than later. In Arvada or Littleton, I would look for something close to their downtowns and lightrail stations.

As far as condos, most HOAs I've come across in the area don't allow nightly rentals.

Welcome @Aaron Vinnik

There's a great community in Denver.  Are you looking for a traditional rental, house hack, or short term rental?