All Forum Posts by: Maria Bakaj

@Michael C. Try calling another lender and see if you can get a fixed rate 30 yr 20% down at around 3%, so that way you don't have to refi in 5 years if you don't want to.  I've heard from my network you can for an investment property, but I know it depends on all the variables. 

Have you gotten in to see all the units yet?  What's the deal with the tenants?  From what you described in terms of renovations, it seems like a steal, but you'll know better post inspection.  The actual location close to the park is a bonus.  As @Steve K. noted, be mindful of the fact that you're doing trx broker as you navigate through this.

@Dashiel C Neimark

There’s always a deal out there but you’re right the market is tighter in those areas. You just have to know what you want and be ready to jump. House Hacking works best. I showed a client a potential house hack last week in Westminster that worked well and was a great property. In the areas you mentioned, duplexes and triplexes aren’t very common. Westminster does have them but not really Broomfield and Superior.

@Kaitlin Bagley

There’s many ways to diversify. You can diversify with various investment strategies in Colorado, or stick to one investment strategy and purchase properties around the US, or mix up investment strategies and locations.

Regardless of what you choose, since you do want to diversify it’s probably best not to go all in on one location. If you want to stay within one state, pick different areas. As covid has shown us, things can change on a dime and what was once appealing suddenly is not.

The numbers have to make sense, so ultimately that will drive your decisions.  My advice for beginners would be to not compromise on your numbers.  You may wonder why certain properties are selling because the numbers you ran didn't make sense.  Don't fret it, someone may be willing to be riskier for whatever reason or may have more experience and know what they're getting into.  People also make mistakes.  Investment strategy wise, do what feels most comfortable to start.  

Good luck!

@Alexander Mears Having been that girlfriend/fiance who was not a fan of house hacking, try looking at side-by-side duplexes or properties that have a main house and an ADU or tiny house. That may be more appetizing rather than an up/down duplex or rent by room situation. It was for me and there's definitely a few of those on the market. You can also consider the live and flip strategy.

@April Mattin 

For the non-payment part, have you reached out to her and let her know that there are rental assistance programs in the state during Covid-19?  

For the eviction part, I have read that evictions in CO are still being done on a case to case basis even with the new moratorium.  If you google and look for the article "The New Eviction Moratorium isn't Bulletproof" in the Coloradoan, you can read up a bit on this so that way you are prepared for a conversation with an attorney.   

I try to stay on top of all of this as I have tenants and I try to help out my clients with this as well, but it's tough in this ever changing environment. 

Good Luck!

@Justin Wingfield Congrats and I'm so impressed with your story!  You made things happen and it has surely paid off.  Long term tenants are what dreams are made of!

@John Prucha Thank John, I'll be reaching out!

@Alexander Mears

Your price point and your lifestyle will determine a lot in terms of what area is best for you. Without knowing you and your investment goals, it's hard to say. Find a realtor you trust, get access to the MLS, and start exploring potential neighborhoods by driving or walking the area. The different areas of Denver offer different opportunities.

@Christian Hoffmann People will only know your age if you tell them.  A bigger objection you might get, that every new agent gets, is why should I work with you if you're only just starting in this business?  You've got the time to dedicate to them and you will make sure that everything goes well since your reputation is riding on it.  You also have a team around you(make sure you find a wonderful managing broker, strong lender, great inspector).  

I regret not becoming an agent sooner.  I had these same concerns that held me back.  It's tough to start and it's slow at first, but that's true for everyone.  It has nothing to do with age.

I definitely encourage you to jump in.  If you need to make some cash to subsidize income, consider working a part time job where you can meet tons of people (like Lyft/Uber- if you're comfortable with it during covid).  You can also work as a transaction coordinator for other experienced agents.  You'll be paid for this work, but you can also learn from others and stay connected with the market.

Good Luck!

@John Prucha This is a really good play that panned out nicely.  What neighborhood is this?  Also, when did you initially purchase the home and exactly how long did it take for Denver to approve the zoning?  Congrats!