All Forum Posts by: Account Closed

christopher wedde. I am aware of the 4 units ( I just chose to say 25%) and think that James is probably right where short to mid-term rentals are an attractive choice during off season with Airbnb being an option for peak seasons with higher income percentage. Thanks for the advice!

Airbnb was my first thought but opens the door for more seasonal renters and unpredictability. Personally, I like the mid to long-term rentals more because you can plan much more accordingly, and possibly do the Airbnb between tenants. I already have the furniture and beds to have it furnished. The only side thing I have been debating is to whether or not make it blocked off from main level (i.e. put small kitchen in the basement) since I will be living with my girlfriend and she doesn't feel 100% safe with someone else having access to main living quarters. 

I am familiar with the requirement if I use the VA home loan that I have to occupy at least 25% of the property. However, is anyone familiar with if I wanted to convert a basement into a living area and rent it out how this can be accomplished as a "business" versus me just trying to make side money? I am looking to purchase a house or townhouse in the Denver area (probably Lakewood or Arvada region). There is a good demand in the area for rentals and I have been doing as much research as possible to find reasonable rental price. Obviously, the perk of using the VA home loan is the initial 0% down but I wanted to get some advice on how to accomplish turning it into a legit business and not get hammered when it comes to taxes or legalities. Any advice would be appreciated!

That was one of my strategies I had in mind moving to the Denver area. I have been looking at a lot in the Colorado Springs area due to the high turnover rate and demand at the Air Force base. Further, knowing the tenants have an almost guaranteed steady income, and you can report to chain of command any issues with the tenant.

Thanks Bill. I will be sure to do that.

I will absolutely get in touch with you in the near future. I have a few friends in the area, and was looking to try and reside somewhere in the Lakewood area. I have a friend who lives outside of the metro area (hot sulphur) and one in Westminster who have been spinning me up on the market which is difficult to research online.

I have recently separated from the Marine Cops and have been working in the DC area for a few months now. At this point, I am planning on moving to the Denver area at the end of 2016 and get my real estate investing career underway. There are quite a bit of investments that I would try in this area, but I do not want to be a short-term or out of state investor at this point. I have read several books as well as doing my homework online. I generally stick to realtor, MLS, zillow, or craigslist and cross reference any locations I see valuable or below market. Seeing as how I can use the VA home loan for up to a 4 building multifamily house, my goal is to purchase a duplex, triplex, or quad. I am also registered to take a real estate class at a local college in the Spring time, because I am finishing up a Master's degree at the moment.