All Forum Posts by: Theresa W.

welcome @Michelle Maul. Nice to meet another local here. Have you seen the Denver BP meetup planned for April 28th that Anston posted? Looking forward to chatting with you are hearing about your goals!

Thanks for posting this and I'm looking forward to meeting folks and hearing the latest news.

Welcome @Ted DeKowzan. Nice to see another local person here. I'm not much help on the funding side, but might have some ideas for the entitlement side. If the properties you're looking at are close to incorporated areas, the city will have a 3-mile plan or Annexation Plan, that outlines what kind of density they'd like to see in that area and whether your parcel would be considered to annex. Then, having a final plan might look more solid to your investors. Also, choosing properties that are on the outskirts of water districts can open the possibility to tie into those areas as well, with minimal outlay to extend the service lines. Good to meet you and looking forward to chatting more.

Hi Bill,

If you're looking in Westminster, their zoning code doesn't seem to have anything precluding less than 30 day rentals, but as someone else suggested, it's good to ask. http://www.ci.westminster.co.us/CityGovernment/CityCode/TitleXI/4Zoning.aspx

While I don't have any experience renting through AirBnb or VRBO, if you're looking to capture the executive rental market, you might stage your place, take photos, make a nice online brochure and direct market to the corporate firms in your area. It seems likely that the folks making the executive rental arrangements could be admin assistants and if you market to them, you could be their go-to rental for placing the out of town folks. Even more ideal, would be to get longer term stays of more than a month or so.

@Jon Holdman Thank you for the great information - I've been pondering your comments overnight and I appreciate your local expertise! There is next to nothing available that meets that price point here in Golden and the surrounding areas. I've mostly been focused on properties in my community because I am the DIY landlord/property manager type and I'd like to keep an eye on things. However, I am seeing the value of going after the fixers that provide a better return and using a PM to manage those that are farther away. I also appreciate the advice about using my primary equity. Lots to think about!

Thank you @Brie Schmidt for your validation of my move to a 30 year and I'll bring my schedule Es when I meet with a broker next week.

Thanks to @Shawn Thom too, for your answer about the refi possibilities. I'm looking for ready to go properties (save for minor DIY repairs), but the rehab loans would be a possibility. Thank you!

Hi BP,

I've been searching forums but not sure who to ask about my situation. I'm a buy and hold kind of gal, with a goal of $5,000/mo net rental income. I'm about to buy a second investment sfr, but want to structure my down payment and loans so that I position myself for future purchases. Here are the details:

Primary home: $360k arv; $185k left on 3.375% (2 yrs into a 15 yr fixed) $1900/mo.

First sfr investment: $160k arv, $99k left on 4% (2 yrs into a 30 yr fixed) $635 piti, $1250 income/mo.

Potential second sfr investment: $155k purchase price, estimated $650 piti, $1250 income/mo.

First, I'm looking at a cash out refi on my primary of about $70k to provide for a downpayment for the new investment and going to a 30 year fixed to improve my DTI. I need to find a professional who can give me finance options - is it simply a broker I need to talk to?

Second, I've proven the rental income on 2 years of taxes, but will I need to wait 2 years for each subsequent property? I'd like to leverage the $70k cash out the best I can and not have to cash out every time I'd like to buy the next property. Does this mean I should look at MF instead?

Thanks in advance for all advice and suggestions. I'm very grateful.

Welcome @Valerie Rogers from Golden! It sounds like you have a great background in VRBO to be able to navigate the vacation rental arena. I've lusted after a many ski properties up the hill, but couldn't get past the HOA fees and the 51% owner-occupy requirements for financing. My background is in city planning, so feel free to shoot me with any questions you might have about the tourist areas. I can most always point you to the right municipal regulations. Hope to meet you sometime!

Welcome @Jason B. Sounds like you are on the fast track to more properties. I'm looking forward to hearing how your closings go - let us know! I'm especially interested in how you might be diversifying. Perhaps we'll chat at one of the meetups as well.

Hey @Cary Goltermann nice to meet you!

I missed Monday's meeting, but am new to BP as well. Looking forward to meeting you at the next one. I have one buy and hold that is in a student housing area and would love to share strategies sometime. Talk to you soon!

Former city planner here. If you can drop in and talk to a planner, you'll get way better info than over the phone. Ask for a copy of the city's master plan or comprehensive plan which will describe the 3-5 year goals for the area. If you can chat up a planner that's been there a while, they'll clue you in to the history of the area; what's been tried, what's failed, what never got off the ground and recent applications for development.

Get a copy of the zoning map and learn about what's possible in that area. SFRs are great, but they're even greater when you find a property that leverages multiple benefits - maybe it's a home in a commercially zoned area, maybe it's on the edge of another district, giving you options to rezone in the future, maybe it allows mother-in-law apartments, generating more income for you.

Ask them for a meeting, you'll get great info. Good luck!