All Forum Posts by: Riley Wenger

Hello! I am a real estate agent working with a client to purchase a property to be used as a short term rental. Many of us know that it is tough to do a STR in Denver, but there are some cities in Denver Metro that are open to it. I am curious if anyone has a comprehensive list of cities that are friendly to/allow Short Term Rentals and any specific rules said city imposes (for example, Littleton allows STRs but has very specific rules related to property acreage, etc). If anyone has any city specific info that they are willing to share- I would love to make and share a list of STR regulations by city if someone out there hasn't already created one!!

Here are cities I am currently aware of that allow STRs:

Westminster (no regulations)

Arvada

Littleton (with specific property guidelines)

Wheat Ridge (although rules seem unclear) 

Cities I am currently aware of that do not easily allow STRs:

Denver (allowed, but must be owner occupied)

Edgewater (very specific owner occupancy rules)

Lakewood

Morrison

Cheers!

Riley 

Has this resumed since Covid?

Thank you everyone for such helpful insight. 

@Chris Mason Thanks for the great breakdown and info. When looking at my income, would a lender look at rental income the same as any other income?

Hey all! I'm considering a career change to become a Real Estate Agent. I'm wondering if anyone can share some insight as to how this will affect getting mortgage loans both in the first year as well as in future years. My current plan is to start with an LLC then eventually move to an S-Corp.

For a bit of additional background info that may also Influence a loan- I am currently house hacking and cash flow about $1100 per month (with leases in place) and also work part time as a Property Manager as a 1099 employee. I’m looking to get another owner occupied loan for house hack #2 in the near future.

Thanks in advance for any advice or insight!

Hey @Mary M. that information is similar to what I had been finding, but it is always great to verify that the information I'm seeing is correct. Thank you so much for providing that resource!

@Craig Curelop thanks for the input! I know they've already reached out to family and they have now confirmed they will help if needed, so it feels comforting there is a plan b, but I was willing to step in if that wasn't the case. We'll definitely look into which Denver Assistance Programs would be best suited. 

Thanks all! 

Hey all! I am a new investor and am currently house-hacking. Some of my tenants are bartenders and are currently out of work- but they are great tenants and are doing everything in their power to pay full rent and on time. They have, however, asked if we could partake in Bill Paying Assistance from Denver to cover the gas/electric bills. Does anyone have more information about this program? I want to do anything in my power to help them out during this time, but I worry partaking in this program could hurt my credit or affect me in other negative ways in the future. Does anyone have advice on this or suggestions on other ways/programs that could potentially help renters? (They have already applied for unemployment).

Thanks in advance!! Stay healthy out there! 

Will there be another meet up in October? I'd love to attend something like this in the future!

I am a first time buyer/investor looking in the Denver market. I currently do not have enough saved to put 20% down on a property nor the income to qualify for the amount that i'd like to be buying at (~400,000 price range). I am thinking of using a conventional loan (to the amount I can qualify for) in combination with a hard money loan, then BRRRRing the property to repay the hard money loan (after a refi) and keeping my conventional bank loan. I plan do use said property also as a house-hack and live in one of the rooms after the BRRRR. Thoughts?