All Forum Posts by: Ryan Thomson

@Nic Wilson that's a great meet up to go to if you wanna get some great ideas for how to do that in Denver. @Chad Rocke ^^

awesome! i'm inspired. Thanks for sharing.

@Sophia Bahena my understanding is that if you are planning on moving in, an FHA loan you could still get a 4plex for 3.5% down. If you went with a conventional loan I think you have to put down at least 15% maybe more.

For house hacking (moving in to one unit) my criteria consists of a couple things. First, it must allow you to cash flow or live for free while you live there. Second, It must have a good exit plan to cover your mortgage and make $200+ a month after you move out (often times much more) and do your next house hack (if your goals are to scale).Here is what I look for to make that happen:1. An easy way to split into multiple units: a walk out basement, an ADU, or a garage that could be converted to an apartment, multifamily - this allows for airbnb or more rental income to a long term tenant2. 4 or more bedrooms (or 3 bedrooms with the potential to easily add more) - you could get about $650-800 a bedroom in Colorado Springs

Also sounds like maybe the hosts are unaware of what it could go for and charge based on what airbnb recommends vs what a pricing software like priceLabs or Wheelhouse might help them get for a nightly rent. 

woah! That sounds like a sweet deal. Good luck to you. Sorry I don't have any advice on the Cali Market.

@Miles Dirmann okay I'm officially inspired. I wish I got into this at your age. You won't qualify for a loan with that amount of income. BUT if you have supportive parents with a good income a good pitch could be "I am thinking seriously about my financial situation and think buyin a home is a really good idea. Would you be willing to co-sign with me".

Don't limit yourself to multifamily.

For house hacking my criteria consists of a couple things. First, it must allow you to cash flow or live for free while you live there. Second, It must have a good exit plan to cover your mortgage and make $200+ a month after you move out (often times much more) and do your next house hack (if your goals are to scale).

Here is what I look for to make that happen:

1. An easy way to split into multiple units: a walk out basement, an ADU, or a garage that could be converted to an apartment, multifamily - this allows for airbnb or more rental income to a long term tenant

2. 4 or more bedrooms (or 3 bedrooms with the potential to easily add more) - you could get about $650-800 a bedroom in Colorado Springs

@Ramin Kamal house hacking and down payment assistance is an amazing way to get started. Make sure you use a realtor that can help you walk through how to cash flow your property and have a good exit plan in case you want to scale. 

As far as what you can qualify for I would use @Grace Wang or @Ben Rhodin as a realtor. They are in Devner. And have them get you connected with a lender that could do a downpayment assistance loan. 

If you want a ballpark of what mortgage price you could qualify for. Take your gross income divide it by twelve and multiply it by 0.4. That is the monthly mortgage payment you could most likely qualify for. Assuming you don't have other debt. 

Hi @Brice Childers. I have done a lot of research on different counties and cities in Colorado. I also want to get an airbnb in mountains. Thre is still a lot of opportunity despite some tightening of the rules and some moratoriums. Happy to connect and share my airbnb research as well. 

Where all the CPAs at?! Help this man out. :)

So much room! Especially if you can create a property management company to manage them as well. It's such a better way to cashflow SFH. I worked with @Mark Hirleman for a little while and he just grew from 6 to 70 something properties under management in two years.