All Forum Posts by: Scott Trench

Hi Payton,

I just invested here in Denver (within the city limits) and I have to say that the growth here is astounding.  Most of the nice areas near Denver won't give you those nice Price/Rent ratios.  That said, the area is growing so fast, and appreciateing so fast that long-term rentals near the city may be a good bet.  It's amazing to see the new buildings, infrastructure, and people that seem to be a constant theme.  Focusing on price to rent ratios in smaller cities and towns in faraway corners of the state might cause you to miss out on where the true growth seems to be occurring - here in Denver.

Hey @Dave Crussel - I recently bought a property through HomePath.  I'd recommend sitting back and relaxing.  It took me almost 3 months to close because every time you ask for a change, you are treated to a two week delay.

Hi Jeremy!  Welcome to the site.  I was in your exact position last year here in Denver, CO.  If you'd like, I'd encourage you to connect with me and I can tell you about the research, networking, and actions that I took to get started  I currently house hack in Clayton neighborhood about 1 mile northeast of Coor's Field.

@Landon Dolezal 

First, I think that you should read through Brandon Turner's epic House Hacking Post here:

http://www.biggerpockets.com/renewsblog/2013/11/02...

I'm using this strategy myself and think that it offers new investors one of the best ways to dip their toes in Real Estate while giving you the ultimate in exit strategies - you can just live in the place a little longer than planned if things work out sub-optimally!

A couple of notes on your specific points:

0% Down may be very difficult without getting super creative. The advantage to house hacking is that you can use owner-occupier financing like an FHA loan. For single families, that can be as low as 3.5%. For a small multifamily (2-4 plex), you will likely need to put down at least 5% or a little over $16,000 in your case for the $325K triplex.

You'll also be paying ALL of the expenses.  Tenants pay nothing for that in most cases.  You are a landlord after all.  The good news is that between the two other sides' rent, you should be able to cover all or most of your mortgage, making your house hack a huge cashflow win over renting or buying a single family.

"If you could just get half of the country to hate you... you could be the President!"

 Very interesting thought here.  I haven't seen this as much personally - have you come into contact with folks that are shy about giving the names of lawyers, accountants, wholesalers, agents, or other professionals that you've worked with?

Here's a self-serving question - for those of you out there who have been regularly using BiggerPockets for months or years - when did things "click"?  

When did you realize the power of BiggerPockets and it's ability to help you grow your business?  What keeps you around and posting hundreds or thousands of times?

I'm fascinated by this and want to help others get that same feeling. 

For me - it was the first time I posted about wanting to invest here in Denver, CO, and some folks reached out to me with the clearly serious intention of helping me see it through.  I eventually ended up working with one of them (@Micki M.  )to buy my first property! 

Hi @Siha Gnet 

Welcome! BP Headquarters is right here in Denver as well, and it's great to see people from the local community joining the site.  Best of luck with your investing and definitely get involved!

Welcome and best of luck!  I think that one of your best bets to get started might be to buy a place and live in it while either fixing it up or renting it out - a live in flip or a house - hack.  Be sure to ask questions of the community!

@Eric Robinson Yes - I purchased a Duplex. I used FHA financing AND the property was in Foreclosure. Also - thanks for the clarification on the House Hacking!

@Judy Parker and @Brian P. "House Hacking" is an invented term that I give credit to Brandon Turner for.  I suggest that you read his article on the concept found here:

How to "Hack" Your Housing and Get Paid to Live For Free"

@Elizabeth Colegrove Thanks for the heads up - I definitely don't think I'm putting anything in that is over the top yet though!

@Mitch H. You are correct about the weather, although that actually scares me a bit.  The problem with burst pipes isn't that they freeze - it's that they UNFREEZE!  That means the the wild swings in temperature can make my problem even more common.