All Forum Posts by: Taylor Burns

Hello BP! 

I am looking to get an offer in on a townhome in Lafayette Colorado. The washer and dryer hook ups are in the room in the basement. I will be doing a house hack with this place and curious if having a washer and dryer inside someone's room will lower the rent or make it harder to rent that room out? 

The basement room is the biggest in the townhome so I would want to rent that room out and not live in it myself. Not sure if this will make it harder to rent out or not? 

Any insight helps! 

Thank you! 

@Matt M.,

I have not heard about ARM products I do not believe. What exactly do they do in order to help me qualify?

@Eric VanKirk, great post! Thank you! 

@Matt M., I have been out looking at a decent amount of places. I am stuck in a range of 330k and under though. So that is what i'm working with at the moment for financing from a lender. I know with that range it has been pretty tricky in the Denver market. Thanks for the reply! 

@Jeff Zinsmeister,

I have not heard of the NMLS. I will look into that for sure! 

@Chris Lopez,

Thank you for this response! There are some really good points in there coming from a Denver market perspective. I will keep after the MLS and work to get into a property during this key time of the year. I was unsure about the financing part through direct mail. I know that is normally a cash buy option. Thank you for the insight!

Happy Friday Everyone!! 

My name is Taylor Burns and I am looking to get into a SFH 4 bed 2+bath house hack deal. I am looking around outside edges of Denver. I have been looking on the MLS and supply is very limited.

One thing I have heard over and over is that you need to make money when you buy the deal. All of the properties I have found on the MLS put me in a negative cashflow situation with renting the rooms out. I am starting to think I may need to start doing direct mail marketing/ finding off market deals.

Does anyone have experience in doing this for a house hack? My approach here would be using a 203k loan to fix things up or find hard money financing then refinancing once the updates were complete. I have currently been looking at FHA and CHFA loans, as my start up capital is limited.

Has anyone taken this approach to a house hack??

Any insight is helpful!  

-Taylor 

@Andrew Briggs,

I was searching for absentee owners and using both in and out of state owners. Using just the out of state owners really narrowed my searches though. I was also using an equity filter of 50%-100% to find houses that would have room to make deals. Or you could set it for matured mortgages to find people with their house fully paid off. For myself I am looking for a house hack deal, so I was narrowing it down to 4+ bed and 2+bath. 

I found that $50 was buying around 350 leads or at least in that ball park 

Sooo I answered my own question here! I was using zip code + 1 mile radius as the search. When I switched over to just zip code, I was able to insert as many zip codes as needed! 

Thank you!!

Good afternoon BP!!

I am starting out my investing in Denver Colorado. I am wanting to get into a house hack deal. The MLS is slim pickings so I am thinking about finding an off market deal and either doing BRRRR or 203K FHA but then just living in the property.

I am being pretty specific in my criteria on ListSource.com. It is limiting me to 5 zip codes and a $50 min per payment. With this said, is there a way to build multiple searches and add them to your cart essentially? I do not want to broaden my criteria too much but having trouble getting up to $50 with only 5 zip codes.

Any suggestions or insight with ListSource? 

Thank you!

-Taylor  

@James Carlson,

Great insight here. Thank you for jumping in! Thank you for attaching that report as well.

And cheers to that last part, Colorado is a pretty awesome place to be!

-Taylor