All Forum Posts by: Taylor Burns

@Rodolfo Canon,

Thank you for the recommendation! I actually attended one or their house hacking seminars last Monday and it had some great info. I also appreciate the numbers and how the market is going. Great stuff to look at. 

Will you be attending any of their seminars coming up here in November? It would be great to get to meet you.

Have an awesome Sunday! 

-Taylor 

@Lizzie Carver,

Thanks for jumping in here! So I currently have $10k i can bring to the table. With talking to my realtors finance guy, it looks like I may need to bring $15k to the table on top of using a chaffe loan in order to get into a $300k property. In 9 months I could have about $10k more saved up. This could help in the process of having extra cash to furnish the house and for cosmetic repairs. 

I am also, looking at homeready loans now to see if currently I could get into a house for less than $15k to the table. Essentially waiting 9 months would just give me more of a financial cushion to start with. I am debating weather it’s just better to go for it now, and not wait, and be glad I invested this year at this time next year. Or playing it safer and saving up more capital. 

-Thank you! 

Good Afternoon BP! 

I am new to this whole REI thing. I have been really getting invested on education and networking in the last couple of months. I am out in Denver Colorado and looking to make the first jump into investing through a house hack.

I was talking to a friend that has some pretty good connections in the Denver real estate market. He had heard that in the next 9 months or so it is projected for a correction in the RE market. I have been viewing properties and looking to get into a house this year. I am just curious others thoughts about this market. 

I am between, getting into a house this year just to start and get my feet wet. The other part of me is questioning if I should wait 9 months, save up some more money and continue learning as much as possible to see if the housing market softens up to get into a better deal. 

I would love to hear others advice on this situation just coming from someone with more expertise and experience in this field. Any insight helps to see different angles and view points on this situation.

Thank you so much! 

-Taylor 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I don't know if this will work with the link, but here is a deal that i ran some numbers on. I am running the numbers with me taking into account that I will be living in one of the rooms. I am estimating around $600 per room in costing things out. That is putting this property bringing in $1800 with me in the residence. 

@James Carlson I have not explored the whole air bnb option for my rooms yet. I was thinking more of a month by month lease type agreement with people living with me. But if Airbnb can help increase revenue I would absolutely like to look into that.

@Chris Lopez I just copied and pasted the this link above after i clicked share in forums. So hopefully the hyper link works. 

@Lizzie Carver Thank you for looking out! I am going to do some research on those loans and will keep you as a reference for finding that type of lender. 

Thank you! 

Correction! I was looking at my numbers, and I am more in the range of -$400 to -$800 cashflow on most of the properties I'm seeing. 

Note: I am putting 5% in each of the values as far as vacancy, repairs, major fixes etc. Is this an accurate number to put for those? 

Hey Everyone,

Thank you very much for responding to this post! Sorry for the late reply back. I am currently looking for properties around the the northern half of Denver (Lakewood, Arvada, Broomfield, South Thornton and west Aurora). I am preferably looking for a 4+ bed 2+ bath just for bringing in more cash per room. The math on a 3 bed was not working in my favor to well with the houses I have found. From places I have found, i have figured I could most likely get $550- $650 per room.

I was qualified at this time for $280k - $300K depending on the type of loan I decide to go after. My cash is very limited and doing major fixes without a 203K loan is pretty close to out of the question at this time.

As far as numbers I am getting, I am usually around $2000 in mortgage payment per month. This is with properties that are between $275k and $300k. My cash flow has been around -$200 and -$500. 

With this said, is it a bad situation buying a house that is right at my credit limit allowed? Any thoughts on that? 

Thank you all again! I very much appreciate all the input! 

-Taylor 

What's up BP! 

I am just getting started in the real estate game out in Denver Co. I am still just working on building up as much knowledge as I can. I want my first step to be getting into a house hack set up. I am looking for some advice on which sorts of deals I should be looking for to make this work.

I have been finding properties online and the MLS and running the numbers through the BP calculators. With the properties I am finding, most of them do not even allow me to break even, considering I will be taking up one room. Does anyone have any insight on what sort of deals I should be looking for before I buy? Should I be looking for off market deals or looking at auctions with the intention of doing a lot of fixing up?

I would like to get into a property this year but do not want to jump the gun on a house hack deal that turns out to not be a deal. I will be using an FSH loan and have limited starting capital at this time. Any insight helps! 

Thank you!! 

@Ned Carey Thank you for reaching out! I will dive into that! 

Hey Everyone! 

My name is Taylor Burns and I am just getting started on my real estate adventure here in Denver Colorado. I wanted to make a post and reach out to this awesome BiggerPockets community. I am in the infancy stages of knowing what I am doing. I am interested in finding some good Denver meet ups or clubs to attend in order to build friendships within the real estate realm. If anyone has some awesome input around the Denver area, shoot me a direct message or comment below! 

Also, anyone interested in grabbing a cup of coffee and discussing how to beat this 9-5 grind let me know! I have yet to meet someone that had too many friends.

-Cheers!