Author Topic: Recommend a Realtor / Agent in Denver?  (Read 608 times)

ejmyrow

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Recommend a Realtor / Agent in Denver?
« on: November 10, 2020, 05:47:13 PM »
Hello!
We are looking for someone who covers the greater Denver area who is really into FIRE and using Real Estate to create income. Also it would be great if this person is especially fond of newbies and lower income folks who are first time homebuyers. We are not sure if we will get a home that also has a second unit that we could rent or if we will just get a condo that we can rent out as an investment. Hubby likes the condo idea. I like the idea of buying our own home plus finding someone who will park their tiny home on the land... Thank you!

waltworks

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Re: Recommend a Realtor / Agent in Denver?
« Reply #1 on: November 11, 2020, 08:57:36 AM »
LOL, you want to buy a condo to rent out in Denver?

You definitely need some guidance, but a realtor is probably not the person to get it from. Their incentives are not necessarily aligned with yours in this kind of situation.

Go read the last several years of this forum, read some books on RE investing, etc. Then you can revisit.

-W

therethere

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Re: Recommend a Realtor / Agent in Denver?
« Reply #2 on: November 11, 2020, 09:06:57 AM »
Not to burst your bubble, but you can't buy a condo in Denver to rent out via AirBNB unless it is your primary residence. Vindictive neighbors will report you. A lot of condo buildings also have restrictions on the number of units that can be full rentals at a time. The current prices and HOA's will likely have you losing money monthly for the first few years on a condo without even taking into account maintenance. There's also the fact that COVID has made rents decrease big time.

You also cannot live in a tiny home on a property or allow a permanent camper on your property unless you are constructing a primary residence. I'm fairly certain this is the case for all incorporated counties.

You're only real option is a duplex, but those are bought up pretty fast by all cash buyers. The competition is fierce! And when I've been looking they're basically 1.5x-2x the cost of a SFH, but on the same lot size. IMHO, the lot is the primary driver on price, so you're getting screwed.

**My perspective is strictly covering the immediate Denver area.
« Last Edit: November 11, 2020, 09:09:49 AM by therethere »

ejmyrow

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Re: Recommend a Realtor / Agent in Denver?
« Reply #3 on: November 17, 2020, 08:41:45 PM »
We greatly appreciate your responses! As far as the condo goes, we were looking at the cheapest ones in Capitol Hill area. For example we have seen some for $150,000. We know we would need to put 20% down. We’ve seen some with $200 HOAs. We realize sometimes they do assessments if the HOA fund isn’t abundant enough. We figure we could rent something like that for at least $1,000 per mo, which would about match the mortgage- maybe be a little higher. What would be the issues with this plan? Thanks!

ejmyrow

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Re: Recommend a Realtor / Agent in Denver?
« Reply #4 on: November 17, 2020, 08:45:19 PM »
Another option: we will probably be approved for $250,000 since we have a baby and only my husband is working. We are thinking of buying a 2 bedroom condo using FHA loan, live in it for a year, then try to rent it out...

waltworks

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Re: Recommend a Realtor / Agent in Denver?
« Reply #5 on: November 18, 2020, 07:08:52 AM »
We greatly appreciate your responses! As far as the condo goes, we were looking at the cheapest ones in Capitol Hill area. For example we have seen some for $150,000. We know we would need to put 20% down. We’ve seen some with $200 HOAs. We realize sometimes they do assessments if the HOA fund isn’t abundant enough. We figure we could rent something like that for at least $1,000 per mo, which would about match the mortgage- maybe be a little higher. What would be the issues with this plan? Thanks!

The issue with that plan is that you will lose money. Google up the 1% and 50% "rules".

-W

therethere

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Re: Recommend a Realtor / Agent in Denver?
« Reply #6 on: November 18, 2020, 08:58:04 AM »
We greatly appreciate your responses! As far as the condo goes, we were looking at the cheapest ones in Capitol Hill area. For example we have seen some for $150,000. We know we would need to put 20% down. We’ve seen some with $200 HOAs. We realize sometimes they do assessments if the HOA fund isn’t abundant enough. We figure we could rent something like that for at least $1,000 per mo, which would about match the mortgage- maybe be a little higher. What would be the issues with this plan? Thanks!

Like I said, some condo buildings have limits on the number of units in the building that can be rented at one time. You'll want to know this going in if your game plan is to rent. I also would not want to buy into an HOA in this climate. I highly doubt HOA's have been getting consistent fees from the entire building through 2020 and 2021. I would be willing to be a lot of units have make-up assessments in the next few years. Taking a quick look at zillow, the sub 200k condos are like 400sq ft or less! I can't see those being too desirable in a pandemic where most folks are WFH, let alone living in myself for an entire year as a couple. Maybe you could rent for 1k, but you'd still be losing money for the first few years. Sounds miserable to me.


303sky

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Re: Recommend a Realtor / Agent in Denver?
« Reply #7 on: November 30, 2020, 05:53:40 PM »
We are looking for someone who covers the greater Denver area who is really into FIRE and using Real Estate to create income.
Chris Lopez is a good investor friendly realtor in Denver. He encourages house hacking and knows a lot about the Denver Metro area in general. James Orr is another awesome one who works for the same company but is in Fort Collins. Both of these people hold regular classes that I recommend attending.

PMJL34

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Re: Recommend a Realtor / Agent in Denver?
« Reply #8 on: November 30, 2020, 09:29:27 PM »
OP,

You will lose lots of money (plus lots of increased stress) if you act now. A realtor won't save you either, they will take advantage of your ignorance.

Real estate in Denver (or any other major market) is a fiercely competitive and high risk (high reward as well). If you want to be taken seriously, read as much as you can and then come back with more specific questions.

Best of luck.