Bedrooms
Baths
Min Price
Max Price

Patty Clark
Patty Clark

Metro Brokers
Morningside Homes, LLC

Denver, CO 80237

720-231-5200
Contact Me

My Blog


Fast Track Investment Property

FHA allows owner-occupants to purchase up to a four-unit property with a minimum 3.5% down payment.  The rent collected on three units could be used to make the payment and the owners' pro-rata share would be less than ¼ of the payment itself. The owner-occupied unit would be considered their principal residence.  The other three units are treated as rental property and eligible for cost recovery, a non-cash deduction plus all the normal business expenses.  The rental income of the three remaining units is calculated as income and assists the buyer in qualifying. A homeowner could buy a four-unit, live in one for two years, buy another four-unit with a minimum down payment, move into one unit, rent the other three as well as the previous unit in the first property.  Then, after another two years, repeat the same process over again. The fifth year, the homeowner/investor would have a total of 11 rental units plus the one that they are occupying.  An acquisition strategy like this might be difficult for a family with children and a single person or couple might find it easier to move more frequently. As the equity increases in these properties, due to appreciation and amortization, the money could be pulled out through refinancing to purchase additional income properties.  Another objective might be to pay the mortgage off as soon as possible and any cash flow after tax could be applied directly to the principal. FHA has a nationwide mortgage limit for a four-unit of $521,250 but some high-cost areas have been designated with increased limits.  There are also loan programs for two and three-unit properties with limits of $347,000 and $419,425 with similar exceptions for high-cost areas. The low mortgage rate and minimal down payments for owner-occupied FHA mortgages makes this strategy attractive because it gives investors an opportunity to highly leverage their investment.  Most non-owner-occupied (investor) mortgages would require 20-25% down payment and have a slightly higher interest rate than for an owner-occupant. To learn more about this opportunity, call (720) 231-5200 and we can give you information on specifics in a variety of areas. Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas If you would like to be sent properties on a daily or  weekly  basis just call or email me and let me know your wants and  needs. A match will be made with a home you love and with  monthly payments you can afford. I specialize in first time  home buyers and sellers who are ready to make a move. patty@morningsidehomes.com www.morningsidehomes.comCell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE

What About the Gutters?

The gutters and downspouts on your home are intended to channel rainwater away from your home and its foundation.  When they're blocked and not functioning properly they can lead to the gutters coming loose, wood rot and mildew, staining of painted surfaces, and even worse, foundation issues or water penetration into the interior of the home. Most experts recommend cleaning the gutters at least once a year.  More often might be necessary depending on the proximity of leaves and other debris that could collect. If this is a task that you feel comfortable about tackling yourself, there are few things to consider.  If the debris is dry, it will be easier to clean the gutters.  Safety is important, and precautions should be taken such as using a sturdy ladder and possibly, having someone hold it while you're on the ladder. Other useful tools will be a five-gallon plastic bucket to hook on the ladder to hold the debris; work gloves to protect your hands from sharp edges of the gutters; a trowel or scoop and a garden hose with a nozzle. ·         Start by placing the ladder near a downspout for the section of gutter to be cleaned. ·         Remove large debris and put it into the empty bucket. Work away from the downspout toward the other end. ·         When you're at the end of the gutter, using the water hose and nozzle, spray out the gutter so it will drain to the downspout. ·         If the water doesn't drain easily, the downspout could be blocked.  Accessing the spout from the bottom with either the hose with nozzle or a plumber's snake, try to dislodge the blockage. ·         Reattach or tighten any pieces that were removed or loosened while working on the downspout. ·         Flush the gutters a final time, working from the opposite end, as before, toward the downspout. There are specialized tools at the home improvement stores like Lowes and Home Depot that can make this job easier.  Check out their websites and search for "gutter cleaning". Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas If you would like to be sent properties on a daily or  weekly  basis just call or email me and let me know your wants and  needs. A match will be made with a home you love and with  monthly payments you can afford. I specialize in first time  home buyers and sellers who are ready to make a move. patty@morningsidehomes.com www.morningsidehomes.comCell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE

Act Decisively

Whether it is hesitation or procrastination due to uncertainty, it can cost buyers by having to pay more for both the house and the financing.  This is one of those markets where most of the experts expect interest rates and prices will continue to rise through 2019. The National Association of REALTORS® reports there is currently a 4.2-month supply of homes for sale which is close to the same as last year's inventory.  Normal inventory is considered to be a 6-month supply. If during the period you're waiting to buy, the price of the home goes up by 5% and the mortgage rate increases by 1%, the payment on a $275,000 home with a 95% mortgage could be $233.80 more each and every month.  Over a seven-year period, the delay to purchase would total close to $20,000. To act decisively, you need good information; a confused mind will not generally make a decision.  In today's market, you need to know exactly what price home you can qualify for and you need to know what kind of home you can expect for that price. You'll want a housing and a mortgage professional you can trust to give you the information you need to make good decisions for yourself and your family.  We'd like to be your real estate professional and can recommend a trusted mortgage professional. To get a better idea about what it may cost you for a home in your price range, use the Cost of Waiting to Buy calculator.  If you have any questions, call me at (720) 231-5200. Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas If you would like to be sent properties on a daily or  weekly  basis just call or email me and let me know your wants and  needs. A match will be made with a home you love and with  monthly payments you can afford. I specialize in first time  home buyers and sellers who are ready to make a move. patty@morningsidehomes.com www.morningsidehomes.comCell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE


Patty Clark | Broker/Owner | 720-231-5200 | Contact Me
8101 E. Belleview Ave #F - Denver, CO 80237
Copyright © 2017, All Rights Reserved

house realtor mls

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu