All Forum Posts by: April Conaway

I am posting this to hopefully help my mom. My dad unexpectedly passed away a few months ago and my mom is struggling to manage his properties and would like to sell them. These are two triplexes (6 units total). Currently renting for an average of $650/month, we have spoken to a couple realtors and they have told us that these are under-priced for the market. However, my mom says that they need some work. Realtor valued them at $275,000 each, but hoping to get $250,000 each for a quick sale. Not sure what else I should include in this ad, please message me with any questions. 

Originally posted by @Tanner Crawley:

@April Conaway Landlording isn't for everyone, especially out of state. Depending on how long he has owned these properties you may be better off selling for the equity. What part of Colorado are the properties in? I would be happy to provide a Property Valuation for each one.

The properties are in Brush, Colorado. We're exploring the option of selling them. We found an appraisal report from about 2 years ago, but I imagine things may have changed since then. Tomorrow we're planning to go through all his paperwork/receipts to see if the income is worth the hassle for her or if she wants to sell them. 

Hello, 

I'm not sure this is the best place to be posting this, but I'm really not sure where this topic fits. My father unexpectedly passed away 7 weeks ago. He had 3 rental properties in Colorado (2 triplexes and a small house). He did not have a property manager, but he did have a local guy who would mow the yards and occasionally make repairs when my dad could not make it to the property in a timely manner. 

I have been trying to help my mom figure out how to run these. One of the units had not paid rent for the last 2 months. The local guy went to check it out and it appeared that the apartment was trashed and abandoned. He removed the remaining items and began repairs. My mom received a call last week from the tenant saying that she had been on vacation and she returned to find everything removed from her apartment. 

We're brand new to this landlord thing and have no idea what to do. I suggested getting a lawyer, but thought I would ask the experts here.

Thank you,

April

My dad and I are partnering up to buy some rentals. He already owns 2 small SFRs and a 4-unit apartment. We found a bundle of 6 SFR and are currently under contract. We are both contributing 50% of the down payment. We were originally both going to be on the loan, but decided it might be best to only have one of our names on the mortgage so that we don't reach our 10 mortgage limit as fast. After purchasing, we are planning to transfer the property into an LLC and have divided up what each of our responsibilities will be. We plan to split any profits or loss 50/50. My questions: 1. I'm assuming only the person whose name is on the mortgage will be able to deduct the interest on their taxes. I currently take the standard deduction and my father itemizes; so would it be better if the mortgage was in his name? 2. We're both able to benefit from the depreciation equally, correct? 3. I feel like I had another question, but I can't remember now. Anything else I need to consider? We have a partnership agreement in place with all sorts of worst-case-scenario clauses and what we'll do. Thank you!!

Is this still available? I am very interested if it is. My number is 307-351-0955. Thanks.