All Forum Posts by: Bill Coleman

Again, thanks to everyone for the great discussion.

Perhaps I will park my third vehicle at the unit until the construction is done plus use lights on timers and get some blinds up immediately. That way it will look like someone is there. Especially if I have my contractor move my truck around. 

How does that strike you all?

I have listened to nearly all of the 70+ BP podcasts and some investors use agents while others do not. I have found that as a new investor, my agent has been absolutely critical to my success. He was able to identify good properties once I had my parameters dialed in better (initially I was casting too wide of a net). But that was just the beginning. He has been able to broker deals for us even though our bids are far lower than other potential buyers. This happened on both houses that I am buying next week. He was also able to gain concessions on one of the houses as a result of serious unaccounted for electrical issues. This is all within a market where nearly every house that is listed ends up in contract by the next day with an over asking price bid. He is also full service and literally does everything for me. He also has tons of construction and professional contacts that I am able to take advantage of. He is available all the time and uses technology to our advantage in closing deals and communicating. He is also very outgoing, friendly and honest and he is able to use that to his advantage in gaining critical information about neighborhoods, properties, sellers, etc. He has earned his commission in a big way.

If anyone reading this needs a spectacular agent in Denver, then PM me.

Buying a place that needs the roof replaced.

Estimates from 2 contractors are around $4500 to $5500. Agent says it's high.

Specs: 1,512 sq ft area (36'x42'); two layers to be removed; no leaks or water damage; cover with 15 year architectural shingles; easy roof pitch (no harnessing or safety needed)

Just want to know if those who have done roofs think this is a fair quote or high? Also, does anyone use any creative ways to get roofs done for less?

I used to do roofing in college and I know what's involved and a cost of $5k for such a small easy job seems about double what it should be. But I know roofers get a lot for jobs but I am not sure why.

I just bought a house that's 1600 sq ft and when you walk in, you think oh this isnt so bad. A little touch up here, a little tile here and this place will be mint. Let's be safe and budget $35k. The barebones construction estimate is now up to $50k and could go higher. Just saying that a big house like that with substantial repairs could become a big headache and a giant drain on cash. You could but several houses that are much more marketable for the cash going into that one. 

I think you are very lucky that they just left instead of you having an eviction. If it were me, I'd hold onto the security deposit and forget the judgement. Move on and get a better tenant in there. If they come back looking for their security deposit, you can have a chat at that time. Been down this road and back too many times to count - they will never, ever return. 

So how is everyone covering their stairs? I have a set going into the lower level and I am not sure how to cover it. Carpet seems like the best option as far as comfort and safety but I know it's going to get nasty really fast. 

Has anyone tried laminate flooring, vinyl or something else? I am open to all ideas. I really don't want to carpet the stairs.

No it's not. The house is perched on a hill with views of the mountains and Denver. It's also pretty dry in there so I don't really have any concerns of mildew or anything like that. Thanks for jumping in. 

Ultimately, I love your idea and I plan to steal it once I get tenants into my new properties!

Regarding group texts, i have found that they don't always work right. If you send a text to the group, you may also expose yourself to revealing all your tenant's phone numbers to the group. Another thing that might happen is that someone responds that they are going to be late and the whole group gets the message. Worse yet, if you respond "okay" then all of your tenants will know that you are okay with rents being late. 

I personally have not found group texts to work well when you have everyone on different phones and different carriers. 

I know that there are ways to text from your computer and possibly even from Outlook. I've never gone the route of Outlook because i never needed it.

http://office.microsoft.com/en-us/outlook-help/cre...

Sorry for the late response. I just now figured out how to find my previous posts on the new BP site!

As an actively managed property, there are several reasons why I want to reach out to the neighbors:

1. hand my business card and let them know if there are ANY issues with my tenants, to call me. 

2. Be part of the community even though I am not living there. I want to know if the climate of the neighborhood is shifting for the good or bad. 

3. Be on the lookout for people close by who might be considering selling.

By creating this map, which took all of about 5 minutes, I am able to capture names and other critical information. If neighbors know and trust me, they will share information that I might not normally get. For instance, I met the neighbor of the property that I am currently in contract for and guess what...she is planning to sell in the next year. Now the next time I see her, I will know her name (if I don't track it, I will certainly forget.)