All Forum Posts by: Bill S.

@Adele Tegger the way I understand the law, it would not impact a mid term rental unless the person lives in the unit for longer that 12 months (ie they extend their stay to the point that they have occupied the property for more than 12 months). Once they have lived there 12 months, they can stay as long as they want provided they don't violate the terms of the lease to the point that you can evict them for the violations.

@Rene Vizcarra so it is a bit confusing about your situation. If your current hard money lender won't lend more than 50% of the original purchase price, it means they don't see the value in the property either now or in the future. That is a huge red flag. Based on what you are saying it causes me to question whether or not the end product has the value that you see in it. Not saying you are wrong just makes me pause.

In addition, the fact that the original hard money lender has sold the note is another flag of caution. Some lenders to sell their notes but many do not unless it is a distressed situation. Still you might be able to get the new note holder to negotiate with you as others have suggested.

You mentioned having other properties. If one of those properties is paid off, then many hard money lenders will allow you to cross collateralize and increase the loan amount. 

I have used a hard money lender that will loan in 2nd position for the additional collateral to increase your loan amount on the subject property. These lenders are much fewer as it takes significant effort and additional funds to foreclose on a 2nd lien and take out the first position on the collateral property to get their money back. 

@Logan M. Hire a public adjuster. Insurance offered me $70K for my fire. AFTER paying the public adjuster the claim settlement came out to almost $200k. Also be ready for the insurance company to drop your coverage. 

One final thought, is it your insurance company paying for the damages or your neighbors. Me thinks it should be your neighbors. All the more reason to hire a public adjuster.

@Richard Cain I did a google search and this is what I found. Not sure if it's what you are looking for but it's a place to start. He should answer as that appears to be his job. Not sure if the info is still correct.

Contact Oxford House of Colorado:
Taylor D. Wright
Senior Outreach Coordinator
Oxford House of Colorado
Oxford House Inc.
(303) 909-9922
[email protected]

@Connor Patterson welcome. Come out to some of the local meetups and I'm sure you will find folks looking for the "Swiss Army Knife" guy.

@Norman Dean I just saw this post. If you are still having issues you might try first a nice letter to them stating you are going to the Colorado Attorney General if they don't refund all you money within 15 days. You might reference this story or one of the many others about this company.

If that doesn't work, you should try Frascona & Joiner out of Boulder as they have lots of real estate experience. The only hook might be that the PM company might already use them as attorneys in which case, they wouldn't take your case. Shouldn't be too hard to find someone to take your case.

@Lindsay Tucker BP has made me a lot too. Since I joined BP in 2014 (wow 10 years) My net worth has 10X. 

@Levi Wittenberg welcome. My grandfather owned a small building in Silt for a while many years ago. Small world.

Take care and happy investing.

@Alex Clopton you need to keep calling. Not sure that an 80% LTV is available but it doesn't hurt to ask. Have you tried Canvas CU?

@Tim Fode yes rents are softening. We are down about 5% for new lease amounts. Where we can we are increasing amenities to hold rent prices (adding washer and dryer hook ups and then renting out the washer and dryer). Adding dishwashers, adding fenced private yard space. Obviously these are property specific. Some cases we are doing light renovations such as adding new kitchen cabinets and granite countertops. Renewals we are doing small rent bumps of 3% or so. Haven't had anyone move over that amount. Lots of turn-over with folks leaving the state or buying homes though. The single family homes are seeing rent increases of 5% as folks that see buying as out of reach are wanting to rent houses which is still significantly less than buying.