All Forum Posts by: Scott Bowers

Thanks, Russell!

Hi all in the BP uiniverse -

Looking for a mortgage broker in the Colorado Springs/Denver area. Have a four plex I've owned for almost three years and looking to reno three of the units that are vacant at the moment. Want to leverage the equity to pay for the reno plus fund a down payment on another property, probably a four-plex in the Springs. Looking to work with one lender or two, if necessary, to pull an 80% LTV and then a 90% combined LTV on a second mortgage. Willing to do other financing if it accomplishes the same thing - use the equity to reno three units and pull a down payment for a second property. Looking forward to your answers.

Hi Jason -

Everything else being equal, I say go with the fourplex. I'm just starting out as well. The only prior experience I have being a landlord is renting out the house I owned for the last two years.  I sold it this month because of the market we have here in Denver and just made an offer today on a fourplex. We'll see what happens. Either way, I prefer the multi-family units over the single family homes for the reduced risk already explained. Another way to enhance your options is to buy a multifamily that is separately deeded,, giving you the flexibility to sell of one unit at a time.

Keep us posted and good luck!

Scott

Hi Bobby -

Sometimes problems like that are hidden opportunities to add value. When dealing with water usage expenses, I like going the route Marcia advised insomuch as finding ways not just to stop the running toilet but installing toilets that use less water. The techology in this area has resulted in higher quality with increased efficiency.Speaking of technology, while researching this topic the other day, I found a company called "Utility Management Solutions" that claims they can install a submetering solution regardless of the type of piping. I haven't used their services myself, but it may be worth examining.

Good luck with your evaluation and please keep us posted!

Scott

I'm in the same boat, Hermilo, and have asked for income and expense statements on a dozen or so properties in the last several months. About four times, I have received the information requested but in the other cases, the agent listing the property would just want to know if I was working with a broker already. Up until now, the answer has been no, but I will be working with one as of next week and plan to ask him the same question. Good luck in your search!