All Forum Posts by: Norberto Villanueva

The bottom line is tied to market conditions, so get market rent. And it's possible to get $1,000+ for a 1 br in limited areas. Mostly in the NW, of the six in the last year, all leased within three weeks with the exception of one which took six so, get it!

@Trevor Kolb - Congrats!

Nathan said it right, "don't buy for appreciation". You make your money when you buy. So if you are buying for cash flow, make sure to factor maintenance, sundry expenses including management and other fees, not just acquisition costs into the equation. Appreciation is just the icing on the cake, the atta boy for a job well done.

Buying in the various "hot markets" can be a fool's errand without a strong local team in place so learn the game in your own backyard. Where I agree with Elena's assessment of the Denver market, Colorado Springs presents infinitely better buy and hold than flip opportunities, especially on the MLS.

Anytime Pinaki. Please let me know when I can help with your REI needs in Colorado Springs.

@Pinaki M. - Thanks for posting, Pinaki. With an average sales price in the $290k range, a median price in the $260k range and average days on market hovering near 30 days, Colorado Springs definitely demonstrates a stronger upside potential than the Denver market. Whatever you do, make sure to align yourself with a local real estate professional more in tune with hyper local market conditions. Generalities have a way of decimating what might appear to be a meaty deal.

Thanks for reaching out, John! We are excited to know of your interest in future events. Have a safe trip and, please stay tuned for future events. 

All the best,

Norberto

Hi Brittany. Thanks for posting. Aside from relatively fixed costs like property management, taxes, insurance, utilities and HOA fees, controlling maintenance costs can be a bit like herding cats. For the most part, it's a not if but when exercise, where it's important to know projected costs for big ticket items then setting aside each month for that proverbial rainy day.

@Brandon Turner wrote a good article about it here: https://www.biggerpockets.com/renewsblog/2015/10/1...

All the best!

@Brandon Turner

@Lei Frazier - From one Navy vet to another - Fair winds and following seas to San Diego. I have fond memories of my time stationed at the ASW Training Center in Point Loma. If still there, Horton Plaza downtown is a great place to shop. They had a Cinnabon or similar bakery that taunted shoppers with an exhaust that filled the mall with heavenly delight. Oh, and the downtown YMCA had this photographer in it that did an amazing job turning ordinary into extraordinary! But I digress. 

Where you will have to address the bubbling, etc to get full market rent, I'm with Patrick not thinking you will necessarily have to lower rent to compensate for painted-over wallpaper, so long as it looks good relative to age and condition with Victorian charm as a compensating factor. Incidentally and not that you asked, with an exception being higher end clients, the charm can be an intangible for the majority, who seek a certain number of beds, baths, size, commute time and other tangibles instead. This is not to say there can't be a premium for it, just that the client pool may be smaller because of it.

It's a great idea to talk to a few property management companies, as some understand investment real estate better than others. Feel free to connect for another to consider.

All the best!

@Trevor Kolb - Thanks for the intro. We are hosting a Real Estate Investment Hour presentation/networking event on July 19 in Colorado Springs as posted here https://www.biggerpockets.com/forums/521/topics/324201-real-estate-investment-hour-colorado-springs. Hope to see you there!

@Renee Kostermans - You were done wrong by the original tenant. And you should be leery of folks who threaten to sue if you don't x,y,z...that list tends to get longer. However, a bird in the hand beats two in the bush and, if the lady/squatter is able to pay you MARKET RENT, a standard deposit and passes tenant screening, keeping her might be in your best financial interest. 

Yes, I can put you in touch with a fair but firm property manager with close to twenty years in the business, if not more. Feel free to connect.