All Forum Posts by: Chelsea Mastin

Hi @Tyler Work! I would be interested to know what automation tools you are using. 

Thanks Mike! 

I called city today and it sounds like there is some "red tape" to get through, but it is doable. Many of the little things that are required are already in place. I will follow up with them after purchase and ask to have an inspector come out to examine property with us. Really appreciate the help.

I hate to ask for help, but am having one heck of a time figuring out an estimated cost for renovation on a property I will be closing on at the end of the month. It's 1,344 finished single family manufactured house built 2005 over a 1,344 sqft basement with 9' ceilings (2,688 total sqft.) The pluming is roughly in as well as loads of building materials. The problem is that it is Aurora, CO- one block outside of Denver and all licensed contractors are booked out for months and charging what I consider outrageous prices per books/online estimates I've came across. 

The previous owner was passed away in beginning phases of turning it into a duplex; its is zoned R2. The city does not have any duplex related permits. I would like a separation of gas and electric, framing, dry wall and doors. I can then complete the rest myself and/or sub out the remaining work. I've contacted 9 licensed contractors and have only received two estimate of 30k-50k or 80k-100k for full reno. One said the pricing it's due to the height of the ceilings (9') and that since it's below manufactured home it will require "specialty" framing work. 

I would think that the materials, age or the property (2005) and rough pluming would save me quite a bit?? lol I'll get multiple itemized estimates after closing, but would like to get finances in order prior. Any insight?? These guys just taking me for a ride?

Thanks @Kevin Grinstead, @Colleen F., @Tyler Work and @Bill S.

 Talking to contractor tomorrow and with your help I have a design for the top floor and add/marketing campaign. I am so thankful to have found this community. Thank you for the wonderful ideas; I will keep you posted as the project comes together. 

This could be a great niche for other's as well. I may write a little article about the process once it's figured out to share data collected. I will also track of expenses along the way to see if this makes sense from financial perspective.

The property is a SFH- 1900 sqft, 3/2 with private entrance to basement. I am adding a bedroom to basement which will allow me to rent it either as two private 2/1's, or as one 4/2.  

Though the basement will not have a full kitchen, I may be able to use it for comparative purposes related to occupancy.

I may do yet another experiment in future renting by room using 1, 3 or 6 month leases targeting medical students and see how that route compares. There are so many possible avenues.

It is zoned R2. I was originally going to turn it into a duplex but with recent changes to STR laws I am choosing to keep as a single family for now. It has a large work shop and 3 car garage (both detached) that I can owner occupy or turn into an additional rental in future depending on future STR and zoning laws.

Thanks again for all your help!!!!

@Jerry W. I think you for the warm welcome. Great idea of offering a special rate and working niche. Guess either way I do plan to have the property for many years doesn't hurt to try to give it a go! Thank you so much!

@Marcia Maynard Wow, gold star for your wonderful insight! 

I love the idea of doing some market research! Lol, I actually work in a hospital across town. I could easily ask our patients those questions and visit the rehab clinic on lunch- maybe even talk to some of the nurses. Brilliant! ha! I've been been going over all the ADA requirements, but could probably go further in comfort department with simple things that might make a world of difference. I never wound have thought to go that extra step. Nice thinking! The property does have a wonderful fenced in area to accommodate service animals. Could provide some extras for the furry ones as well.

Yes, it will be far from hospital-like- even if that is for my own sanity. ;) It's very true and deep that we are all temporarily able-bodied. Might really have found a place in this industry that make me really happy. Thank you so much!

I know it is illegal to discriminate, but has anyone purposely created a STR for physically handicapped vacationers? I am purchasing a property 3 blocks away for a large, well-known medical establishment (3 hospitals, bio-science facility etc.)- 20 minutes from dt Denver. I would like maximize occupancy by cross-marketing to both Denver vacationers and those in town for medical needs.

I am not discriminating in anyway, but it will be quite an expense to create a "wheel chair friendly" rental and more wear and tear on floors, door ways ect. I also fear if I provide this service and market it as such I could be liable if an accident occurs. 

For those who offer this option, do you feel that the higher occupancy/rental fees make up for the cost associated? I would really like to create an option for those seeking a private alternative to hotels, but is this a can of worms? Any insight? Am I over-thinking?

 I have read many books, just wanted someone to verify some predictions for potential hot locations and go over my to my buying strategy for loose ends. The $ will be going back into stocks eventually, but I'll figure out that out as it comes. This realtor I found is a gem. :)

Thanks so much guys! I found a saavy realtor/investor who has been very helpful. Really appreciate the help.  I'm very excited to be purchasing first rental property soon! The best to all your endeavors. 

Thanks for the reply Matt, I appreciate it. 

HI! I was wondering if anyone could recommend a financial advisor with an understanding of real estate investing? I have not had the best luck finding someone I can trust. I live in Denver, CO but I assume most would offer appointments via Skype. Thanks in advance!!  Chelsea