All Forum Posts by: Phillip Bicker

@Jason Baldwin  I have now been doing business in Castle Rock for just over 2 years. Honestly with that site, I have seen the signs up for a long time that shows the land is set aside for the future school, but do not have a good timeline for when the school is going in. This will relieve some pressure on DC that continues to grow and have oversized classes. As far as value/affect on the surrounding neighborhood - I am guessing that it will immediately have little impact but will likely improve value over the long term if when the school is built and starts to get good test scores/reviews as families will be drawn to that neighborhood. 

As for investing out of state vs. in state. I have struggled with this myself and have ultimately decided that the returns in Colorado Springs (and even Pueblo West) are strong enough for me to stay in state. I do think that you may be able to receive an overall higher return in another market, I feel there is substantial value in knowing the area, being able to swing by the property if needed (managing the property managers is more work than one might think and necessitate an occasional visit on your own even with a manager), and investing with little turnover/vacancy. 

$160k for 6 units at $500 a unit would be an excellent property but only if there is little turnover and it is in a decent area. Would you be able to qualify for a commercial loan (as it is over 4 units)? One thing you seriously have to consider is whether the turnover/vacancy involved would have a big impact on your bottom line - for example does your property manager take 1/2 a month rent to find a new renter, how much would you spend in cleaning/paint/carpet/etc between tenants and if it is a cheaper property in the area, are your tenants going to maintain the property well? 

Either way, good luck with your decisions. 

By the way, if you just want to pull equity out of your current home - I got a 90% LTV home equity line from Key Bank (they go even higher than 90%!) with a great rate. If you want to pull equity out of a rental property, very few banks do this but I know ENT Credit Union (by the library) will do this, but I believe they cap at 75% or 80% LTV.

*But you will likely need 25% down is what I meant to say - I have a lender that could likely do 20% down as well. 

@Jason Baldwin

The biggest thing that I like to consider is whether my money is at its "highest and best use" and if it could be making me more money elsewhere. If you were to sell around $370k and have $70k equity, you would likely be able to use those funds to buy a 4plex in Colorado Springs with rents closer to $3200-$3600. It may be closer to $425k purchase price, but your return is going to be much stronger and you have the 25% down required. As long as you have decent credit you should be able to qualify as the rents can be used as income when calculating debt to income (lenders typically use 75% of "market" rents). 

$370k for a home with a finished basement (even if unfinished) in Castle Rock should move very quickly and you may be able to get a little more. I live/work in the Castle Rock market and know the market well.

Colorado Springs and Denver have seperate MLS access - so if you use one Realtor make sure they have access to REColorado (Denver) and PPMLS (CO Springs). I live inbetween Colorado Springs and Denver and serve both areas - focusing on investments in The Springs and primary occupants in Denver Metro.

Here is a very interesting single family home that has been physically separated into two units with two kitchens, 3 car garage with access to both "units", and would be a perfect "house hack". Live in the large home with a ~$2,000 a month mortgage payment and rent the other side for $1,150 so your net is only $850/month for a 4 bedroom home (1 non-conforming bed in bsmt). OR if you do AirBnB you just might be able to live mortgage free!! 

I read through the HOA documents and didn't see any restrictions on short term rentals. You may want to read up on using a single family home to rent out to two families... Call me for more info - but a short term/long-term rental with some "shared space" is likely allowed, call for more details.

Please contact me via PM if you would like additional info on this property or call/text for fastest response!

303-2505-090

Perfect low maintenance ranch style paired home that lives like a detached home, but with HOA taking care of the lawn and snow removal for you. Home is very well maintained and has been updated throughout. Open floor plan with high vaulted ceilings with updated kitchen overlooking the dining and living room with gas fireplace. Kitchen updated with granite counters, upgraded cabinets, stainless appliances, and has a nice pantry. The master suite is spacious and includes 5 piece en-suite bathroom and walk-in closet. Second room upstairs can be used as an office or easily converted into a second bedroom if needed. Finished basement is well lit and has plenty of space for tv room, game table, 2nd bedroom, ¾ bath, a wet bar, and a large storage room. This gated golf community is highly desirable and has a great club house, fitness center, pool, library, craft room, shuffle board, and so much more! Don't miss 3D tour!

Perfect Highlands Ranch home with a finished walk-out basement and kitchenette for a short-term or long-term rental or multi-generational living. Live in the main unit and create off-setting income with the perfect basement that is ready to go! Please call or text me for more info or if you would like to see in person. Phill 303-250-5090

Any rentals would need to be verified with state/county/local regulations and ordinances

Investors, as both a Realtor and an Investor I see the value in using a well experience/knowledgeable commissioned agent to list properties BUT I wanted to get your feel for the type(s) of Realtors/agents you use to list your properties and if you have been happy with the services and outcomes you have received (or if you got your license specifically to purchase and list your own investments). 

If you are a full time Realtor, please do not respond - I am going to do my best to do the same.

In my city of Castle Rock, CO - you may be able to find a 1 or 2 bed condo. There is only one development in Castle Rock that I know of with units under $200k. 

@Ken Spence

The best one I know in Wilmington is Ken Van Every who is intimately familiar with multi-units and rentals in Wilmington. He is an investor and a property manager as well with many properties in Wilmington. He would be an invaluable tool to help you understand rents, the process, and help you to find good, cash flowing properties. Just let him know Phill Bicker sent you and he will take GREAT care of you!! 

Ken Van Every with Keller Williams

1521 Concord Pike Suite 102, Wilmington DE 19803

302-299-1100 Office

302-529-1857 Direct Line