All Forum Posts by: Dustin Frank

What you are talking about requires a securities license. Not a big deal though. I would start by contacting a lawyer and an accountant, tell them what you are wanting to do and ask them for options on how to do it. You should be able to have it set up in a few days. This will also make it easier to find people when you can give them legal paperwork that spells it out.

Property management is a thankless job in the sense that you will be blamed for all of the issues by both tenant and employer. With that being said, after eight years of experience I would only take on houses that you would be proud to own. I managed properties for a slum lord at one time and it almost ruined my reputation. Eventually we dropped him and it was one of the best decisions we ever made. As far as gaining new clients...one way would be to talk to older gentlemen you see mowing lawns of multi family properties, that's how we got started.

Thank you for your advice. This neighborhood may be better suited for fix and flips instead.

Could I get your opinions on this property:

"Developers- here is your next project in Denver's new hot spot area! Are you tired of the crazy land costs in the Highlands and Sloan's Lake areas? Here are 3 DUPLEX lots! Each averaging 14,000 sq ft! ILC completed. Proposed Lot split completed! Approval from Adams county is also completed. Density approved. Water/sewer line already completed for center lot and tap fees paid. 300 Linear feet of FRONTAGE! Zoning requires 45 feet of frontage per unit. Pro Forma indicates well over $1m in Net Profit by building SIX 3 bedrooms/3 bath units with massive yards for each unit. This is LOWEST LAND cost you will find at ~$14 per foot....MASSIVE PRICE REDUCTION!! Bring all offers"

This is in my neighborhood so I am somewhat familiar with the area. With that being said here are my personal observations: 1. The light rail is new to the area and close by , property would be just a few minutes walk to the station. 2. The neighborhood is currently lower income property that could use some updating. 3. Apartments and businesses in the immediate area are just starting to get bought out and fixed up....or dozed. 4. I've asked a few people if they'd be interested in selling, they said no and mentioned the light rail as the main reason.

Price is $499,000

.96 acres

zoned R-2 "approved for 3 duplexes"

2016 taxes $387

So I found and abandoned property and looked up the owner info. The only thing it is showing for ownership is the name of the LLC. When I search for this LLC online I get little to no info or old numbers that are no longer active. I have mailed them a letter and asked them to contact me but I'm thinking there must be a faster way. Anybody ran into this situation before? Any advice?

I've ran into this exact problem and my property manager had a good solution for it. He would seal the wood with an epoxy or urethane and install carpet or flooring over top.

I've been in a similar situation with an alcoholic tenant with kids......long story short she cost me over $3400.00. I took her to court and WON....but she never made a single court ordered payment, lost her job, and disappeared off the grid. I decided right then that you can't worry about being nice...worry about being fair. "to yourself also"

Tim, 

I would be interested in being another set of eyes and ears on the front lines for you. Could you post or PM me on a few specifics you are looking for?

Hey BP, 

Just wanted to say hello and give a quick update. I've recently joined BP and just acquired my Colorado real estate license. After interviewing several brokerages I have decided to hang my license with Hudson Stonegate. Looking forward to making some deals and some good friends along the way!

Originally posted by @Matt M.:

Good old Hays. I've stayed there many times and driven through many more. Make sure to check out Prairie Dog Village on your way;) It's home to the 6,000lb prairie dog!

Are you getting your finger prints taken at Arapahoe CC? You should knock that out too. It would be VERY beneficial to take a test prep course for at least the Colorado portion. 

I've got some prep questions from when I took the test that may help. Feel free to shoot me an email.

 I would recommend you skip the Prairie Dog and check out Castle Rock instead,I remember it being pretty cool as a child.  As for the fingerprints, I have submitted everything for my backround check and passed my education requirements "168 hours" and just need to pass the state and national exam on Wednesday. Of course I don't know for sure if I pass or not but I feel prepared and confident.