All Forum Posts by: Eddie Memphis

A friend is about to lose a cabin that has been in his family since the late 60’s or early 70’s. It is on one acre less than an hour from Colorado Springs. Uphill.

The cabin is about 950 square feet, has electrical service, no well, no septic. The inside is not finished but it is insulated and vapor barriered, along with completed wiring. At one point is was ready for drywall, but now woodpeckers have blasted enough holes in the siding that all the insulation needs to come out to check for nests, bodies and all other denizens of the wild that may have found their way into the dwelling.

He told me it is going into foreclosure in September. I asked him for the numbers. He said he doesn’t know, ask his sister. I talked to her two days ago and she said they need fifty grand. Then she said they owe 42 but have three years of unpaid property taxes which amount to $1550 according to the assessor. She then told me how it’s the banks fault, they are too hard to deal with… blah blah. I have heard that since they started missing payments a few years ago.

Let’s say that the kids have never been… financially prudent. And they are in their 50’s now.

Enough about them. Let’s discuss me!

What is my best approach with the bank? I’d like to offer cash. Present an opportunity to save both of us money- US Bank doesn’t need to foreclose and I get to build a cabin.

Should I wait until foreclosure and try to steal it there? Um, I mean, attempt to save it? You know, for the family.

I know I should wait for the numbers, but I want to have the next steps planned out.

Thanks,

Eddie

P.S.

I know this post isn’t about maximizing return on an investment property. I have always wanted a cabin in the woods. So there.

How does one provide a receipt? Is there an actual document or is a piece of yellow tablet paper with both signatures okay?

 Thanks, Bryan!

That seems to cover most things. What about waterbeds? Do people still have those? I think I will add a line since I am looking to buy a condo. And certainly add a pot clause. Don't need a greenhouse in my rental.

Eddie

I am about to purchase my first rental. Those that are local know how hot the market is here. There are few properties that go for less than $1000 per month! The buy in is high, but the rewards seem to be worth it... I'll see.

My agent found me a lease that others in his office have used, but seems pretty generic to me. Are there and Colorado specific laws that need to be included in a lease?

Should I use addendums as needed or add them to the original lease?

This, twenty billion other questions to come!

Eddie

 Bought it from a neighbor. He drove it to the golf course and back several times a week.

How much you want, I asked.

Um... two hundred, he replied.

Harlan, you drive a hard bargain, but I'll take it!

Thanks, Dan.

I had a deal fall apart in Dacono a few months ago. I'm sure you know how hot the market is up there. Anywhere north of 470, really. 

Have a great day.

Hi there.

It's great to finally find a community that has the same goals. Most people I know wonder why I drive a 30 year old car and ride a 20 year old motorcycle.

A new car is not part of the plan, I say.

What plan?

When I explain wealth accumulation through real estate, having other people purchasing property for you, it sounds fanciful and I get a lot of rolled eyes.

Forget 'em. I have a plan for the future and am working hard now, so I don't have to work hard in the future.

Eddie