All Forum Posts by: Account Closed

Personal preference leans toward four wheel drive trucks.  Trucks are widely used as commercial vehicles - parts are easy to find, you can haul or load whatever you need, and I don't feel comfortable being lower to the ground in a standard sedan.  I also like diesels because they run forever (just don't buy a 6.0 Ford - which is currently in my truck).  There's a reason why everyone always asks if you can help them move, or help them bring home furniture or appliances from the store, or help them haul stuff off to a thrift store or a dump.  The four wheel drive is rock solid in snow and ice (and mud on the weekends when you're out having fun going hiking, hunting, fishing, etc.).  There is ALWAYS use for a pickup - especially if you have rental properties.  I buy them used (no sense in paying $75k for a Super Duty Diesel pickup when you can buy one with a few miles for between $10 and $20k).

I have had a Jeep CJ, Jeep Cherokee, Geo Metro, Toyota Tercel, etc., etc, but I always end up going back to a truck...even if it was a smaller truck (I've also owned two Ford Rangers).  I would consider a van, but they don't make 4 wheel drive vans (Quigly conversions are as close as you can get) and I like to drive on the beach sand at Lake Mac in Nebraska on occasion.

If you're handy, you can pick up a late 60's early 70's pickup for between $1,500 and $3,000 and work on it over time.  Fully restored, it will be worth 8-10x what you paid for it.  Easy to upgrade to disk brakes and electronic ignition.

...or just keep your truck and maintain it :)

I should also mention that I rely on public transportation and my own two feet when necessary and don't drive much (I also have a 2008 Chevy Malibu that I inherited...it has 23,000 miles on it).

My guess is the mother-in-law suite was the garage, and it was converted (I lived in this type of conversion when I was 18 or 19 years old in California).

I would recommend garage...not knowing the layout of the lot, I would ask if it has to be attached or can it be detached.  I had Tuff-Shed build a garage for me at my house.  Granted, this was a few (more than 10 I think) years ago, but it's a 20x24 (I had them build it 20 wide by 24 deep instead of 24 wide by 20 deep) and I believe I paid about $11,000.  This was without exterior paint, with one window.  I ran electrical myself from the house, added a window myself, and have since drywalled the inside (the ceiling has no drywall).

A friend in the area of 22nd & Kipling had a garage built this year on her property from a different company.  She went with a higher door clearance, stucco exterior, and I think it's 20 wide by 40 deep.  I think she said she paid $25k for it - she also has an attached 1 car garage on her property (she's a bigger outdoorsman than most guys I know - has two boats, a raft, two kayaks, a snowmobile trailer, etc., etc., etc.)

I have one property manager that does it every 6 months.  On that property, I think 3 months would be more reasonable though usually we address issues when repairs occur (the last one being a broken off porch light and a broken screen door closer) which was a great opportunity to remind the tenant that he's responsible for any damage outside of normal wear and tear.

My other property manager doesn't do inspections.  She and her crew take the approach that when they go out for repairs, they take a look around and look for any issues.  This system seems to work best.

Sadly, I don't have a property where I'm not getting contacted for a "repair" every 3-6 months (or sooner).

$5,000 guaranteed per month for sitting on my arse!?  Send me the check!  A million would be nice but I'd rather take the lazy way out.

@Loren Becker  Wow.  That's pretty rough.  I think in your instance, the price quoted is pretty close to about right.  I know I was quoted $12,000 for a contractor to install structural beams to shore up a wall in a basement...in your instance, it looks like you're going to need to replace the entire skirting - I'm wondering if you can use a product similar to what they do for manufactured homes since the house is supported by piers (similar to a manufactured home)?

It sounds like a good deal - however caution is warranted.  The existing meter will need to be inspected to be sure the sub-meter is wired correctly...and the inspector may require you to bring the existing meter up to code.  I would ask the electrician if your existing meter is up to code and whether or not an upgrade will be required and if it's included in the price.

You might end up paying $1,300 for a sub-meter - and an additional $15k to re-wire the house if the existing meter isn't up to code (I'm related to a master electrician...I've heard horror stories).

@Loren Becker  I would not hire a municipal inspector to see what they say.  You'll end up getting all kinds of suggestions including some that don't relate to the issue at hand.

It's been a while since I've lived in Southern California - but I distinctly remember most homes either have a small crawl space or are on a cement slab.  My guess (since moving from California in 1992) that earthquake laws have changed code regulations - (I was in high school...in Whittier...during the Whittier quake).

It's hard to understand what the issue is when you say "non-existent".  What's supporting the house - is it on a crawl space with jacks/piers as supports (in which case you can add piers from Home Depot to correct any sloping in the floor) or are there cracks in the outside walls (which may or may not require the placement of steel beams to support a collapsing wall) or are there cracks in the slab?

It's not your issue. I would advise the complaining neighbor to call Denver Animal Control (311 in the City of Denver). Have them deal with it. Animal control will deal with it appropriately and determine if it's really an issue. If the HOA fines you, pass that on to the tenant.

These are good thoughts - I would also consider what your plans are.  If you plan on holding for another 5 - 10 years, then keep it and pay down the mortgage.  If you plan on not holding for another 5-10 years and are nervous about a "crash" then sell it and look elsewhere.

At the moment, the only things I am seeing that you can buy for $200-$250k aren't really in Denver metro.  I live in a 710 sq ft house in Ruby Hill and Zillow estimates $280k - I'm thinking $265k realistically - and honestly, I wouldn't pay that for this house.

However, I know of a duplex with a separate apartment on the same lot (3 units total on one lot) that are currently occupied in a town about an hour east of Denver that is selling for $160k....and there is a high demand for rentals in the area.  The issue is finding a property manager (I have a house in the area - I've worked with better management).  I'm working on a cashout refi to see if I can acquire it though - we can all dream LOL.

I'm working with (attempting to work with) a portfolio lender that requires this in Colorado. The issue is I have a rental where the property manager walks around the corner (literally) and deposits my rent check - it's in a rural area where the only national bank is a Wells Fargo...and I have an account there for this specific reason - not to mention I have a line of credit and a company credit card through Wells. It makes it a bit tough because Wells won't lend to a single member LLC (why I sought out the portfolio lender).

I did move my personal accounts over to the personal lender (I was previously with Charles Schwab Bank which I absolutely LOVED)....but I have two business checking accounts and one money market account for the reasons above.

Technically, the requirement is to have a "personal banking relationship" with them...I'm thinking I could have gotten away with opening a savings account with them similar to what credit unions require...and I may end up switching back.