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All Forum Posts by: Grace Porritt

Grace Porritt has started 14 posts and replied 60 times.

Post: Plumber Wanted in Denver

Grace PorrittPosted
  • Investor
  • Boulder, CO
  • Posts 61
  • Votes 17

Hey,  Can anyone recommend a good plumber in Denver (near downtown?)

Post: Is it time to sell this VR?

Grace PorrittPosted
  • Investor
  • Boulder, CO
  • Posts 61
  • Votes 17

Hey Michael, I have same thing going on in Denver. My HOA wants to change from one month minimum to a 6-month. Yikes! They currently do not allow any AirBNB, but roommates are allowed.
I have had very good success with 2-3 month rentals, so I think that you can as well.  The trick is to have it furnished and advertise as a corporate rental.  I use zillow, craigslist and rent.com to advertise for this.  So far....so good!  I include a mandatory bi-weekly cleaning on these rentals.  I charge $100 per clean.  This way my condo is maintained.  

When I purchased my Denver condo, I wanted to use it personally between rentals.  I am not pleased with the change to 6-months, so I may be in your shoes soon as well.  If then change to 60 days, I am not concerned.

Post: Connecting Homeowners with Property Managers

Grace PorrittPosted
  • Investor
  • Boulder, CO
  • Posts 61
  • Votes 17

Hello Justin,  We are speaking by e-mail now.  I am willing to be a "voice" for rent.com should my property rentals become successful.  I came here hoping to see if anyone has used your site yet.  Obviously, a good review would go a long way!!!

Post: Puerto Rico Defaults

Grace PorrittPosted
  • Investor
  • Boulder, CO
  • Posts 61
  • Votes 17

I have been approached by someone that needs down payment money to purchase property in PR.  I was blown away by the prices of properties.  We would be looking for beachfront or view and in a tourist area.  He will be using the property 4-5 months as a satellite office and then rent to tourists for the rest of the time.  I think that a 3BR...2-3 bath would be ideal.  What do you think?  Maintaining a pool, etc. is not appealing to me. 

Can you tell me things that may differ from the US?

1) Could he get an FHA loan for 3% down. OR Will we need 20%

2) Property Tax Rates

3) Property Insurance

4) Security Necessary

5) Cost for Prop Mgmt

Post: Should I Pay Myself as a Manager?

Grace PorrittPosted
  • Investor
  • Boulder, CO
  • Posts 61
  • Votes 17

Thanks for all of your feedback. I plan to learn more about the Solo 401K as a retirement/investment strategy. I have been taking owner draws up until now. I did not know anything about signing as a member of the LLC. Does this apply to EVERY check that I write?

Post: Denver market, new investor

Grace PorrittPosted
  • Investor
  • Boulder, CO
  • Posts 61
  • Votes 17

I will keep you posted.  I am going to the meet-up in Erie next week.

Post: Financing advice

Grace PorrittPosted
  • Investor
  • Boulder, CO
  • Posts 61
  • Votes 17

I just got a commercial loan for 4.3% ammortized for 25 years.  They will look at the cash flow more than your W2s.  You will need 25% down.

Post: What type of REI to do?

Grace PorrittPosted
  • Investor
  • Boulder, CO
  • Posts 61
  • Votes 17

That all depends on the amount of money you have.  To qualify for a loan, you may need to show "buyer" or "renters".  If you could afford to buy the whole buildings using "renters" as a part of your income, that would be my first suggestion.  If you prefer to just own a % of the building, you could buy a unit or two and find others to buy the rest.  This may require some sort of partnership. This is where it gets over my head.  Think "outside the box".   
"

Post: Denver market, new investor

Grace PorrittPosted
  • Investor
  • Boulder, CO
  • Posts 61
  • Votes 17

For an executive rental to work, you need to be in a market that demands it.  Boulder and Denver both have university, lots of internships, boot camps, travelling nurses, etc.  I left the long-term rental market in 2008 when it was difficult (at least in Boulder) to generate the profits that I wanted.  I wondered if a furnished rental would set me apart from the other rentals and get me the profit that I wanted.  I heard about VRBO and decided to give it a try.  I had a renter within a week that paid $2000 for a week and I didn't have it furnished yet.  Holy crap, Batman!

I ran an ad something like this on Craigslist:  Design on a Dime Contest!  You have $2000 to fully-furnish and decorate this house in the most creative way possible.  You only have 2 weeks to do it.  Winner gets $500.  I brought over all the extra furniture that I had in my house, gave her a credit card and let her "go for it".   The results were amazing.

Summers are much more lucrative than Winters here.  I use it for my primary in the Winter at times.  I will never go back to a year-long rentals here in Boulder.  I am now preparing a Denver Condo for the same.  I already pre-leased for $2600/month from June-mid August.  They are paying a monthly cleaning fee, move-out clean and $25/month each person for a linen package.

Off to my W2 job.  Ugh!

Post: What type of REI to do?

Grace PorrittPosted
  • Investor
  • Boulder, CO
  • Posts 61
  • Votes 17

Would the current renters be interested in owning part of the building?  This might be a way to come up with some capital.  In essence, these would become industrial condos.  I just sold an industrial condo in Boulder that was my "commercial" investment here.  I rolled it in a 1031 and bought two residential rentals with the proceeds.  I plan to buy another (or two).   Even if the renters do not want own, you could look for investors and the "buyers" would lease back to the renters. 

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