All Forum Posts by: Mike Wadsley

@Dan Kim - Welcome to the fray!  Denver is a great place to invest. Shoot me a message if you want to get some insight into any areas that are interesting you and we can compare notes.

Be careful with foreclosure auctions. Many times you'll have to purchase the property sight unseen. You'll want to make some assumptions as to how much it might cost to do repairs. Colorado law sets definitions for "habitability" for rental properties.  It is even more strict if you want to rent it out to section 8 renters. When you run your numbers, always make sure you account for the unexpected cap expenditures. The other thing you'll want to research is location, location, location. Some areas have better rental rates and lower vacancy rates than others.

As for another state, Colorado has a couple of strikes against it. Laws in Colorado are written more in favor of tenants. Things like evictions and return of security deposits can be a bit sticky. The other strike is in lower cap rates for Denver due to the high price of real estate. If your strategy is more of an appreciation play, it's great, but your immediate cash on cash return will be lower.

If you choose to invest out of state and rent here, you might have a challenge getting enough cash flow on your rental in order to offset the rent for your personal residence. Consider BRRR.

When finding tennants, make sure you screen them through a service like https://www.tenantbackgroundsearch.com/ or https://www.experian.com/screening-services/

The Landlord Resources section under the Tools menu on BP has a good bunch of services that are useful.

I'd also recommend checking out BP Podcast 356. Great insight from a veteran landlord.  https://www.experian.com/screening-services/

Ping me if you'd like to know more about the areas where you're considering buying and I'd be happy to share what I have.

@Daniel Haberkost - Colorado has particularly sticky laws when it comes to foreclosures. The best article I've seen is from Bill Bronchick. Bill is an investor and real estate attorney.

https://www.legalwiz.com/colorado-foreclosure-protection-act/

@Ali Suleiman - I'd be happy to get you up to speed on the Denver, CO metro area. I have tons of data available and provide you with some insight.

Since we can't have the meetups any time soon, it will be about reaching out directly. I've been able to glean some great information by just reaching out directly to users and asking questions. I research who is out there and take the leap of connecting.

Mike Wadsley, Realtor
Homes by Wads
HomesByWads.com

Hey @Luke Gates. If you're up for it, I'm available to talk more about the Denver area and what the recent market data is telling us. I sent you a request to connect. The Realtor data is showing us trends that might influence how you put together your business plan.

This property is a unique opportunity for renting three portions of the same lot. Between the SFR, detached garage and lot, this property brings in $1,850 per month. Combine this with the average 11% average increase in property value for the Denver market and this is a can't miss!

Does anyone require a copy of the vehicle registration to ensure proper registration?  I have a friend completing a rental application that wants a copy. 

Any Farmers Ins agent has been able to get me a vacancy policy.  I used Josh Applegate.  He was quick and gave me a fair price on the policy.

Josh Applegate

(970) 250-3877

A month ago, realtors near downtown Colorado Springs were telling me that there is a big price drop between 3/2s and 2/1s to the point where adding square footage paid for itself and then some.