All Forum Posts by: Ian I Leinwand

If you work in Loveland why not look to invest and live in Loveland. Its a great area and you wouldn't have to commute. 

Are you a realtor? If you need an agent no harm in talking to the agent that is already working with the chapter. I would ask the agent if they are an oxford house investor themselves or just a broker that help investors find houses that work for the oxford house chapter. 

In our area Oxford tends to work with a few agents and investors. I did one deal with a realtor and one without that was directly with Oxford. 

Did the chapter in your area give you any indication on if they are looking for more houses in the area. What did the agent say specifically... are they willing to work with your or was it more along the line of they are already working with oxford and don't need any more investors/ agents involved. 

@Sara Mickelson Do you still need recommendations. Here is who we use for Youle Realty Property Management. Please let them know Ian from Youle Realty referred you. I would love to talk to you about the property management services we provide. Accounting and having a solid lease (that gets updated and reviewed yearly) is one of the benefits of working with a PM. 

 I use Momentum accounting in Fort Collins

https://www.momentum.tax/

Attorneys - 

Crystal McDonough  McDonough Law LLC1635 Foxtrail Dr.Loveland, CO

www.mcdonoughlawllc.com

As others have pointed out above talk to a lender and get pre-qualified. There are FHA programs and other programs that allow you to only put 5% down. So with 20k you would qualify for a house in the 350-400 range. You will also need employment to qualify and good credit.

Narrow your search area. You are unlikely to find a multi-family in Norther Colorado or Denver area for less than 400k. You will have more options with a house hack. 

New construction costs in Fort Collins are around $200 a square foot. Material costs are also going up due to COVID and it can be hard to find a contractor to get a project like that done in a timely manner. I have a friend in FC who was going to build a garage with a ADU above and do a lot of work himself but the cost was still prohibitive.

If you could build it and then refinance your entire home, ADU, and lot after construction that would be the way to go since owner-occupied interest rates are low and you likely have equity in your home now.

In the end, the owner is happy. He is going to pay the management fees for the rest of the year when the property sells. Ultimately I think they just passed the cost onto the buyer. For most owners, I don't think they remember what is in the contract they sign which makes having a solid but fair contract in place essential. 

@Jessica Cheung - I would first reach out to your local Oxford House chapter and introduce your self. Each chapter will have different needs. Once you have a contact with a chapter established you can start looking for a property that might work. 

My experience with Oxford House has been very good so far. I'm in the process of opening my second house with Oxford in Northern Colorado and will be looking for a third in and around the Denver area. 

I'm a professional property manager and we were just informed by one of our property owners that they are selling the home to the tenants today. 

Our property management agreement that owners sign has clauses that state that the property owner must pay the remaining management fees for the contract year if they break the management agreement. We also have a clause that states that if an owner sells to a tenant we placed that we get a 1% commission on the sale. Most owner wait to sell prior to renewing or re-renting a property. 

I think these clauses are pretty standard for the PM industry. My issue is our owner is very upset about the fees associated with breaking the property management agreement despite having signed the contract. I get it... no one likes fees but we are only asking the owner for the lesser of the two fees which I think is fair. 

We manage one other property for this owner and we don't want to upset them further but we also want to stand behind our management policies. If owners could take back and sell properties without any fee for breaking the contract PM businesses would not have much security and have seriously reduced value. 

I would love to hear from other PM on how they would handle the situation. 

Connect with Dave Katz on BP he is with Waypoint real estate and does multi-family deals. 

Over 4 unit and it becomes commercial where you typically need 25-30% down. What areas are you looking in Northern Colorado? I think most multi-family tend to sell off-market between investors in our area. I don't see too many come up and if they do the price vs return isn't great. 

Consider taking a look in Greely, Longmont, Loveland.