All Forum Posts by: Ian I Leinwand

Hi Alex,

I'm an investor and property manager in Fort Collins. Happy to discuss options. PM me. What are you looking for a hard money lender when you say cash loan? 

Can you leverage or refinance your current property to get cash to put down on a new property. 

For a house hack you need to decide if you want separate living spaces like a traditional conforming duplex or a house you will share common space with a roommate. You can also try and find a place you can do a non-conforming separate living space... IE a walkout basement you can put a kitchenette in. 

What is your budget? Are you handy... ie could you finish an unfinished basement. Sweat equity plus house hack investment should pay off in the long run. For a shared house rooms typically go for $500 to $600 plus utilities. 

Greetings... I'm in Fort Collins if you want to connect we can chat a little more about what you are looking for. In the Fort Collins market, I look for 3 bed 2 baths that will rent for $1800 or a bit more. Off-market deals is really the only way to get a "deal" in FC. I'm a property manager in FC and can put you on my off-market rental buyers list. I see better deals per square foot in Loveland. 

Are you looking for a flip, rental, house hack? Do you have a target rate of return or desired monthly cash flow... I know more is better but buying a single-family in FC on market listing will typically only fetch 4-6% return plus mortgage pay down. With rates currently pretty low you can usually still get a property to cash from at an all-in purchase price below 350k. 

I steer clear of properties with HOAs. What is your investment budget?

I believe NARPM is actively lobbying against this bill. Thanks for posting.

Dave PM me thanks. I'm a Property Manager in northern Colorado. 

In Loveland you can still get a 3 bed 2 bath single family for low 300s and they rent for $1750 to $1900 depending on condition. Longmont hard to find anything sub 400k. I'm a property manager in Fort Collins and Loveland. Loveland there is good demand for rentals but they lease a bit slower compared to Fort Collins. Loveland has a better value per square foot that Fort Collins, Boulder, Longmont. I've also seen several small multi-family units in Loveland for sale in the last month or so but they are all asking around 700k with roughly a gross rental income of around $4800. 

I typically work with 1st Bank with their portfolio loans. I will shop around to see who will do a cash-out refinance without the seasoning period and give me 75% of appraised value. Basically 1st bank is calculating ARV as purchase price plus the cost of remodel. One challenge is I'm recently self-employed and don't have a 2-year self-employment track record but my credit and cash flow are very good.

I'm working on a BRRR project in Longmont Colorado. I'm running into an issue with the refinance. Seems like I have two options. 1) Refinance quicker withing 3 - 4 months of initial closing and get a refinance at 75% of the purchase price plus rehab costs or 2) Wait the 1 year seasoning period and get a refinance based on appraised value.

Purchase Price 365k, Rehab costs 40k, ARV 435k

With option 1 my sweat equity counts for nothing along with my ability to negotiate a below-market deal as I did not take any commission on the purchase but I get the cashout and lock in an excellent rate for an investment property at sub 4%.

How are other investors getting ARV based on an appraised value and getting around a 12 month seasoning period? Is this something lenders have changes since COVID-19. My last refinance was based on appraised value after 6 months purchase but I did little rehab.

I'm in a similar situation. In contract negotiation on an occupied property but I need in vacant at the time of closing. What is the best way to hold the seller accountable for making sure the property is vacant? Hold back escrow funds? Put in some $ amount per day penalty for each day the property is not vacant. 

I do not believe there is an existing lease. 

We are only showing properties to pre-approved applicants with the tenants permission and acknowledgment of risk. All persons entering an occupied home must wear a mask. We encourage tenants to wait outside during the tour. We are only letting one person tour at a time. Using this procedure we have leased the majority of our properties available for June and July with essentially doing only one showing. 

Virtual tours are also working well but this also requires the cooperation of the current tenants to either take the video tour or let one of our staff members come in to take video. I also find that video tours of occupied homes don't turn out as well as recording video with the home clean and empty. 

You state and county should have guidence on real estate showings as well.