All Forum Posts by: Ian I Leinwand

Hey Josh,

When in the next meeting in Fort Collins or Loveland. Would love to connect. 

What's your budget? I may have a unit for two available in May. 

I have a friend who I'm helping lease an 800 sq garage/shop space attached to a single-family rental. We are leasing the shop/garage separate from the home which already has tenants. 

Should I draft a lease specific to garage/shop space or just use my standard residential lease with a few modifications. 

Hi Whit,

Loveland is one of the towns along the Front Range of Colorado where there are still deals and hopefully still some upside. I'm hoping to close on my second investment property in Loveland in the next 2 weeks. You are correct the price of entry is more expensive than many other markets but the front range market is pretty stable and there is a high demand for single-family rental properties. 

What other markets are you invested in? What ROI are you looking for? If your are working in Loveland... buying a single-family to live in and house hack would be a great option.

My next rental property in Northern Colorado is likely going to be an Oxford house. I have one property under contract that will work well and I'm looking at another or potentially turning one of my regular rentals into an Oxford house in spring or summer 2020. I would also be interested in investing out of my areas in Northern Colorado if there is need and good investment opportunity for other houses in underserved areas.

How much is PMI? Does your property cash flow now with it rented out? I second the stick with 97% LTV... save for your next property. House Hacking is a longer-term game not likely to get you to 80% LTV in just a few years. I"m also not sure if adding a 4th bedroom without adding square footage would increase the appraised value all that much.

I also wonder what the agreed-upon method of communication is between you and the PM. You may get a better response with a phone call or an email. Most likely the PM didn't go out to the units themselves and is relying on the electrician to communicate that the job is done. Scheduling repairs with contractors and with tenants is challenging. I would expect a response within 24 hours if it is not an emergency issue. 

A couple of tips. Find a real estate agent that has a good reputation and pull comps and or get recommendations for appraisers to talk to. Talk to some appraisers to find out what they look for in your area. Some areas it's all about square footage and some areas its more about the location and finishes. Talk to your refinance lender about the seasoning time required. The appraiser will see what you bought the property for and factor that into the valuation. With the rehab, you have to show you have added the value. Add value to the property where it counts the most, kitchen, bath, flooring upgrades, roof, new windows. I got burned on my last appraisal because the appraiser saw what I paid (about 12% under market just a few months ago) and pulled bad comps...  and just appraised it for the purchase price. If I had waited to refinance over a year from the purchase date the appraisal would have been much higher. My lender even said it was a lazy appraisal. My mistake was that I didn't add value in the appraiser's eyes even though I fixed and cleaned up the property to get it rent, got a good deal on an off-market property paying cash, got it rented above-market average. 

What are you looking for in a PM in Fort Collins?

Any grants or funding available to rehab a property to meet occupancy, code compliance, and other layout access needs. 

Im looking at an investment property that would make a great group home. Property needs about 80 to 100k in rehab and interior buildout to make seperate living space.