All Forum Posts by: Jake Oreskovich

I agree with @Aaron Cagnoni , if you would allow tenants to grow in there, you could probably get a higher rent. Being that this is in Pueblo, I have allowed almost all of my tenants to grow in my rentals as long as they inform me before they do. I make them inform me so I can have someone look at what they have in there to make sure it's safe as far as electrical usage, water drainage issues etc...

A lot of landlords in Pueblo are anti-marijuana but the way I see it, the tenants are going to do it regardless if I let them or not. I'd rather charge more for rent for letting them do it and make sure they are doing it correctly so they don't burn my house down trying to experiment.

If that isn't your thing, I'd either go the storage route or just leave the ladder and add a liability clause in your lease!

Scott, 16 days is nothing! Just hang in there buddy. I definitely wouldn't worry about the paint other than touch ups. It sounds as though your property's selling point is the view. If I'm a buyer looking for a view, I could care less about the paint. As you mentioned before, they will paint it anyway.

Carpet may be a minor issue depending on how much carpet you have. However, being that you are just a smidge under 600k, I don't think carpet would be a major deterrent for someone spending that much on a house with a view.

Just my opinion but I think you just wait it out until you find the person who LOVES the view. That's all it takes is 1 person to love the view, then the carpet, floor plan and paint become irrelevant issues.

Hey Cody,

What a great post! You are correct, super awkward. I bought a duplex when I was about 22 years old that was fully occupied. The tenants in both units were relatives of the seller and their rent was about $400 below market rents in each unit! Talk about awkward. They were on month to month and I had to let them know that I was going to raise rents all the way up to market value in two months.

One of them moved out and one of them stayed for a year. Make VERY sure that you don't let emotion get in the way of business! Don't forget, you are the one who has the money on the line and while it's all fine and dandy to be as nice as possible, in the end you are a landlord and you must do what's best for your business.

You make the rules and the tenants either obey the rules or move out. Remember, there's no shortage of tenants. Very worst case he tells you he's moving out, then you find a new tenant and get the rents you need and set the expectations right off the bat. Also, be friendly with your tenants but DO NOT become their FRIEND because then it does become difficult when decisions must be made.

Hope this helps! I would like to hear how everything goes, please keep me posted!

Hey Rashauna,

You're getting into a niche market that can be very lucrative. I don't know much about much but I do have experience in what you're trying to do. You probably want to stay away from first time home buyers because most of the first time home buyers are on very limited budgets and they often purchase FHA homes. The FHA is a bunch of sticklers as far as allowing people to purchase homes that need to be rehabbed. They can do it with an FHA203k loan but that's a whole other bag of worms that probably doesn't concern you at this point.

I would be glad to share with you what has and has not worked for me in this business. I actually started as a landlord with no money so I had to renovate my own rentals. What is your main specialty as far as rehabbing houses? Are you a general contractor or do you have a license? There is a very specific market you will want to get in touch with. When you say rehabbing, to what extent are you talking? Currently, I am rewiring an entire house from scratch and I'm not an electrician! This would be a little different than say, someone who is putting in some new carpets. If you would please let me know a little more about your background in rehabs and remodeling, if any, I think I can at least point you in the right direction to speed up the process for you!

Hi Jason,

It sounds like you are really beating the streets to get your feet wet in investments. From the work you are getting involved in, it sounds like you're leaning towards a flip or wholesale strategy? Is this what you're trying to do or are you open to all investment opportunities? I may have an idea for you depending on what your strategy is.

Keep working at it, I'm certain you will be able to buy that house. I don't know much, but I may be able to give you a few tips and share some of the things that have worked for me in my career.

Hi Isabelle,

There are most certainly a few different ways to purchase these properties you are interested. I started in a very similar situation as you. I would be happy to share with you some of the things that I've personally done as alternative financing, what's worked for me and what hasn't.

My rental portfolio mostly consists of single family homes with one duplex at the moment. I'm out of Pueblo which is a little different market than what you are looking at but nevertheless financing strategy will be the same!

 Hey Bill,

You are correct! Pueblo is a very different market. Thanks for the information on the Landlord Meetup, if I'm in the area I'll definitely stop by!

 Hi Kevin,

Thanks for the welcome! Yes, I am in Colorado (Pueblo) to be exact.

Hi, I'm Jake. I've been involved in rental properties for 10 years now. I started as an on-site property manager at a lower income 48-unit complex in Kansas City, MO. From there, I decided to start my own rental business in Colorado. I'm a DIY landlord and investor. I started with absolutely nothing. As a broke, and new landlord I had to learn to do everything from maintenance, evictions, marketing etc... on my own because I couldn't afford to outsource anything. 

I took some lumps learning the ropes to say the least. However, my self taught crash course has led to some very fulfilling opportunities for me. Since I started, I've also expanded into maintenance, construction, and I've at least dabbled in almost every form of real estate investment. My newest addition is a startup company I created to streamline the rental application process for tenants and DIY landlords like me! My company is called Tenant Vault. Tenant Vault is very new and we are still learning and growing. 

I'm interested in networking with everyone. I like to learn about investments and share ideas and opportunities with others. I'm still a young and new(er) investor with a lot to learn. However, I do have first hand experience in A LOT of situations so maybe I can help answer questions! I also have a lot of questions, so maybe you can help me in return!