All Forum Posts by: Jake Adams

Thanks for the responses, I am currently looking at options for refi. However, I just received a contract on it last night! As long as this goes through I will get out of the deal (about a $20K loss), but will be able to move on!

@Caleb Heimsoth I am seeking out community banks now. 

Private loans from individuals

Hey BP community, I am in a bit of a pickle. I currently have a flip on the market in Denver that is not selling and hard money note is due in about 90 days. Here is the breakdown:

1st position loan at 2/12 - $486K

2nd position loan at 0/10 - $25K

3rd position loan at 0/10 - $27.5K

Personal money in the deal - $30K

Totals are about  - $568,500

Value of the property is about $600K

Looking to refinance the first loan to a lower rate and rent it out or seller finance the deal. I can keep the second and third position loans in place, but would like to get the personal $30K out

Does anyone have a recommendation for a bank or private lender that will finance around $520K+ (86%LTV) on a rental??? TIA

Hey Josh, I am in Fort Collins and actively flipping in all of the Northern Colorado cities. Send me a PM and I can discuss more.

Hi @Matt Har, feel free to reach out to me if you have questions. I live in Fort Collins, but I have done flips in Boulder, Denver, and all of Northern Colorado. I am a Colorado native and am able to help if you need! Talk soon!

Thanks @Bill S. 

Zoning is the main issue, it is zoned U-SU-C which looks like there are no additional detached dwelling structures allowed. I will be going to the city this week to verify. 

I am currently under contract for a house in Denver. The current house is a 2 bed 2 bath with a detached 3 car garage. The property is in a great neighborhood in Denver, new community projects with retail and dining within walking distance. Also very close to a hospital.

The plan is to add a 400 sqft addition over the detached 3 car garage. It will be a studio apartment (bed, bath, small dining area). Thinking it will be a good addition for Airbnb, or short term rentals. Could also make a great long term rental since it will have its own access and garage space.

The problem I am having is how to value the addition. There is nothing in the neighborhood I can find that is similar. 

Would you value the addition with the same price per square foot as the main house, is it more valuable, less valuable?

Any help or insights are appreciated! TIA

Rehab is completed on a flip and has been on the market at the current list price for 6 days. Received a cash offer that will close in 2 weeks. List price is $625K and the offer is at $580K. Obviously a low ball because comps show $625K-650K. The cash offer is enticing and closing quickly would be great so I can move on to the next project, but it cuts my profit over 60%. Profit at $625K sale price would have been around $70K and at the current offer profit is about $26K. 

I will still send a counter, but if I don't get it accepted would you consider accepting at the current offer price of $580K to move on? Last thing I want to do is reject this offer and then be stuck having to lower the price over the next few weeks and end up where I am currently, prolonging the inevitable...

Thanks in advance

@Adam M. I have 2 rehab projects in Boulder county. I will look at deals from Boulder up to Fort Collins. One of the projects I bought on market and one was off market. I noticed you are in Fort Collins as well, that is where I would prefer to buy