All Forum Posts by: Jake Holmes

Now I know theres a million varriables, But what do you consider a good return on your rental. Do you go off of dollar value or do you look at percentage? Say you have a SFH vallued at 170k, After all expenses do you call $100, $200 $400 a good return?

That awnsered my questions Thank you

So Im looking at some hud properties and had a few questions.

Hud dollar homes: How does this program work, Can you buy it and rent/rehab it or does it have to be ownr occupy?

Good neighbor program: So I get how this works, I have my colorado EMT but what I wanted to know is do I have to be activly working as an EMT or will I qualify by just holding the cert?

I understand how hard it is to get something worthwile in public service. I have my emt but work in a strip club to pay bills. I dont know if your police but I believe there is a police credit union in golden just down the steet from the prision before the high school, or atleast was there 10 years ago. even if your not PD they may work with you a little better then a regular bank. If you dont have to live within x miles due to responce requirements can you look at the elezibeth or franktown area?

As far as good options for investing, You will probably have to go to the springs or maybe north. most of denver is high rent and you wont find much for sale cheap.

I compleatly undestand. While im no 6 figures I work in a Gentelmans club and want to move on. I love the ambulance (have my EMT) but its hard to walk away from the money. Someday it will happen

So I have done some more research on this complex. It is a solid D neighborhood. With that said rent is still sky high. They post the monthly statements online and have roughly 400k in a coffer. There are complaints about the water system and the HOA being a good ol boys club. Thats the main complaints I have seen. I have also found a couple of condos in the complex that are 2/2 selling for around 95k so I think there may be more equity in there. I need to do a walk through and get the ball rolling.

@Bob S. I would most likley keep it as cash flow instead of selling

@Brandon Hopkins I woulf be slightly more heasitant but most likley yes. While I know her, How she takes care of things is of more intrest to me. 

@Zach Adams Its mostly remoddled. It still needs carpet in some areas, Crown molding (ill prob leave out if I can) and 1 bath finished.

Sorry works been crazy. A few things. Its not central air from my understanding and has a furnace in the unit, The $400 per mo HOA fees pay for the HOA as well as all utilities and basic cable so to me its not to bad. I would pay the fees but the rent would also reflect that all utilities are included. Since the unit is updated I would assume it would bring in the upper part of the 12-1500 range. I have been told there is a fair number of section 8 renters moving in

@Jean Bolger Thank you, I will ask fo a copy of the finance statements

@Scott Trench I plan to roll some of the rent payments into the principal of the loan to build equity, That or just take the positive rent flow and save on it for my next purchase. Thank you for the link, Ill make sure to read it as soon as I can.

@Bill S. I planned on doing a conventional morgage and live in it for a short time and then go from there.

@Micki M. Thank you, Im open to reccomendations as this will be my first ever purchase.

Thats supposed to say 3 bed 2 bath

So one of my old co-workers is selling her condo, Its 3 be 3 bath 1100+ SqFt. Its off of Illiaff (c to d area) Shes willing to sell it to me for 70k, It has almost been completly remoddled (1 bat kitchen and some other things) and will need about 10 to finish it up. The ARV would only be about 80k or so. Im looking at this as a buy and hold property. From my understanding, Condos in this complex are going for 12 00-1500 per mo including the 400 a month HOA fees (that covers all utilities and basic cable). was thinking I could move in and live in while I fix it. It would shave about an hr off my drive time and if I rent it for 1200 I would be looking at a positive flow of about 400 pr mo

thank you all for the input. Anyone else have ideas