All Forum Posts by: Jane S.

thanks bill

Just wondering if a deceased person is required to submit tax returns for his/her last year of life?

mention hud.gov rules for housing livability and get your local housing agency to cite the default in writing. 

I'm also a COS investor, so Hi! I was UC on a very nice SFR in the lovely older area near the hospitals & parks central pueblo BUT the inspection turned up big problems. The exwife had allowed the exhusband to live there for 2 years (she had moved to east coast with kids) and he was a slob who neglected the property and they were underwater which the listing agent knew but didnt tell us which would have meant a $19K increase at closing no thanks. I had been seriously considering Pueblo but ONLY in that neighborhood of elegant old homes. Then I realized I hated driving there to manage the rehab etc. But if you can do a good trouble free deal and find a PM who wont rip you off, or you can house hack by moving there for a while and renting your place here in the Springs, I think its a good idea. I would have been able to rent that home in a minute to a doctor/hospital exec and family. Walking distance from work, It had lots of potential. I forgot the address and dont remember the street, there was a bus stop with a bench right in front (MIL perk!) I did a lot of chatting with Pueblo folks and they love it there, they would never move, the houses are passed down within the family so its an interesting market. Just visit the corner store and ask the owner what areas to avoid. I'm gonna go look at the pueblo map to see if i can remember the location.

do everything steve k. advised you to do his list is more complete than mine. also get started with lenders to learn how many of them will tell you NO NO NO ...

Thank you all for your reasoned and supportive responses to the trashing of one of my (former) SFR's. After reading a few posts about similar situations, it could have been much worse. Yes it was an important stage to work through and I am exercising extreme diligence with new applicants. All renters have quite serious problems and issues that they won't solve anytime soon. It's up to me to learn the extent of those and make decisions accordingly. I consider this forum my mastermind group and place high value on ability to reach out to experts.

Just my opinion from what you have provided, but I would walk, no RUN, away from this. It's in the middle of a huge nightmare and you and your partners will be sorry the minute you take possession! 

You'll be investing so many hours, days, weeks, even months in getting financed. I dont think there are many underwriters willing to walk the plank on this one. 

It might help if you could do a face to face with a couple of the occupants. Also look into the history of the property which should be available from the assessor. Any crumbs of facts you can collect will help. How many times has the seller had to evict tenants? Maybe the sheriff has some knowledge. How about chatting with the USPS delivery person? They know about daily/weekly activities at a property. Has the bui.ding commission issued permits for contractors to do repairs to the property in the last 10-15 years? Wishing you luck but warning you to dig deep for the truth of this deal.

@Joel Owens There is a lot of in-ing and outing going on in some of the smaller strip malls. Especially with the food franchises. To me the biggest risk is finding staff, at min. wage, they just dont want to show up ... It seems like even the delivery ones like grubhub are having a tough time. Noticed the big mall in town seems to accumulate vacant spaces too frequently also. Walmart is now in the PRIME delivery space only using 3rd party like UPS etc. Theyre on track to stock every item same as Amazon. Will it be the Battle of the Gargantuans? Should be worth watching.

I'm jealous! YOU FOUND A GREAT DEAL. FOR A SCREAMING great price. Did you have to pay broker a commission? YOu must have a real high c-on-c number. That's always what I look for, but lately I'm not even looking, cash flow left town.

You're much better off creating your own mentoring foundation with folks from BP, RE meetups, organizing your strategy which includes your profit centers: CPA, lenders, STR owners in your and other locations who are willing to share their experiences and lists of actions, what to do marketing wise for getting a lot of action, drone handlers to take aerial shots as well as curb appeal etc., meanwhile accepting that price is not alwys the reason people buy or rent. Find the mail delivery for the street you're looking at, they know who's moved out. Look for properties that seem neglected. $10K to sit in some hotel room and listen to a so called guru brag about how great he is, will get you a cup of latte and a latte of BS ... Role play with STR ads as a lookee to learn how they approach protecting their property from insane "guests" with 4 aggressive dogs traveling with them ... etc. And if you have a dog, take him to the dog park and start chatting to other dog ppl about real estate. Good luck!