All Forum Posts by: Jean Bolger

Local credit unions may be a good source of non-warrantable loans. There are a few in my area that do them

There's someone around here (sorry, I've forgotten who!) who has run with this idea- they are getting OTHER people to put the decals on their window, with a bonus paid to that person for any deal that comes through them. Don't know how he's tracking which vehicle got the lead... different ph #s maybe?

You just have to be strategic. A few years ago you could buy anything and get cash flow, and that property's probably doubled in value by now. Those days are gone, but if you are savvy about the path of progress you can make some good choices. I actually see some good entry options for beginning investors in the current condo market- there are so few places that are affordable for first time buyers that those are going to be in demand for quite awhile. And one effect of the "luxury apartment" boom is that it starts making higher rents elsewhere seem reasonable in comparison. In the longer run I think we'll see those apartments just lowering rents as they age, rather than a mass conversion to condos. but who knows?

Another idea- go to a local hard money lending company that does it as a business, not a "private lender". Look for someone that has been doing it for several years and can give you the names of flippers they have done a lot of deals with. These guys may charge more, but they should also have the experience to tell you if the deal you bring to them is a good one. Local is important- they will understand your market. If they won't lend on it, find out why. You should think again about trying the project -- they are not in business to take houses from you (it's a hassle not a bonus). They'll want you to succeed so you'll borrow again.

Ha! You have to wonder about the cost/benefit ratio of stealing electrical wires...

Pipes, maybe;)  Thank goodness for pex

I live in Denver and have apartments in Columbus. I second that it's all about the area there. BTW I'm getting 500-525 for new lease ups in C class 1 bds on the northeast side. 

Bit late to this discussion @Elizabeth B., but you're not likely to be able to make the 50% rule work in Denver/Lakewood these days I'm sorry to say (You could back in 2010). It's difficult to find properties with good cash flow. Your idea of an owner occupied multi is a great one though, as it allows you to buy in our crazy market and have the additional income. You may be able to get enough rent on half a duplex to cover the mortgage - if so, that's doing well. And considering what you'd pay for rent, that counts as money back in your pocket IMO.

I do a lot of hunting for good owner occupied multis for clients- let me know if you want to talk about the type of stuff that's available. When are you moving to CO, and why?

I'm fairly positive you'll not find a mobile home on land in the immediate Seattle area. Those tend to be in rural or semi-rural areas where the zoning is a lot more relaxed. Most mobile homes in urban areas are in mobile home parks, where people own the home but rent the lot it is placed on. 

The rules for mobile vs modular (aka prefab) homes are quite different, so make sure you understand the distinction and how it is applied in your area

You'll want to make a call to your local planning and development office. They can probably talk you through the process or direct you to their informational materials. They may or may not allow certain types of homes- you can't just plop any mobile home down on a residential lot. I know there are a lot of nice pre-built structures these day though, and the west coast seem to be embracing that idea more than some other areas.

If you are on a city lot you'll probably already have public water and sewer- but be sure to find out if they are already ON the property or just available to the property. In my locale a water tap can run 20k. There are a lot of other permitting, inspection and impact fees to consider as well. Hopefully, your planning dept will have a helpful person to talk through this in layman's term and they won't just send you an impenetrable PDF of code regulations.

good luck!

 @Russell Brazil - really? what if it's the best offer for your client? I'm sure you don't say "that guy pissed me off a few years ago so I'm not going to show you his offer"

Of course, if it's your own property I could see doing that. You have to figure in the "hassle value" as well as the monetary value.