All Forum Posts by: Jean Bolger

This is not actually an 'ad', but I wasn't sure where else to post this. I have a friend in CO Spgs who is thinking about selling a rental he has owned for twelve years or so. It's two houses on one lot, a larger one (1200 sq ft or so) and a small cottage (500ish sq ft). Plus a two car garage. They are all currently rented separately, and have separate utilities. It's only a few blocks from Colorado College, nice neighborhood of cute older houses. I think it might make a great owner occupied rental for someone looking to get started in a decent lower stress house hack. I do not have a formal broker relationship with my friend at this point, and the property is not currently on the market. I'm just putting it out there (with his permission) to the BPers and see if anyone might want to talk to him about it. He had it listed for a while last year with a residential broker (at around 250k) but no sale. message me if you're curious!

I think a basic model appliance looks a little less "basic" if it's black. Stainless will wow folks when they look at the place, but once it's dinged it looks bad.

You have added a huge amount of value to BP! Many times I've been impressed by the detail and knowledge that goes in to your responses. I am glad that the help you've given out is coming back to you

I think you did answer your own question --  Unless you are doing a real luxury rental, tenants will not be as picky as you. Also, you probably need to brace yourself for the fact that most tenants will likely not keep up the property the way you would. There is a reason they use the  expression "shows pride of ownership" in real estate listings :)

Even the best tenants will not be as invested in the place as you are. And you will notice little "wear and tear" items much more when you weren't the one that wore and tore. 

I'm not trying to be discouraging in any way! I am just cautioning you about keeping your expectations in line with the probabilities.

Good luck!

I just have to chime in: don't paint it, don't paint it, don't paint it. I am willing to keep a somewhat  open mind though, so I would be fascinated to see a photo of a fireplace like this that has been painted and manages to "look good"

You mention not being able to get people to pay more than the comps if you don't do the renovations... well, that's kind of what comps are for, they let you know what people are willing to spend to live in that area. They also-very importantly- let you know how much lenders are willing to lend in that area. Because if you price it high and the appraisal doesn't match up then the lenders will balk and the buyers will walk. (Hey, that rhymes!)

I would listen to what the agent is telling you, especially if you hear the same thing from more than one of them

H is for Hawk, by Helen Macdonald. 

It's a memoir, and is a beautiful book about a number of things- grief, loss, falconry and identity. Won the Costa Prize in 2014. If you're at all curious about falconry and birds of prey it's fascinating, and the writing is lovely

My thought on looking at the photo was that the front door/porch needed some help. I see people have suggested rebuilding the porch, but what if you left the porch the same size but made the doorway a little more impressive with some sidelight windows? I also think some proper columns would go a long way.

I'd skip the cornice.

Getting started in  real estate investment without capital is really really hard. You will hear inspiring stories (some here on BP) of people who've done it. That doesn't mean that it is a reliable way to get started - I'm sure there are many more people who tried to get going without $$ and gave up. I would say take the job, live as frugally as you possibly can, and save everything you can. Read the MrMoneyMoustache.com blog for inspiration on how saving aggressively when you are young can get you to financial freedom pretty darned fast.

I can assure you that getting people to lend you money for a real estate venture is MUCH MUCH easier once you have some in the bank. Also, with w2 income it will be easier to qualify for financing.

It's kind of ironic that I am giving this advice, considering that I have always been self employed! I don't have any regrets, but looking back, I can also see how sucking it up for a few years and having a job early on could have helped me. 

I'd look into getting a quote from someone who has a business selling "reclaimed" barnwood. Historic timbers can fetch a pretty penny and are very fashionable in some design circles.