All Forum Posts by: Jeffery Smith

@Todd Pultz I can out here yes but I wasn’t sure with Covid how the law may be protecting tenants now but I feel pretty confident about everything after I spoke with a few attorneys about it.

@Erin Spradlin hey Erin thanks for the response, I actually just got the copy of the leases and both tenants are on month to month. The reason I’m getting this deal as it is is because the seller has said they are too old to be managing rental properties anymore and they just want to cash out so hopefully with my inspections I won’t have too much popping up unexpected.

@Mark Leavitt I am not working with any agent in particular out here I’ve just been using Redfin to look at properties I’m interested in then I’ll look up the agent directly and contact them from there. I’ve been trying to let the agent double end the deal so I can get the best deal. I plan on buying all cash moving into one side and house hacking. The only thing I don’t like about the property is shared water but gas and electric are separate. I was going to see how hard it would be to split the water between the two units and having a plumbing background I think I’ll be able to handle it. Unfortunately I couldn’t get in the one unit to see the setup of the water heaters and water supply coming into the units. I was told the tenants are on a month to month basis but I haven’t gotten the lease copies yet or know how much their security deposit is either.

@Ryan Riches thanks I love it here so far! Thanks for the referral, I’ll reach out to him!

@Cathleen Blackmon I would absolutely love that

Hey everyone Jeffery Smith here long time forum reader first time posting.

So I've never done a deal in Colorado Springs I moved here a few months ago and have been renting from a friend of mine however I've been interested in buying a duplex, triplex, or fourplex for quite some time for house hacking. I might have found my first deal but I'm not sure due to the comps in the area. I have found a duplex in Colorado Springs I have gotten in contract down to 255k. I started with it at 305k on the mls and I negotiated down to the 255k because the duplex is occupied with tenants and I don't think they wish to leave. The seller just wants to close quick and be done with the headache. However both tenants have been there for 3 plus years and have very low rents for the area only $700 and $675 however I think I can get them up to 1150-1300 after light renovations. With covid going on right now and everything happening with the election I'm definitely starting to get analysis paralysis that I wont get the tenants out even after I factored giving them a bit of cash to help them on their way. I was allowed to do a walkthrough on the duplex but here's the kicker... only 1 tenant would allow the agent and myself to walk through the property. I got the impression from the one tenant he for sure did not want to leave and the property (on the one half at least) did need very little work. The second unit the tenant was refusing to allow access to the unit and they had changed the lock and was refusing to let the agent and the owner in. I have been doing construction since I was 15 so I know I'll be able to handle the repairs on my own so I'm not worried about that. The numbers part on the turn around and wether or not I legally can evict the tenants after purchasing the property is whats giving me trouble. I don't have an agent I work out here regularly but the few that I talked to wanted me to sign paperwork saying I would only work with them and I didn't feel comfortable about that. I know how to comp out properties for single family homes but I've never got into anything with a duplex and definitely not in the springs. The duplex is  2- 2br 1.5b 800sf with a large backyard and garage split right down the middle with the other (so 4br 4b 1600sf). Its just north of the valley hi golf course on Michigan avenue. First possible deal for me and I plan on buying with all cash and refinancing after I renovate and put new tenants in the unit I will not be living in. I also have had the thought of an air bnb of the unit I'm not living but I am not sure about the laws here.

Please help... analysis paralysis is very real on the first deal...

Thanks Jeff!

@Daniel Haberkost Thank you for your response I appreciate your time!

Hey everyone my name is Jeffery Smith. I am a plumbing contractor in San Diego and I am moving to Colorado Springs on the 15th of July. I have been around construction since I was 15 years old and I’m definitely ready to start investing in real estate.

 I’ve been working along side investors for 10 years now and am ready to take on a deal of my own.

I did live in Colorado Springs for a couple of years prior in my Army days so I do know a little bit about the area but that was five years ago! I know a market can change rapidly so I am curious to hear what works for other investors in Colorado Springs?

I mainly have done new construction but I also have worked with investors doing fix and flips here in San Diego. I want to get into buy and holds and create long term wealth. I’m curious as to what rentals work best in Colorado Springs? Single family, multi, apartments?

I’m really not going to know many people in Colorado Springs and any help is greatly appreciated! l look forward to getting to know you all and hope to work with as many of you as I can in the future!