All Forum Posts by: Jim Stanley

I had a similar situation, but near Denver.  I pushed back a little and let them know they were killing my profits (I ended up losing money on the flip, partially, but not entirely, due to the inspectors).  They seemed a little sympathetic and it helped slightly, but I mostly just did whatever they said.

What I learned is: If you pull a permit, don't do anything that isn't directly related to the permit until that work is done and inspected.  I pulled a basement permit, but they snooped around and found "problems" with stuff I was doing upstairs that had nothing to do with the basement.

Thanks for all the replies.

A few responses: 

I'm not concerned that the boyfriend is a bad person- he is a college student working for the same aerospace company, I've met him a few times, etc. And he will be going back to college soon.

Utilities are not included in the rent.

The lease says guests can stay up to 10 days and after that they become an occupant, but I can't find any cure for that in the lease.

I will have a talk with her and let he know that it is in violation of the lease and if he continues to stay, I will ask for rent money.

I am renting a 5 bedroom SFR in Highlands Ranch (suburb south of Denver) to 3 young ladies who just graduated from college and are all starting to work at a prestigious aerospace company in town. All three have excellent credit, etc and the company only hires the best, so I felt good about renting to them. But one of them has a boyfriend who sleeps over a lot (maybe every night- I'm not sure ) and he's not on the lease. If he is truly living there, I would be happy to put him on the lease and get some money out of him. I did ask him where he is living and he claimed he is renting a house nearby with a couple of other guys. He is here working for the same company as a summer intern so he will be out in about 2 months one way or another.

It's not a big deal, but I don't like feeling taken advantage of.

The lease is the standard Colorado lease I got here on BP as a pro member.

Thanks

So owner financing is only possible when the seller owns it outright (loan is completely paid off), correct?

Followup question: 

Could I potentially take an all-cash offer (there are tons of them in my area) for $750k and invest the whole sum while keeping my current mortgage and making the $1800 payment for the next 28 years? (actually less than $1800 because the new owner would be paying taxes and insurance)

Yes- that sounds way too good to be true!

I am considering selling my primary residence near Denver so that I can use the equity to buy a cheaper residence in another state as well as some STR's.

BUT I have a REALLY good mortgage rate (2.5%, 30 fixed) and I hate to give that up.  Can/should I do seller financing?  How would that work and how do I make sure I get paid?  I currently owe about $320k and the house is worth about $750k.  My payment is $1800/month.

If I sold it for $750k, could I get, say 25% down ($188k) from the buyer plus a thirty year payment at, say, 4% ($2683/month)?  That would give me $883/month  cashflow on the payments, plus $188k in my pocket.  About $40k would go to a 10% downpayment on a 400k house for me leaving $148k to invest.  Please correct me if this is wrong or totally unfeasible.

Thanks!

@Tim Giberson

I’m in

Background:

South denver

1 SFH south denver

1 condo Asheville

1 flip not yet sold/rented

Follow up to my previous post

I decided to stick with long term rental for the house but will do STR in the newly finished basement of my primary residence

That’s what I thought but just wanted confirmation 

Thanks 

My tenants of 4 years are moving out and they showed me a hole in the carpet

The carpet is kinda old and I think it was normal wear not anything they did wrong

Tenants are expecting to pay for it out of their deposit but I don’t think they should. It will need to be replaced 

Should I charge them?

Thanks