All Forum Posts by: Kevin Fletcher

@Charles Townsend welcome to the BP community, I am also living in Denver. Ive never been a forum guy, but the way people share and the positive nature of this community makes you want to be involved. Good luck with everything and I'm sure ill see you around the site.

I would be very weary of giving, liars a second chance. You know the old adage "fool me once..." I have a firm belief that when people make a practice of not being truthful in business they will eventually feel the effects. It doesnt take long to get a bad reputation and no one will want to work with them, soon enough. A negative encounter goes 100X further in peoples minds then a positive one.

And I think @Bill Gulley was 100% correct in pointing out that you need to C.Y.A. by coming up with your own numbers, and trying to get as much factual information as possible before trusting someones else's "word"

@Bill Newport One option for new investors is always gonna be gorilla driving for dollars campaigns. Pick an area that you like and look for properties that have visible signs of distress.

+Roof needs Fixing

+Lawn looks not manicured or cared for

+trash , cars on lawn

+Dented/Missing Garage doors

Then you can easily send handwritten letters to these addresses to try to get in contact with the owners. It helps to send a few letters that express that you are interested and able to buy their homes at a discounted price, and will help them deal with any of the financial problems the seller may have.

@Ben Wakefield Also, when you are considering possible deals you should always factor in that 10% for property management whether you have one or not, Because, first of all your time spent is worth at least that much, and second you wanna always have that option to hire a property manager after the fact to free up more of your own time.

@Joe Butcher thanks so much, I was looking through old BP posts and I found some lists, but this is exactly what I was looking for, Thanks

Hello

Ive been searching for an Itemized repair checklist template to help with my walk throughs of potential rehab projects. I want to be able to Use the same form to organize my time while in the house. Does anyone have or know where to find such a form? If I cant find one, Ill create my own and share it

I'm sad I'm gonna miss it but cant wait to meet all of you at the next one.

@Adrian Tilley - I am starting to realize that 1400/m seems too high.The Number came from the very non scientific preliminary search using Zillow and Craigslist for comps. I have now learned that it may be hard to find tenant with such high rents.

@David Krulac Thanks for the info. Do you have any suggestions on how to find out more information about the HOA of a potential condo purchase? I guess by just walking the grounds to see the state of the place and trying to talk to someone who lives in the complex may be enough. Deferred Maintenance and $ amt of special assessment seem to be a bit of a wild card. And from some of the estimates Ive done the deals seemed a little to slim when taking that "?" into account.

Yeah, Unfortunately I have found some of the same information, and although $1400 is possible, its seems to be on the high side. I don't like going into something blindly that I cant control. I have heard a few horror stories about people who have bought condos, then almost immediately after had to pay some bulk amount for some problem that occurred before they lived there. It seems that the profit margins are to narrow, and when you throw that wild card into the mix it becomes too risky.

I've been doing research online and have seen some possible opportunities in buy and holding condos, maybe with a little rehab. Ive never owned a condo, so I was hoping that if anyone who had experience with them could let me know some of the pros and cons of this strategy. I'm seeing In my area I can buy some condos for around 60-70k and they are renting for 1100-1400 per month with HOA fees from 200-300 per month. I'm wondering about dealing with HOA's, if its difficult to do rehab, and any other feed back people may have is greatly appreciated.