All Forum Posts by: Kevin Dickson

Another one of the topics:

Superheated central Denver Apartment rental market:

Grant mentioned a nice 2 bedroom on Riverfront Park that went from $1800/month to $2400/month this year.

This is a quote from the monthly owner's letter from my PM:
"As of today, we only have 10 vacant units out of a total of 1,551 units...simply amazing!"

At the meeting, we attributed this market craziness to many young professionals new to Denver with good jobs who want to walk to work and entertainment.

We also noted that lots of units have gone under construction to supply this demand. Typically the market overshoots , causing an oversupply that will cause a rent plateau in 2-3 years.

I enjoyed meeting Vikki Waln's husband Vic , Grant P. , @Tanya H

One of the many topics that came up was Denver neighborhoods with some upside.

Since that's my favorite topic, here's a house that just hit the market. It will be just two blocks to the new light rail station on the East Line:
http://www.zillow.com/homedetails/3950-Jackson-St-Denver-CO-80205/13302458_zpid/

Sebastian Gruner If you need a house to rent, I have one vacancy:
https://www.padmapper.com/show.php?type=0&id=124447065&src=main

Thanks Josh,

I hope you're coming to the Hacienda tonight, let's ride bikes with the kids.

In Denver we are seeing more and more deconstruction. The most visible service is from Habitat:
http://www.habitatmetrodenver.org/index.php?option=com_content&task=view&id=31&Itemid=85

I don't think it is any cheaper, but everyone feels better about it.

Personally, I'm a little worried about the folks that do the dirty work and breathing lead paint dust.

Definitely go on to the next applicants.
If you don't get any decent ones in the next 2 weeks, you have to reduce the price.

112k -- Mostly two bds. It did sell after I listed it.

Multifamily is crazy in Denver right now, good locations are selling as low as 5.5% cap rate.

In 2011, I tried to sell my seven unit apt. bldg. on CL
I was surprised that I didn't get one call.

So in Denver at least, I don't think buyers are looking there.

Loopnet.com is the MLS of multifamily, but I don't know too much about it. Yet.

"I have seen a few "successful" players/investors buy all over the place,"

My strategy is a much more "patient money" approach. I've targeted one neighborhood of only 400 homes. I've joined the Neighborhood Organization even though I don't live there, and volunteered as the webmaster.

All the active neighbors (15% of the 'hood) know that I have rentals, am always buying, and am keenly interested in improving the neighborhood and property values. After 4 years of this, now I get a lot of word of mouth deals.

Just now I have started to scrape and build new homes. I'm hoping this activity will give other builders the confidence to also start working the neighborhood. If they do, the gentrification tipping point is reached, and value is added to my holdings without any work on my part.

I'll second the recommendation of John T. Reed.

Not so much for his books as for his reviews of all the other guru books. If a book is promoting something illegal or unethical, he will "out" it. And if the author has done sketchy things, he calls it as he sees it.

As a result, there are very few authors that he recommends:

Lonnie Scruggs
Bob Bruss
Jane Garvey
William Nickerson
Jay P. DeCima
John Schaub

Note that most of the motivational books are NOT recommended for differing reasons.

Guys, thanks for your responses.

Eric Blackford, yes, a group of roommates can be a real hassle. But if you own a 4 bedroom home near a university, it's the reality of your market.

But I think a law like this is a civil rights violation imposed by annoyed neighbors. Quoting from the landlordwiki:

"the city will ultimately lose a case on the fair housing aspect of this as the federal courts have repeatedly said family status based occupancy ordinances are illegal. The only ordinances that are valid are square footage based."