All Forum Posts by: Miguel Castillo

I found a seller looking to sell a 4 unit, I haven't checked but I'm almost certain I will not qualify for the full amount. How can I get creative with my offer?  Can I offer paying him the difference after I get the mortgage? Just looking to see what my options are and if someone has come across something similar. 

I used credit card to finance the reapirs 35k total. I recently refinanced the home once it went up in value and paid off the credit cards.  It's risky but yes you can, just make sure the numbers work. 

I can help you out if needed, I'm in Aurora. 

Nice place you got there, I would love to purchase if I had the cash on hand. 

Good question, I work and live close to AU, I do beleive  the area has potential for renting to students.  Is that something you're really considering? 

 I currently own 2 properties in Aurora, 1 of them is a multiunit the other is a single family home. I plan on aquiring more in the future, if any one is interested we can start a partnership. 

It came down to the lack of available ABB properties in my area, we have a lot of visitors that come to my city for various events around the city and all that's available is 1 holiday inn and maybe 3 AirB&B's. 

Hello all,

Basically I just want to share a project I picked up last December, I purchased a HUD home with the intentions flipping it and selling it, but I want to hold on to it and list it on Air B&B. This is my biggest project yet, I did go over budget by 15k, it's not completed yet but it should be done in the next few weeks. Some of the hurdles i went through was getting the capital needed for the remodeling expenses, so far savings and loans got me through most of it and working on Uber as a side gig on the weekend.

I'm posting my before and current process pictures.

@Matthew Olszak 

Aurora is tough on illegal units, they have inspectors constantly driving around looking things to ding you on, not joking. The city asked me to properly surface my gravel driveway, that cost me 3.5k.  They will require you to get a rental license which is about $125 and you will have to attend a mandatory 4 hour class.  Your unit will get inspected every year or every 2 years if they don't find anything wrong with it.  I mean they can be picky and all but I wouldn't let that deter me from buying, I'm actually going to make a few offers on some properties im Interested in.  As far as the tenant base, I have not had any section 8 experience and honestly I wouldn't consider it basically because I dont agree with the program itself, that's just my personal opinion.  I will tell you that Aurora has a big hispanic population, most of them don't have credit or can't purchase a house so they're always looking to rent.  Anytime one of my units is available I get a lot of calls from people interested in renting them, I've had 0% vacancy.  

No inspections prior to purchase, you will need to register your property as a rental as soon as possible otherwise you face a $500 fine.

Phil,

I've had good success in Aurora, I currently own a 2 unit on the west side of Aurora.  There's not many multi units going for sale currently but form time to time a good deal pops up, you just have to act quick and put in an offer.  I haven't had any problem renting any of the units, you will not have trouble finding tenants either if you decide to purchase in Aurora.