All Forum Posts by: Monica Pina

I would like to do a couple of fix and flips this year but to accomplish all of my goals I will need to borrow money. After talking to multiple lenders it has become apparent my only option will be through hard money lenders. Any advice, tips, and recommendations on how to proceed and what to watch for would be greatly appreciated. Merchants Mortgage is one company name I have heard. Any good experiences with other companies? 

We did get the documents from the HOA, they do not have much in the terms of reserves and we will be seeing two special assessments although it is not clear how much they will cost at this point. To make things more complicated it doesn't look like we would be able to refinance the property until next year, tieing all of our investment money up until then. We love the location but all signs point to "no" so sadly I think we have to let this one go.

Thank you @Alexander Mair @Jared Bouzek , @Kevin Grinstead, @Matt M.

Check out Jason Ruby by clicking the link below. He is the best and a Colorado native so he really knows the market and trends.

Jason Ruby Architectural Design Services

I submitted a cash offer for a one bedroom condo on a short sale, in the heart of Denver. This is my first experience with a short sale and an income property of my own. I understand that typically condos are not considered the best option for income properties, however, this property met almost all of my criteria for making an offer. I am just a bit leery of the HOA. The management company is not exactly generous with information over the phone and the paperwork they want me to order will cost over $300 just to answer some pretty simple questions like, can I expect special assessments and if so how much? There appears to be some deferred maintenance in the building but the location is strong enough that I believe this will make a good long-term rental. Any recommendations on how I can scrutinize the value of this investment?

Hi Simon,

I used Top Properties for several years to manage my dad's rental property. They were great, I never had any problems and they were super on top of repairs and handling the accounting. It made filing taxes super easy because they sent everything I needed to forward to the CPA. I worked with Ryan Prun and would definitely utilize the company again for full management. For only tenant placement, Workman and Associates provide good service without too many fees.

Congratulations Steve! I am doing the same thing. I got my license last year and have had really good luck with a small company that works with fix and flip, scrap and builds and investors. I have been able to learn about what I want to do by watching others already doing it. All the best!

Hi @Michael Ehmann - thanks for asking! How are you?

March:

- Two properties under contract 

-Hired a company for website, hosting, CRM management

-Found an investor who needed a broker

- A couple of possible deals in the pipeline

Where I fell short:

-Still not finished with a brochure and other marketing

-Still working on taxes

-Need additional investors to work with and need to focus on off-market deals

Goals for April:

-More vendor networking

-Focus on off-market prospects

-Focus on business work, not busy work

Hi Dorian,

Congratulations on passing the real estate exam! For me, it was best to get in the industry anyway possible until I could go full time. All of the different brokerages I talked to had different fees so it is important to know how much you will be paying to work and that might make it easier to decide.

Take care,

Monica

I read the 12 Week Year by Michael Lennington and Brian Moran and it really helped me plan, and keep track of my goals. 

I try to read a bit of everything, I flip through the news the way most people look at Facebook. I read the Denver Business Journal because I am in Denver and I use FlipBook on my phone to keep informed on global issues. I also monitor Colorado.gov for state issues and every Realtor associations. Plus then I contact my preferred banker, lender, and CPA periodically just to get their opinions.