All Forum Posts by: Theresa W.

I'll throw in my two cents here.   Spot zoning is not often looked upon favorably, so it would be an uphill battle.  You might expect to drop $2000, 6 months and have to offer decent argument that a duplex rezone is consistent with the neighborhood plan or that there's a new community need to increase the density.  6,050 indicates it's a legal, non-conforming (undersized) lot - it still meets the minimum lot area for TU but do you have 50' of frontage? If not, it means a variance on top of the rezoning.  In addition, your neighbors are going to have an opinion.  If you can get a good chunk of your neighbors to support it, Denver might look favorably on absorbing a larger number of lots into the U-TU-C nearby, but that's a lot of neighbors that you'd need on your side.

From a planning perspective, the original plat for the neighborhood shows the typical lot sizes as 50'x125' and the TU zone lots were originally platted as 25'x125' lots.  It's worth a face-to-face conversation with a city planner as to whether or not they'd even consider supporting your request. Without staff support, the zone hearings could be a bit difficult to get approval.

Hey @Jack Colmenero.  To clarify, this particular meetup is on Monday, not Wednesday.. Just wanted to make sure you'll have someone to have a beer with... Cheers!

I use ClearNow.  It's $15/month for the first tenant, (landlord pays), but the next ones are $2 more.  The secure transfer is worth it to me for peace of mind, but even better is that I'm not lifting a finger to deal with the mail service, paper checks, or forgetful tenants.

It's tempting to want to make this work as your first sale, but there's a few red flags in here that need attention.  

1. The realtor is not on your side.  She works for the sellers, period.  You need comps gathered on your own or by someone not involved in the process. Do you know how this property compares to others?  You need to know the average sq. ft price for the area and be able to apply it to this one to understand if 160 is a good deal or not.

2. You mention this is a twin house, so it is a duplex?  Is this unit legal zoned for the upstairs and downstairs apartments?  If it's not legal, it's not necessarily a deal breaker for some investors, but you should be prepared if someday you can only rent this as one unit.  I'd also not rely on what they've told you it "should" rent for.  Search CL and come up with your own estimate for rents.

3. You mention the awkward layout which may put off some renters.  Moving a wall means lost income for the time during construction.  To boot, the oil heat makes this sound like an older property and your maintenance costs might be a bit low.

If it were me, I'd want to know a lot more information in order to evaluate this property compared to other potential investment properties in your area.  I think you're on the right track in considering it, but real estate is about looking at deals impassionately - either the numbers can work or they don't.  You just need a bit more information to make an informed decision.  Best wishes.

I'll add a plug for @Drew Fein.  She's very knowledgeable and understands the investor's perspective.

I'll make a few suggestions which of course IANAL and you should defer to your local laws.  After inheriting tenants of my own, here are my thoughts:

1. Non-computer user: This is your "keeper".  Cash is king and if you get it mostly on time, just deal with the snail-mail route.  She is going to keep you semi-afloat while you deal with the others. Plus, she's on a lease so you need to keep her.

2. Artsy fartsy guy - He's out. Not giving you full payment until the end of the month is a deal breaker.  Give him notice now and start to advertise for a person that will meet YOUR qualifications.

3. Miss Salon - There's a few problems here.  You're unlikely to get her to pay to remove her paint, but if you can convince her to give you a security deposit, you can eventually use that to remove it.  Get the deposit and then make moves to demand a lease that is on your terms.  She's your worst time sucker and if you don't have a lease to enforce, she will take advantage at every turn.  Why do you want a 2-3 year lease?  I'd secure the deposit and then either (1) give notice and spend the deposit on paint cleaning or (2) ask for a shorter term lease so you can get her out if things don't work out.  No use in committing to a long term lease with an unknown.  

A timeline might be like this: replace Artsy while you're trying to get the security for Salon Girl.  Then, when you have a new tenant in place (and two timely rents), then lay the hammer down on Salon Girl.  Just my two cents. good luck!

Hi @Jonathan Harris and welcome.  The monthly meetup here is one of the best free resources that I've found.  I can think of a few folks that attend regularly that you might want to chat with.  Hope to see you there!

Hi @Megan Arzt, I'm in Golden too.  I'd keep your cash cow, but if you're looking for an investment heloc, I'd recommend asking Coors Credit Union here in Golden.  My primary heloc is through them, but they seem to be very accommodating for local properties - it's worth asking them if they'd do an investment loan.

Feel free to reach out to me if you want to swap stories about rental rates here.  Best of luck!

At a landlord meetup on Monday, someone mentioned Westerra as giving investment HELOCs.

Hey @Allende Hernandez,

Are you looking to build a network of agents who will send deals your way?  Do you mean that you don't have anything to offer because you've not yet bought a property?  Agents should be willing to work with you, especially if you demonstrate that you're prepared to close a deal (pre-approval letter, earnest money ready to go, willingness to analyze deals quickly and make offers).

Also, think about what you want in an agent.  You're looking for an investment-minded, experienced realtor.  Communicate how you want to use them.  If you don't need your hand held and can find your own deals, tell them that.  If their value to you is in the negotiation and closing, then let them know.  If you can show them that you are serious and have a plan for how you will react to leads, it may convince them you won't be wasting their time.  Don't forget, they're getting a commission, so they will want to find deals for you.

I've met and dealt with many realtors, but my favorite one that I have now, blew my mind when we started looking at places. She rattled off stats, ROI, estimated rehab costs, off the top of her head while we were at the property. I knew she was for me. Find one of those and you're on your way. Best of luck!