All Forum Posts by: Robert Blanchard

@Brian Adams

 Thanks for the info procuring larger apartment complexes.

How much harder is it to build a new complex in a market where the demand for apartments is very high and the rents keep going up very fast.

In my suburb, there are three 100+ unit complexes being built, that I know of.  2 of the complexes were recently approved due to the vacant property not being developed for a while and the land being rezoned to comply.  

Rents in my area just broke the $1,000 mark for a 1 bedroom unit in a larger complex with some amenities. 

Do you have your own property management companies in each state that you hold investments in?

My father always bought 14-16 unit buildings.  He liked them since they did not require an onsite management office and he could do most of the repairs and painting himself.  Tempted to go that route to get started, but the larger complex investing intrigues me. 

@Account Closed  I know what you mean about big TV's and a pile of games next to the newest game system.

I have not pulled credit checks, but I assume that when you do, you will get a list of companies that they owe money to.  

When you took over the property, did you have the tenants sign new leases?  If you know that they worse than usual credit, to me that would be a flag that you will be paid late or not at all. 

How long is left on the leases?   

Is it hard to find low income Renters with decent credit?   I used to try and screen buyers for my Dad's Mobile Home's but it was hard to do.  Usually, but not always the Park Manager would do a background check and credit check as they buyers would have to be approved by the Park before we would be able to sell them a MH.   

Can you get a contractor or home inspector to find out how close the number the Seller's contractor came up with for rehab?  

Did you see the report that his contractor came up with?

It is great that you got started in your 20's.  I have a Father that has been doing RE since I was a toddler.  I am the 5th of 6 kids.   He was a fireman which allowed him to do RE on his days off.  Back then, they worked 24 hours and had 48 off.  I still need to get more involved in RE and will probably keep a few rentals along with doing some flips.

Congrats.. and looking forward to reading about your next Success Story.

Success to me would mean that I could do what I want, when I want, and where I want to do it.

To many this means fancy Vacations but to me, it also means doing a job or hobby that I enjoy doing.   Sometimes it takes many years to get to this point, with a lot of hard work to accomplish it.

I have many friends that have on the surface look successful. But when you talk to them, they owe money on nearly everything that they have, like that one old commercial that showed a guy riding a mower. They are stuck in a what they feel is a good job that will provide for their family but have grown to hate it. These are the people that will not think outside of the box and use REI to help get them to a better position in their life.

Being in AZ, I think the AC side of things do work a bit harder than if you were in other regions, but I still do not think that the seller should float the whole bill if the Units are working.  Split the costs evenly with the seller or is it that hard to find a buyer that will not want any concessions?  In my Market, houses that need some TLC still gets many offers and usually sell higher than asking.

According to some reports, Denver is the hottest market for RE in year to date appreciation and some other factors.   Making MJ legal has helped along with a strong job market for up and coming DINKS or College Graduates.

The new smart phones have more than enough resolution to record a move in/out video.  You will be able to store the video in the cloud and retrieve it to your home computer or any other computer that has internet access.  You will have to monitor how much megabytes in data transfer that you use while uploading your videos to the cloud. 

You can also just download them to your computer using the USB port on the phone or via your wireless network if you have one set up. 

@Anson Young  How far north do you think that the Techies will buy to get something a bit more reasonable in price?   Is Lafayette pretty much built out or are the some area north of town that will be subdivided and made into tract homes?  How long will it be before the I-25 corridor will be mostly developed all the way to Ft. Collins?

I am tempted to look at Loveland or Longmont for some options for buy and hold but I have to get some things line up first.

Littleton is now rezoning some of the remaining 10+ acre lots so they will be built out.   The most notable is the 77 acre site where Marathon Oil used to own in the 7700 block of south Broadway.  Over 900 "housing units" , Commercial, and Retail spaces.  It got approved on July 1st 2014.  Here is the article:

http://www.denverpost.com/arapahoeco/ci_26153080/l...

I wonder how close it will resemble The streets at Southglenn?   It is around 73 acres but has a better location since you can access the site from both University  and Arapahoe Road.   

I remember when C 470 was being built in the 80's along with Lone Tree and Highlands Ranch.  I wonder if the Golden City planners have second thoughts about not letting C 470 go through their town?  We would have had a "proper" ring highway and the area by Highway 93 would have had much more development similar to what happened by the Northwest Parkway near the Flat Irons.  

I apologize for going slightly off topic.

Robert

Just reread this thread and was wondering what kind of Multi Units you have been looking at or buying?

My Father used to buy 14-16 unit apartment building's and would find the ones that needed rehabbed or just filled up.  He would then sell them after a year or two for a decent profit and move on to the next one or two. That size usually has one tenant that is also the on site Manager and sometimes the "Super" in exchange for discounted or free rent.  

That size or even a quad is something that I would like to own in the future.  

@Vi Lai  Congrats on the decision to do RE full time.  I have been wanting to get my Broker's License for a long time but I have yet to pull the trigger.  

This thread has gotten me thinking that I should go register for some classes ASAP. 

Good luck and I know you will be a top producer in your area of expertise.