All Forum Posts by: Robert Blanchard

Congrats on getting off of the Couch and doing something to start your RE investing. 

Spend some time on this site as it has an extreme amount of information. 

The Podcasts are worth more than the $3K-20K up sell that the RE Seminar people probably tried to get you to buy. 

Here is a link to several threads started regarding Fortune Builders.  

https://www.biggerpockets.com/search?utf8=%E2%9C%9...

Please read them before considering giving them $2500.

I would vote for eviction even it if means keeping the deposit in lieu of March's rent.  A FED taped to her door might wake her up to the fact she is being unreasonable in her actions.

Is this near a College or University?

What price point is the Tenant paying for a shared domicile? Just curious as Craigslist shows $300-400 for a room in a house.  

She will have a rude awaking when trying to find a room for rent in Denver especially if she has some personality issues. 

I knew rooms for rent were going for a lot in Denver but you could "rent" a bunk for $20 a night in Aurora per this Craigslist ad:

http://denver.craigslist.org/roo/5357241969.html

I wonder how hard it would be to get zoned for a Hostel in the Metro area?  Cram 4 people in each room and up to 10 in a basement... $240 a night..$1680 a week minus $300 for insurance, food and laundry services.. almost as good as a Beach Rental in Virginia Beach but without the $2-4 million entry point.

This guy opened one in a Warehouse.. yes a Warehouse. 

http://www.hostels.com/hostels/denver/funkhaus-hos...

and yes he is 420 friendly.. if you were wondering.

I would ask the Tenants to provide a sketch or plan for the Deck and Pergola.  

If both items look to thought out and they are willing to hire a contractor and get a permit, I would consider paying for the materials while they pay for the labor.  You end up with a nice improvement and they end up with what they wanted.  Even a smaller deck, if built by Tenants and their helpers, might not come out very well.   Where I live, you have to have some decent footings for anything that has any kind of cover.  

If not already in the Lease, have one drawn up that states all improvements become the property of the Landlord. 

Also, make sure that they put some kind of sealer or water proof stain on the deck.  It will make it look better and you would be surprised at how many times I come across a deck or steps that are not sealed or properly maintained. 

What is the average snowfall for your area?

Where I live, they call snow "White Gold" as Snow Plows can charge over $40 an hour.

We do get around 60 inches most years.  

Have you considered training 2 employees for your Skid Steer and get a couple of contracts to clear snow for larger parking lots? 

That Skid Steer of yours was a great addition to your "tool box"

I second what @Dave Chapa mentioned about Apartment Buildings.

If you can find one that has an Owner that just wants out, you can get some really good terms, price, or both.

If you can find one that has been neglected and can assemble a good team, you should be able to get a really good ROI if you flip it in a year or two after bringing the property up to par or slightly above. Many times, the Apartment Buildings that my Father bought were not for sale but after contacting the Owner or Owners with a decent offer, they decided to sell.

Once you get some experience with 12-24 unit apartment buildings, you could move up to the 50-200 unit ones.  Those require an onsite leasing office, full time maintenance, and some other things that the smaller ones do not, but the returns can be great in an area where rents are increasing. But, sometimes dealing with Employees can be quite the headache. 

If you like hands on Investing, a SFH or duplex flip might be better suited for you. How well have your Townhome's performed? Have you run into any problems with HOA's not allowing more than a certain percentage of rentals? Have you had to pay a special assessment fee for something that was not planned for?

Since you already have your RE License,  you could try and specialize in some Commercial Properties, which in tern could give you an in on some good opportunities. 

Keep us updated on what you plan to do this year in RE.

Congrats on getting the triplex!

Did you get a copy of the lease agreements from the prior Owner?

Are the tenants on a month to month lease?

After paying late fees for a few months, maybe a Tenant will choose to leave and then you can go in and update that Unit so you can charge more rent.

I went through a core program for Construction Trades back in High School.  Thus I learned to sweat pipes.   My joints passed the PSI test (air pressure) but they were not that pretty.

Had a neighbor catch his house on fire trying to do his own plumbing.  Plumbers and Electricians are worth their hourly pay.. most of the time. 

Tempted to try and find a 16 unit building without a boiler for heat, or electric baseboard heat.  The latter is rare in Colorado but sometimes used in Apartment Buildings for the ease of installation.

Congrats on your mulit purchase!

Nice to hear about someone finding a decent deal on Zillow.  I have read on this site and others that "deals" go there to die.  

 The year built (1942) might have scared some investors off, thus why it was still listed after 6 months.   Pex water lines are so much of an improvement over copper.  I do wonder how many newer plumbers will not even be taught how to properly/ correctly "sweat" a copper water line.

@Elizabeth Turin  Here is the subcategory on Bigger Pockets that discuss many RE courses and Coaching programs/ courses.

https://www.biggerpockets.com/forums/79-real-estat...

If you listen to the podcast on this site, you will learn a lot about RE investing for free.

Then there are the blog posts that also have some great information.

Also attend your local REIA groups to learn from investors in your own area.

Here is the link on BP for your area:

https://www.biggerpockets.com/rei/maryland-real-es...

I have not attended any of Carlton Sheets Seminars but as you will read on this site, most of the RE Seminars will keep up selling you for Coaching programs until you reach the $10K to $40K level for personal coaching or training.  Some people feel that it is worth the large fee, but most do not from the posts on this site many of the complaint sites on the web.  

After the first "free" seminar, the next step is a 2 or 3 day Seminar. Rarely, the 3 day $500 or so course will give you more info that can be found on this site. 

Welcome to the site!

Robert

Welcome to BP!

Littleton is quite a change from California, but I think you will get used to our thin air and the Rocky Mountains.  

There are some nice REIA groups in the area if you have not already discovered them.

Here is a link to the ones listed on this site:

https://www.biggerpockets.com/rei/colorado-real-es...

There is also a meetup lead by @Anson Young on the first Monday of the Month ( I think), here is the link for the December Meetup 

https://www.biggerpockets.com/forums/521/topics/24...

I can not find the posting for January.