All Forum Posts by: Stephen Pearson

@Dean V. & @Ben Rhodin

Thank you both for your responses. I've got some more neighborhoods to research! Definitely not looking for something to skyrocket in appreciation, but if it make sense now and looks like it'll potentially pay off in the future, then that's what I'll go for. 

The multifamily space really interests me because theoretically I could pick up a 4plex, rent 3 units out and do a mid-term rental in the 4th, which would allow me to utilize that unit for myself whenever I want to come visit.

As far as price-to-rent ratios, I have noticed that rents aren't astronomical in most places, but prices also aren't what they are in my city. For perspective, a 4 unit building just came on the market for $2.2m, all identical 1 bed, 1 bath, 845sq.ft. units.

What are the tenant laws out there? My city just passed an ordinance where we have to give 120 day notice to tenants, and cannot evict anyone during the school year, if they have kids in school. Seems to me Colorado laws favor the landlords a little more? My gf's building was purchased and the new owner jacked up everyone's rents, and when people moved out, they just renovated the unit and rented it out for more. No issues doing that I am guessing?

I'm a real estate agent in Sonoma County (San Francisco North Bay) and my girlfriend lives in Denver. I've visited many times the past couple years and absolutely love it. She lives in Cherry Creek but there are so many other cool neighborhoods as well (Highlands, Congress Park, Cap Hill, 5 Points, etc.). My question is, what neighborhoods are, or, are on the verge of gentrifying? Which ones have duplexes (both sides are the same property), triplexes, quadplexes, OR commercial buildings with residential above? I'd love to pick up an investment property this year, and why not Denver?! I'd be interested in the price point under $1m, would cash flow, but also something that will appreciate when the neighborhood shifts.

Thanks in advance!

@Allen L. I can't thank you enough for this information. Best of luck!

@Allen L. Thank you for all of that information, I'm going to look into those areas. I actually lived in some apartments off Pawnee for one Summer and that doesn't surprise me! What sq.ft., bed/bath count do you find to be the easiest/most desirable to lease? Do you find properties on the MLS and what's the current market like? I'm a real estate agent in Northern California so I am probably on a completely different planet in terms of inventory and competition.

@Allen L. what are your favorite neighborhoods/areas in Wichita? Do you own anything near Wichita State? I played baseball in Wichita for a few years so I'm familiar with the city and am currently doing some research on investing there. I would also be an OOS but I know people on the ground.

Wow! Great job Patrick.

Hi Aric,

I'm a local Petaluma agent. In my experience most end users don't want to take on existing tenants, let alone someone with a 2 year lease. While this property could potentially be a nice income unit, it would also make a great primary or secondary residence. D St as you know is one of our most historic and prominent streets, along with B St, and this is easy walking distance to everything. 

If your family is looking to get the highest dollar amount out of this sale then you'd want to sell the property vacant. I'd be shocked if anyone agreed to keep a tenant there on a 2 year lease, unless they planned on renting out the duplex portion, but you never know. In my opinion, in this current market, a vacant property would give you the biggest buyer pool and lead to the most profit.

An appraisal will tell you what the appraiser thinks it's worth, but on the open market the real price will be determined by the buyers. I'd recommend interviewing a few agents and asking them to do a Comparative Market Analysis for you, in addition to the appraisal if you feel the need.

I'd also recommend getting a home, roof and pest inspection. Old house, potentially a lot going on there. The most successful sales I've had and been seeing typically have all three of those reports up front. Being an older home from the late 1800s, you may want to have the sewer lateral inspected as well. Home Inspectors (North Coast Inspection Services), Pest Inspector (Doug's Bugs), Roof Inspection (Roof Doctors). HomeGuard does all 3 inspections as a package deal and are a bigger company, so they may have more availability. Rooter Man does sewer lateral inspections with the camera, etc. Hope this is helpful.

Regards,

Stephen Pearson

Broker-Associate

Good afternoon Aric,

I'm a local real estate agent in Petaluma. If this home is located in downtown Petaluma I think it's safe to say you won't be able to split the lot. I've never heard of a "Condominium Property Regime" but I think the City of Petaluma planning department can answer your questions. At the end of the day they're the ones who know the zoning and can give you the best answers. If you haven't already, I'd call or email the City of Petaluma planning department to discuss with them. It won't let me post their website link but just google "city of petaluma planning" and you will find the contact info on their site.

Regards,

Stephen Pearson