All Forum Posts by: Steve Burrell

Does anyone use a Real Estate Lawyer in Denver who is familiar with rentals? We have a couple leases renewing, and it’s time we stepped up and officially paid someone to create a great Colorado specific lease. Any suggestions would be helpful!

Ok, I know there are a lot of variables, but I thought I’d ask the experts anyway! Looking at a personal home that would need a lot of work. What can a person ballpark expect to spend on a decent remodel? Everything is in good shape, but it’s incredibly 80’s. 4 br 3 bath 2500 sq ft worth with all of these things needed to be addressed: popcorn ceilings removed, new carpet in half, refinish hardwood in the rest, new interior doors, new closet doors, interior paint in the whole thing. Mid-level finishes would be fine (ikea bathroom vanities, stainless but not top of the line appliances, etc...). But REALLY struggling to come up with a ballpark figure to get started. Is this something we could conceivably spend $50,000 - $75,000 with great results? And, most importantly, anyone have a recommendation for a contractor in Denver? Thanks!

Originally posted by @Robert Herrera:

Steve Burrell here in the Pueblo market. I own quite a few properties there that all beat the 1% rule

 This is really interesting.  My that's where my parents live.  Thanks!

So a recent BP blog was posted regarding the pitfalls of turnkey investing for $30K properties, which I totally get.  But also mentioned "that $100K property you avoided because you thought it was too expensive."  In Denver, $100K doesn't go very far.  

So, where in the country have people had (buy and hold rental) success with $100K properties?  

Look forward to your responses!

I just passed my Colorado RE exam so I could be my own realtor on future deals. Now I need a brokerage so I can get to work! Does anyone have a recommended brokerage that would be sympathetic to what I need? Going through brokerages one by one is a little mind numbing. And, I don’t want to be a full time realtor. Thanks of the future recommendations!

Thanks for all of your input!  I've passed on the eviction (also called past landlord, major smoker damage YUCK) and have decided to stick it out!  

Originally posted by @Account Closed:

What Class area is the property at?

Class B, C, C-, or D area?

 C property  Older, low(er) income area 3br 2ba

First post guys!  

My question has to do with higher risk renters.  I recently purchased and improved a property, and listed it for rent.  The response has been very good, with several interested renters.  

The problem I am encountering though, is every single one of them has some kind of red flag.  Bankruptcy, eviction, very low credit score, no SSN#.  

The place has been listed for just over a week.  In anyone's experience, should I hold tight and hope that a more perfect tenant situation arises?  Or should I just ask for first/last/deposit or 6 month lease situation and hope for the best?  Are there red flags here that are more serious than others?

Thanks!

My family needs to move to a larger house, but we've decide that perhaps instead of selling our current house, we'd try and be landlords. I was directed here by a coworker, because I'm obviously very new to the idea!  I have a lot of questions, but I guess to start, is this a no brainer?  

The situation, basically, is this:  our current mortgage payment is around 1250 per month. In the current rental market for our home, we know we could get more than that. Low end, 1700 Even though our realtor thinks we may even be able to get closer to 2000 per month. 

The downside to the plan is that we would have less cash for a down payment on a new home.  The higher payment would offset the cash flow, but we would still have the 2 properties. Seems like a decent plan...what do you think?

Obviously, I don't know much about all of this, so I'd love any input, warnings or guidance anyone has to offer. Thanks!