All Forum Posts by: Travis Sperr

Denver shows no signs of a bubble, you have to look beyond what people are paying for real estate as your only indicator. There are so many data points to show that the market is Denver is strong and will be around for the foreseeable future. 

No appraisal is required to buy the property using the funds from the IRA. Without knowing your experience I would encourage you to find the information an appraisal might tell you like zoning. If it is a straight forward deal and you are comfortable with the numbers it is just like buying with cash. I know the market is wild but one thing you could do is not have an appraisal condition but conduct one to know the value if you are not comfortable camping it on your own. Also an appraisal is not required annually, just a value of the asset that could be supported with comps in your file.

Bake me some of those soft and chewy chocolate chip cookies!

Sell it and cash out tax free. Assuming this is your 1st rental - a 1/1 will create its own challenges. Get settled into your new home and start looking for rentals that will be a better long term hold. Our market is going nuts - you wont want a 1/1 SFR when the market cools off.

I would typically avoid non related folk or roommates - but your post indicates the guys will make $100-150k together for a $1250 rent? They both sign joint and several liability - they both qualify based on your income qualifications individually. If you aren't seeing other applicants this looks pretty good to me. Ask for more deposit if you are concerned. 

@Bill S. suggested the right firm. They will get this done for you. Don't waste your money on the bed bug treatment use that for the eviction and if needed get service after the unit is vacant. Don't add anyone to the lease you have some professional tenants on your hands. The utility company will take money from anyone. Often times tenants try to add people to leases or change the name on the lease because the Xcel follows the individual not property. 

Please do yourself a favor and get set up with the eviction attorney, this problem is not going to work itself out. 

There are a couple ways to go about this.

If you want to impress a loan officer it has everything to do with being prepared and organized -if you want your file to stay on top then answer questions quickly and give complete information. All of the same things you would expect from a lender.

Also find a direct lender -so often investors meet brokers that have a lot of over lays - that may prevent you from qualifying. A direct fannie/freddie lender has no overlays and can lend based on the actual guidelines.

Welcome @Kevin Settle . There are many free events in our area that will help you gain some direction. Meet as many people as you can and study up on the different strategies until you find what works best for you and your goals.

Good Luck getting started.

@Jack Reed the most difficult deals to close are sometimes the best ones - most are going to run into the same issues, so you can figure it out and decide to move forward or pass. If there are issues showing the financials why not spend sometime and show what the market rents are for said project? Under valued rents and mismanagement are an opportunity for you the get a deal but necessarily the future of the property. Put all the information together and present it to your bank/lender - rather than hoping the seller can show any kind of records other than lease agreements. Also if you are looking to do he deal owner occupied - that will be very difficult.

@Julian Dangerfield What are looking to accomplish with access to these folk?