All Forum Posts by: Travis Sperr

I would reach out to the listing agent and see if they would submit my low ball investor contract and double end the deal. 

Just the economics of this market show there is room for prices to continue to rise - supply and demand. Still record low inventory, low rates and a ton of demand. Of course it has to level off at some point - but the data shows the net migration increases out paces the housing units in both for rent and for sale. Affordability or lack there of has the best chance of slowing this market but there appear to be plenty of buyers in all price ranges.

Yes you still need insurance, it will be pretty inexpensive. 

@Sean Blomquist Do you know someone that could help? Maybe Rupp?

because 50% down takes all of the risk out of the deal, assuming this is a seller finance deal. If you default with 50% down - they get the property back they are familiar with and you 50%. Also they may need the capital for a different purpose. 

I will admit that I have my contractor do all of my walk troughs prior to purchase and he does the work to follow - the contractor I use is my father and he charges much more than what others might, but I know it is done correctly.

With that said, it is best to have the inspector and contractor separate - two sets of eyes is well worth $300 and the contractor may not see items the inspector does and vice versa. The benefit of the inspector extends to the resale - the inspector may see items you were not planning on fixing that the next inspector will also find.

@Lisa Foss there are a lot of free educational events with no sales pitches in your area. Look on meetup. If you want specifics please send me a note. 

The gurus make great money "coaching" good for you to see through the pitch. I've met people who have spent twice what you mentioned. 

Good luck getting started!

David Schafer FirstBank 303-456-2182

Peter Spina Northstar Bank 720-612-6337

Robert Gladu Vectra Bank 720-947-7755

I have titled all of my rental properties in my LLC, I don't feel it is necessary to inform the lender (assuming a typical long term lending institution). The likelkihood of the note being called due is extremely low. In any case use a warranty deed not a quit claim deed, to avoid losing title insurance.

Umbrella policies are a great way to add coverage when you have equity/assets. I pay about $350 a year for an additional $1 million in coverage over 10 properties. 

Be sure if you change the title on your property you also change your property insurance to cover the entity. 

Not accurate. Go to a few foreclosure auctions, you will see the same people buying every week, you will not see them bid up a property past what they are willing to pay for it. In all of the metro auctions you have to pay for the property in certified funds immediately following the sale (couple hours in some counties). High bidder pays, no way out of that if you ever want to buy at the foreclosure auction again. Foreclosure auctions haven't been a great overall source of deals recently because of the lack of properties going to sale, but a great place to buy because you know if you got the deal or not without the MLS frenzy.