All Forum Posts by: Mike Cartmell
Mike Cartmell has started 19 posts and replied 82 times.
Post: Diary of a New Construction Project
- Residential Real Estate Broker
- Colorado Springs, CO
- Posts 100
- Votes 4
Great thread J Scott. I love the crew. Thanks so much for documenting your hurdles and successes. I've learned so much from you and all here on BP and am very grateful.
Post: My very first house under contract!
- Residential Real Estate Broker
- Colorado Springs, CO
- Posts 100
- Votes 4
Nick Saucier - Where did you purchase it? I'm glad to see its working. Is that the only lead you have received from the magnet so far?
Post: My very first house under contract!
- Residential Real Estate Broker
- Colorado Springs, CO
- Posts 100
- Votes 4
Nick Saucier
Great job Nick! What exactly does your car magnet say? I think I will start incorporating that into my marketing efforts.
Post: Has anyone used a Virtual Assistant
- Residential Real Estate Broker
- Colorado Springs, CO
- Posts 100
- Votes 4
Travis Daggett - What service do you use? I am interested in using a virtual assistant as well.
Post: Just wondering everybody's education/background?
- Residential Real Estate Broker
- Colorado Springs, CO
- Posts 100
- Votes 4
Civil Engineering degree
6 years project management for local Dept. of Transportation.
Interesting how many engineering backgrounds many people have. I was expecting most to have business or marketing degrees.
Own 3 SFH, (2 rentals and 1 primary residence). Still haven't flipped a home but hoping too in 2013. Buy and hold is my strategy but will need to perform flips to build capital. I do not plan on leaving my 9-5 as the benefits are too good. But will eventually once I acquire enough units.
Great thread!
Post: Is the yellow letter worth it??
- Residential Real Estate Broker
- Colorado Springs, CO
- Posts 100
- Votes 4
Originally posted by Jackie Lange:
One of my absolute best sources for whole sale deals has been code violations. These properties can be purchased for 10- 20 cents on the dollar usually.
Jackie,
Where can I input the code violations in my list criteria? I am using Melissadata.com.
Post: Duplex Analysis
- Residential Real Estate Broker
- Colorado Springs, CO
- Posts 100
- Votes 4
Thanks Joel. That is good advice and keeps me motivated. I guess I am letting my emotions get involved because that is exactly how I feel. I just want to buy someting. I need to slow down and let the numbers make the decision.
Post: Duplex Analysis
- Residential Real Estate Broker
- Colorado Springs, CO
- Posts 100
- Votes 4
Originally posted by Mark Updegraff:
How long are the typical leases in that area? 1 year? 2 years? If they're typically 1, I would use 25% for vacancy & repair (4050)
Is this place good to go as in "turn key" - a lot of time, when tenants move out, you'll need to dump some time and money into the place just to get it back to rentable (for the same amount). Make sure you really evaluate what a NEW tenant would need to see to pay you that rent. New vanity? New stove? New flooring? Fresh paint? The costs add up quick. I spend a least 5K on every property after acquisition. Just to get it up to our standards.
Hard to find those numbers in my my market. Most quads are in the 200's that rent for 600 a unit.
Thanks for the response Mark.
Post: Duplex Analysis
- Residential Real Estate Broker
- Colorado Springs, CO
- Posts 100
- Votes 4
I thought about offering $100k but while I was posting the topic I just found out it is under contract. This is a short sale so I may place a backup offer but I have a feeling 100k won't cut it. I have already discussed the loan with my lender. Shouldn't be a problem.
Thanks for the quick reply Jeffrey.
Post: Does the 2% or 50% rule apply to new construction?
- Residential Real Estate Broker
- Colorado Springs, CO
- Posts 100
- Votes 4
Originally posted by Bryan Hancock:
Bryan,
Can you direct me to which post this is in your blog? I would like to give it a read.
Thanks,
Mike