All Forum Posts by: Jeffrey K.

So... spoiler alert...this is a bit of a humble brag but I could use some advice too! 

The 1st day I bought my fourplex I overheard a conversation, through an open window, where the tenant in unit #2 was saying that he "hated living here." Currently, I have a yard full of dead weeds, a dirt pile in the parking lot and a litany of other half started projects around the complex. Despite all that, the tenant in unit #2 renewed his lease and told me he loves living here in spite of me raising rent and imposing additional rules. I believe this is a reflection of my leniency and ability to work with him. I loved hearing this, and it was an affirmation that I was doing something right. 

However, this leniency has also gotten me in trouble...aka unit #4. This guy moved his sister in and I allowed her to live there for a few weeks to get a foothold while moving to a new state. But, while doing some repairs in his unit I found out the sister moved her kids and 2 dogs in as well. So now there are 5 ppl and 3 dogs in a 2 bedroom apartment. Although I have gotten some reparations and they are moving out next month, I fully realize that is was the same sympathy and rationalization that I used with unit #2 that got me into this mess. Where do you draw the line? what are the hard and fast rules u use to insulate yourself against ppl taking advantage?  

I had a woman say she would only rent the apartment if I "could get the city to promise to not use pesticides at the park across the street"

Thanks for the responses. Sorry for my lack of posting, but I have spent the last week tearing out a 2000 sq. ft. lawn and reseeding it. I know I'm going to love it when the grass starts to grow and the flowers start to bloom, but there were some bleak moments. Its tough to second guess a decision there is no going back on (when half the lawn is gone its 100 degrees out.) Thank for posting.

@Craig Curelop Thanks, I really appreciate it! I got 10X yesterday, looking forward to reading it!

@Andrew Johnson I agree your motivation can't be mine. However, we all find inspiration in the stories of other. I know what my goals and I thank you for reminding me thats my true motivation!

So to be honest, when i first started out I thought the whole mentality thing wreaked of the charlatan/guru sales pitch that I originally shrugged at in real estate. However, now that I actually have properties, I find myself trying to power through agonizing DIY tasks and seeking thoughts of BP podcasts and future potential. I would be very interested in hearing your accounts of perseverance, success and take on this mentality.

P.S. seriously I could use this; I am currently stripping popcorn ceilings and digging out a 2000 sq. ft. lawn to reseed.  

Well Im going to level with you. It seems like you have already made up your mind. I don't know a ton about your situation but, for one reason or another, it seems like in the past you've dug yourself into a hole. Therefore, I would be very cautious of taking on new debt that might land you in another hole that it could take more then a year to dig out of. However, we all take risks, and if ends justify the means....its hard to say no. Be VERY cautious! this debt isn't like others. The penalties and renewals can snowball very quickly. I would be very interested in hearing how this turns out for you; I really wish you the best of luck.

Ok, thats an interesting situation. I definitely agree with cody, why not just assign it for 20k or something in that ball park? However, its not the worst idea in the world...you could always get out on loan objection if your buyer falls through. That being said, the prospect of a quick return is enticing for pretty much everyone! You definitely should be able to find someone, other then a cash advance scam artist, to lend you money. I have literally asked people at the coffee shop for money with some success.  

I would be very curious to hear more about this situation. What are you buying? is the rest of the money for closing costs? what kind of loan are you getting? etc. This would help me elucidate is this would be a good decision.

The only thing that will really get it out is enzymatic cleaner. However, you really have to saturate the carpet and this can get expensive really quickly...that stuff is not cheap!! If given the option I would opt to replace it with luxury vinyl tile. 

Condos often pop up in gunbarrel, and the ones on William's fork trail are in your price range. However, HOA is usually 300/mo but they can break even and benefit from boulder appreciation. To be honest, your kinda up against a wall in boulder. However, I have found great deals out in Longmont. I don't know what your end goals are, but if it were me and i were looking for a place to live and generate income. I would look for a SFH with an ADU in longmont. If you are really motivated and willing to work out really creative financing with a really willing seller, you might be able to pull something together in the Oneal parkway area....but its a long shot.

I don't really have experience with this but it seems like a bad idea. Traditional cash advances can quickly get you into a predatory lending situation. From what I have read, these usually come with an inordinate interest rate. Additionally, if you have to renew the loan it can quickly land you with a higher rate and penalty fees. Also this debt would probably show up when banks accounts for your debts; meaning that it would lower your lending limit anyways. Finally, 2400 dollars isn't very hard to save (even at min wage) or have leant to you.  Unless your cap rate is really really high, it requires no maintenance, and you inherit a long-term, reliable tenant there is really no upside. If those conditions are met, it should be easy to find an investor.