All Forum Posts by: Austin Chirico

Hey guys! I am under contract on a property in Arvada Colorado that allows up to 7 multi-family units. We are in the early stages but have completed the feasibility study with our architect and are heading into the pre-approval meeting with the city on Tuesday (12/13). I am trying to find reputable builders in the area that have built multifamily apartments similar to this. Does anyone know builders like this in the Denver area? 

Good luck at that meeting! If you could share the builders price per SF to build in that area that would be helpful! I am currently in the pre-approval stage of building a 7 unit apartment building in arvada colorado. I'm sure prices will vary but would hurt to understand the numbers your seeing! I will do the same 

Hey Matt

Im Looking for a SFR to move into as my primary residence for a live in flip. My search farm is Golden, Lakewood, Morrison and Littleton. I am trying to avoid HOA but have made several offers on those as well. I have been making offers on at least 3/2's all the way up to 6/4's. I would like to do a mostly cosmetic flip but have made several offers on homes with unfinished basements to add value there as well. I have leaned towards homes near parks or trails as I am also an athlete with a heavy training load. I am targeting homes in the 425-570k range. I am looking to do most of the rehab myself and make around 100k profit. I am open to a wide variety of homes and ready to pay cash for a good first home to flip. Off market deals might be the only way to go in this market as I have missed over a dozen MLS properties! Looking forward to hearing from you!

Hey guys! I have been in the market for a flip opportunity in Denver for awhile now. As you know it has proven to be very difficult. I've been looking for single family homes off the MLS but also using a wholesaler that hasn't provided anything that appealing. Im wondering if any of you have a reputable wholesaler you have enjoyed working with or there are any wholesalers in this forum who are looking to take on another investor. Looking forward to hearing from you guys, thanks!!

Hey guys! I am moving to Littleton CO and am looking for reliable BP approved contractors. Need help with a remodel. Is anyone active in this area and have dealt with any of these guys? There seem to be a lot of companies with 5 reviews or under which makes me nervous. Any feedback would be so helpful!

Investment Info:

Industrial commercial investment investment in Woodruff.

Purchase price: $142,500
Cash invested: $105,000

Bought a distressed commercial property for $142,000. It came with two vacant parcels that we are building storage units on. At 80% occupancy the storage unit building combined with the now rehabbed retail space, the property will be cash-flowing about $25,000 a year($2,100/month at 80% occupancy).Once we are at 80-90% occupancy we will refinance doing 75% LTV and recoup 100% of my initial investment ($105,000) as well as my partners rehab costs (20k). This is my first deal, a commercial BRRRR.

What made you interested in investing in this type of deal?

cashflow and being able to recoup 100% of investment within 6 months. I also have a very trusted and respected partner who lives in the area. Living in Colorado, this out of state market seemed much more attractive.

How did you find this deal and how did you negotiate it?

My friend found the distressed building and needed a place to run his construction company out of. Negotiated with phase 2 completion paid for by seller.

How did you finance this deal?

30% down. financed 70% fixed 4.5% amortized over 20 years. Paid for storage unit building cash and labor to build cash, slab in cash and rehab on commercial building with cash.

How did you add value to the deal?

rehabbed the retail space making it rentable again, rehabbed the warehouse space adding value. The biggest improvement in terms of cash flow was adding the storage units on the "free" parcels this property came with.

What was the outcome?

We just closed! Rehab is underway and we are pouring the slab for storage unit now. Once initial investment is recouped my partner will become 50% partner in both the commercial building and the storage unit business.

Lessons learned? Challenges?

Steel prices went up over 70% since our initial quote. storage unit building went from 32,000 to 52,000. Also, gave the seller's agent too much information about our ideas for the property (storage units) which came back to hurt us during negotiations (paid asking price). We did however convince the seller to complete another phase 2 environmental on the property as it used to have underground storage tanks on the property. Learned a lot about environmental issues and soil remediation.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

represented myself at closing, wasn't crazy about the sellers agent.