All Forum Posts by: Ben Russell

Hi,

What are some on-line list building options?  I've used propstream, but I would like to find something that is just a pay per list, not monthly fee.

Second, are there any tools that allow you to search for individuals that have owned multiple properties over a given period of time?  Not that they currently own multiple properties, but they have in the past. For example they owned 5 homes over the past 10 years. 

thanks. 

Colorado has made a similar move, allowing "portable tenant screenings".  This has been on the books for a year now. 

For us it has had very little impact. We have only had a very small number of applicants try to use them and in every instance, they did not meet the state requirements so they still paid for our screening. 

If (big if) you can verify the validity of the report, I don't have an issue accepting them.

Thanks for the info. Doesn't sound like arms are an option now. 

Just 2 stories (garden level and 1 unit above)  probably looking to finance around 150k. 

I have a rental condo in Denver that I need to do either a cashout refi or some kind of delayed financing on. Calling around, most people are quoting ARM rates at higher than a 30yr fixed. I really need to get into the upper to mid 6%. Is this possible with an Arm?

thanks. 

Thanks. We've done this personally on refis with just a lease,  but through a local credit union so I'm sure it's different. 

it seems like there is a lot of potential problems this would create for the owner, tenant and PM if the lenders have to have a signed lease and all funds upfront, before the loan is closed. Better hope it closes ok, or someone is holding a bag of *****

Thanks.

We're a property management company and a new client wanted to rent her current home and buy a new home. She did not qualify for the new loan without using the rent of the old house as income.   Lender told her to get a signed lease. 

We found a tenant, signed a lease and collected the security deposit with a July 15 move in date.  Pro-rated first month's rent would be due at move in.  The loan was set to close the end of June.

The lender is now saying that due to "new" Frannie/Freddie guidelines, we have to collect the first month's rent before the loan can close.  A lease is no longer adequate. Is this accurate?

Thanks

Thanks for taking the time to reply. I agree, there is more inventory and it seems demand is dropping off.  So far after 3+ months on market, I bet we've only had 10 or so showings.  We haven't done any open houses. We've never had good experiences and I don't want to waste my realtor/friends time. 

At this point,  I'd rather just rent it and try selling in a few years, but we can't get any interest as a rental either. We don't have any experience renting in Denver, so I'm not sure if we're missing something or an avenue to market it better. 

Looking for a little help on a property we can't get rented or sold.

We purchased a condo in Denver from a wholesaler (we're out of town investors) around February to flip and/or rent.  We did a light remodel and posted it for sale based on what other comps sold quickly for in 2023.

Very little interest so we've continually lowered the price. We're now at 210 from 235. Nothing in the area seems to be selling. 

We still have it for sale, but have changed it to a rental on zillow. We also have it listed for rent on several other platforms like apartments.com, hotpads, tulia, zumper, etc. In addition, we hit Facebook heavily with marketplace and 8 or so rental specific groups in Denver. Rent is $1650, which is on the average to low side for that area. 

We still cannot get any interest.

Can anyone offer advice?  

Here is the zillow listing

https://www.zillow.com/homedetails/2190-S-Holly-St-UNIT-110-...

Wow, that seems absolutely crazy. But, I guess every market is different.  Check the contract. Something still seems off. 

We charge oversight fees if the project is outside the scope of normal wear and tear.  A faucet repair is about 5-10min of our time. There is no reason to charge an owner for sending a work order to a vendor. 

Honestly, this is why good property managment companies can do so well, there is alot of stuff like this going on in the market. 

The core of our business philosophy looks at owners as business partners and tenants as customers. If I were you, I'd look for a company that has a similar view.