All Forum Posts by: Bob Collins

It can be a little time consuming but pretty much all wallpaper I've come across can be removed from the drywall. It is a pain, but can be done. You first peel back the wallpaper and remove the face of it so that just the layer of glue is left behind it. Once your at that point, you spray the glue residue with water, and it should be able to come off pretty easily with a drywall knife. Sometimes you can both steps at once, sometimes you cant. This video explains it pretty well:

https://www.youtube.com/watch?v=2Mj26IwwEiY

If you are really trying to save some money, I think this will be the cheapest way. I wouldn't recommend texturing over wallpaper. Like you said, the moisture of the texture will cause the paper and glue to weaken and bubble, making your walls look like crap in my opinion.

It looks like a nice home, but it is a pricey home given the location of your lot. You are right on the corner of Hampden which is very loud and busy as you mentioned which will require a significant discount comparing it to an identical house that is even just half a block in from Hampden. Also, at this price range, central AC is a must in my opinion (it says you have a swamp cooler in the listing).

You also have some new construction pretty close to your home that is going for just over $1MM that are not on the corner of the busy street which is some stiff competition for people looking for high end homes (800k plus). I think you would maybe be in the range of the comp at 4547 E Girard Ave. I know you have a lot more square footage, but you have the same bath count, one more bedroom, and they have a much better lot location in the neighborhood.

Not sure what other people think, but those are some of my opinions. In the end, I think the location of the home is your biggest thing working against you. I know for me, I personally wouldn't want to live on the corner of Hampden when I'm spending that much money.

Hope you have some luck getting this thing sold!

That is going to extremely difficult in the Denver metro area. You may be able to find some cheap condos around 100k per door, but anything else will be very tough. You will likely have to look at other markets for that type of price range. There are some other markets in Colorado (Fort Morgan/Brush, Pueblo, etc.) that may be able to give you that type of price range per door. I am not too familiar with any of those markets though and they are much, much different than the Denver market.

What type of investing are you looking to get involved with? Long term rentals, fix and flips, wholesales, multifamily buy and hold?

As suggested here, I️ would take out your as-is remarks. That will scare off buyers on a fully remodeled home. I’m sure you will get inspection requests, but take them as they come and give logical and straightforward answers if you are rejecting repairs (ie you will not replace furnace as it is in working condition and under five years old). You can always reject repairs and tell a buyer that specific item is as-is, but having the whole home listed as-is points to a red flag. In my mind, I️ would think you are trying to hide a latent defect. Not saying that is the case, but that is my thought when I️ see as-is on a flipped home. I️ understand your frustration with the house sitting. I️ am in the same spot right now with a flip in my area. Have patience and don’t panic yet, it is a tough time of year to be selling.

Similar to @Rick Thomas, I also used Colorado Real Estate School (http://www.creschool.com). It is all online and I was able to crank through the class in about 1-2 months by trying to do at least 1 chapter 3-4 nights a week, sometimes a couple chapters a night. I passed my exam the first time.

I think that if you genuinely try to absorb the material as you are learning, you should be fine. After you complete all the coursework, they have practice state and national exams. I found that if you could consistently pass those every single time, you should be good on the test. I personally liked the online aspect as I was able to go at my own pace and do it when I had time.

I also do agree that you will learn most of your knowledge about real estate outside of the class,  but there are things that come up where you remember having studied it for your class. So I do still think its valuable to try to learn and retain the information as well as you can instead of just trying to cram and remember it only for the test.

Best of luck! Feel free to message me with any questions.

@Vanessa Homuth Hi Vanessa, I am a flipper here in Denver but also am an agent and am always keeping my eye out for potential investment properties. I'd love to connect with you if you are still looking!

Hi Carl. Shoot me over a message I'd love to talk to you about a couple things. I've been looking down in the springs a bit for buy and holds as well.

Curious to see what others have to say here as well. I purchased two properties in the last two years. Both have been able to appreciate in terms of property value and rental potential rather significantly, but it has been hard to find SFRs or small multifamilies that make sense for cash flow recently. I am trying to buy another property at the moment, but not sure if I am being too conservative with my estimates, too scared to pull the trigger on tighter deal, or not looking in the right places.

I've had a similar experience to @Scott Trench. I think a lot of it depends on the type of investment you are making. Are you doing an out of state investment from a considerable distance? If so, you will need a property management company unless you have a partner on the ground to do it for you. However, if your property is in your area, I would recommend doing it yourself, especially if it is one of your first properties. I self manage my rental and aside from some initial issues that were addressed within the first month of the lease, I have had pretty much no headaches. In some months, I don't even have any contact whatsoever with the tenants. I have set up online payments now as my most time consuming property management task was picking up rent checks at the beginning.

The key to this is doing intensive screening of your tenants. If you get a good tenant and your property is in a good location that attracts high quality renters, you will probably not have much to deal with. Another key to this is having a property that is in good condition and making sure that required maintenance gets done on the property. Overall, I would recommend self managing yourself at the beginning if possible. If anything, it will teach you what qualities you need to look for in a property manager.

Hello BP community.

First time poster here, but I am looking to connect with an agent in Colorado Springs to look at some rental buy and hold properties. Could anyone recommend someone for me?