All Forum Posts by: Brian Bohrer

Hey @Ben Tharpe,

If you are looking to learn from a pro in the Colorado Springs Market I highly recommend attending the meetup that I am hosting on Tuesday the 12th @ 6pm at Trinity Brewing.  Our speaker, Michael Jake, will be talking about where to find deals in the current market.  Mike has used about every creative financing strategy out there to build his portfolio in CoS to over 130 properties at his peak! 

https://www.facebook.com/share/p/14mw6QRM36/

Hope to see you there!

YAY!!  I am glad you found a renter in this tough market!!! 

Hello @Anthony Abruzzo,

You have some great advice above and managing your own property from another state is definitely doable if you the network in place to address problems as they arise!

As a property manager myself, I would also strongly recommend engulfing yourself into the landlord/tenant legislation that has been put into place over the last couple of years.  Many investors claim Colorado is now more restrictive for landlords than California!  Although, there is really nothing to be feared as long as you know the laws and treat people fairly.

As mentioned above, finding a quality renter is really where all the heavy lifting is done.  Having a robust system in place to vet tenants for the right fit is key to long term success.  If you can place the right tenant, many of your other issues will be virtually non-existent.  

I would be happy to discuss some of the processes that I use to find quality tenants who want to live in and maintain a quality home.  I wish you the best of luck in your journey!

Talk soon!

Hey @Brandon Espino,

Is this still available?  I may be interested in this home as my primary.  Do they have any equity or just looking to break even?  

Feel free to DM if interested.

Thank you!

I highly recommend Isela Owens from A-Link insurance here in Colorado Springs.  She is a rockstar and has been able to answer any screwball investor insurance question I have ever thrown her way!  I will send you a PM with her details.

If you do not use her, I would recommend in general to work with an insurance broker rather than an agent from a large company like State Farm or Geico, etc.  Brokers are able to shop all of insurance providers and find you the best deal!

I wish you the best in your search!

Take Care,

Hey @Crystal Mendoza,

Thank you for your service!  I echo some of the same sentiments as above.  Colorado is quickly becoming on par or maybe even worse than California as far as landlord/tenant regulations.  You will want someone who is on top of these changes and is not committing any fair housing violations.  Also, consider that when you do employ a property manager they do not shield you from vicarious liability.  Which means if they do in fact commit a fair housing violation, you could be held responsible along with the property manager for this violation!  

I personally run a property management business with a small portfolio of properties consisting of my own and a few other investors' single family homes.  I utilize a Master Leasing strategy where I rent from you directly and then sub-lease to an end-use tenant.  This method provides several advantages against a traditional manager as I can cater my service and fees to the individual needs of my owners.  Furthermore, this method shields my owners from any potential fair housing violations since I am a principal in the contract and liability would end with me and not pass to the owner.

You are correct that generally you will spend around 8%-10% of the monthly rent to hire a property manager.  But, as with anything real estate related, this is all negotiable.  If you are interested I would love to connect and have an opportunity to earn your business!  Either way I truly wish you the best on your RE journey!

Take Care,

Welcome to the Springs @Meghan Begue!

I am certain your skills in healthcare and counseling will serve you well in your Real Estate journey!  Colorado Springs is a beautiful place to live and will continue to attract new residents from all over the country for decades to come! 

If you are looking for a relaxed atmosphere to find answers to any questions you have about real estate investing I invite you to join our Meetup.com group Colorado Springs Real Estate Investing Club!  We meet every Tuesday morning from 8:30AM - 10AM on Zoom and in person every Thursday from 8:30AM - 10AM at Building Three Coffee!  

The Tuesday call has investors from all over the country who help each other navigate the ever changing real estate market.  We frequently have national speakers who join the fray and give their valuable insights into today's market and how to strategize to find success!  The Tuesday Zoom host, Mike Jake, grew his portfolio to over 150 Single Family Homes in Colorado Springs using several different no/low money down strategies and is an absolute wealth of knowledge!   Now enjoying "retirement" he loves to assist other new and seasoned investors down the path of financial independence through real estate investing.

The Thursday meetup is quite similar and consists of several local investors who can attend when they are free.  There is never an agenda, just a bunch of RE junkies drinking coffee and chatting about the market, local news/regulations, and helping each other find their way in the vast world of Real Estate!  Lately we have been lucky enough to have our favorite local Property Management guru David Tilney join us in person and on Zoom to share his endless knowledge about how to effectively manage your (or others) rental properties!

I hope to see you at one of the events sometime soon!  Whether you attend our group or any of the other amazing local groups listed above, just get out there, be yourself and network to find the niche that calls to you!  I wish you the best on your RE journey :)

Take Care,

Hey @Tyler Capolungo,

I fully support this decision! My wife and I are doing the Nomad Method also and we are looking to buy our third home this year. I utilized an assumable loan (all VA and FHA loans are assumable by law) for my most recent home purchase and am hoping to do this again for my next one! There is no better way to ensure you purchase a home that the future rents can afford than buying a home with a loan that was originated in early 2020 - mid 2022! With the way rent rates are falling as of late, this has never been more true than right now.

Selling your current home and losing that amazing rate would be a huge disservice to your progress. Instead, I would source a list of all VA and FHA homes on the market in the area you want to buy and start reaching out to those homeowners directly, or hire a buying agent who has been through the process and can educate the listing agent on the benefits. Start with anyone who has been on the market for at least 60 days as these home owners are starting to feel the heat and are probably motivated to sell. Also, consider that home values will continue to decline at least until Jan/Feb of 2025 before there is any rebound heading in the Spring. I prefer buying during this time of year as the prices are usually lower and the competition is taking a nap because they generally do not want to move in the winter. :)

Also, keep in mind that rent rates are also generally lower in the "winter" months so you may not get peak rent from your current home.  You could always offer a shorter lease that ends in May/June to give yourself an opportunity to find new tenants or raise the rent to market at that time.

I hope this helps and if you ever need any guidance or want to chat about the process of assuming an existing loan, I would love to connect!  I wish you the best on your RE journey!  Take Care,

Hey @Taylor Wong,

This is a great plan! I have personally assumed a VA loan as a civilian without entitlement. There are so many VA sellers in this area who need help to move on from the purchase they made in 2020-2022 who now have a home that is either underwater (owe more on their mortgage than the house is worth) or cannot afford to pay the closing fees associated with selling their home! I created a list of all assumable properties in the Pikes Peak MLS that I update weekly and would be more than happy to share with you. Also, I would love to share the process with you of the loan that I assumed back in November of 2023. I personally did not use an assumption company to assist with the transaction, but that is an option if you encounter a lender who is not too thrilled about helping you through the process.

I was able to assume a loan with a 3% rate during a time when rates where in the high 7's!  When compared to taking out a new loan, this move saved me about $1,200 per month in my monthly mortgage payment in addition to increasing my principal paydown each month from around $300 on a new loan to over $750 per month on the loan I assumed!  This adds up to a total savings/increase in debt paydown of over $18,000 per year!

It does take about 60 - 90 days on average to close an assumable loan deal, but it is WELL worth the time if you are not in a hurry. You will encounter some resistance from VA sellers who want to keep their entitlement, but there are many out there who just need help and will be willing to listen if you can educate their agent about the intricacies of VA and FHA assumable loans.

Please feel free to reach out if you have any questions or want to chat about the process.  I wish you the best on your RE journey!  Take Care,

I recently attended a meeting with the Council or Elite Property Managers at the Pikes Peak Association of Realtors in Colorado Springs and was shocked at how many property managers were stating vacancies of over 5% - 7%! These are the best of the best in the Springs for property managers of all sizes and the general consensus was that you need to beat the market down to market rent and not chase it. That means effectively pricing your rental to others in your area and even looking at apartment rent rates to compare with your SFH. One manager of a large portfolio stated that he has seen some housing types and markets hit near their 2019 pricing levels...

Money is getting tight and tenants are looking for what fits their budget, not the amenities they can afford.  A man much smarter than I once said, "You will never make up for one month's lost rent, if it's not renting at your current price, drop the price a $100 per week until you find someone".  I wish you the best of luck!  Please don't hesitate to reach out if there is anything I can do to help.  Take care :)