All Forum Posts by: Brian Bohrer

Happy to help Eli! If you ever need a second opinion of ARV's in The Springs, I work with many investors and could give you an honest opinion of values in the area. Best of luck!

Hey @Eli Edwards,

In my limited experience New Western, and any other larger company who is geared towards wholesaling properties, generally doesn't leave much on the bone for the end buyer. You are definitely taking all the risk when buying from these sellers, especially if you only rely on the inflated ARV's etc that they provide. My advice is to always always always do your own due diligence and be sure to check it 3 times!

If I was to solicit for wholesale deals, I would suggest, as above, to network at any and all real estate investment meetups in your area as you can!  You will truly only get out what you put into finding these types of deals.  Also, call any and all "We Buy Houses" bandit signs you see as these are the active wholesalers in your market and will gladly share their lists with you as a buyer.

I wish you the best of luck!  

Hey @Sara Valentine,

It sounds like this is a common problem with many other STR and MTR operators locally and across the country. I have heard many times (from managers much smarter than me) that if you aren't getting as many eyes on your listing as you want, then you must lower the price!

Full disclosure, I only deal in LTR at the moment, but I know when I am not getting the quality applicants or volume that I want, I will lower the price by $50 to $100 per week to spur more applications.  The PM vets I know will all confirm that you lose much less by lowering your rate of (monthly) rent than by missing an entire month of income!  I know you are dealing with a 3 month lease rather than a 12 month lease, but for example....

Say I rent my home for $2,500 per month and have to lower my rate by $100 to find a quality tenant that is a loss of $1,200 over 12 months compared to a loss of $2,500 for each month it remains empty.  Even if I have to lower the rate by $200 to find the right tenant, I am still ahead of the game by a C-note by year's end.

Just my 2 cents, I hope you have already found a tenant for your home by the time this post drops!  

I wish you the best! :)

Hey @Ben Tharpe,

I am sorry I didn't see you message and have not responded in a more efficient manner.  We hope to have our next meetup on February 11th.  I will keep you posted when this is scheduled. I do also co-host a creative Real Estate Zoom meeting every Tuesday at 8:30 and an in-person meetup every Thursday at 8:30 here at Kairos Coffee!  If you are looking to learn from like-minded investors who are implementing several investment strategies, then I strongly encourage you to attend!  We never have an agenda or try and sell you on a seminar or anything like that.  Just a bunch of Real Estate Junkies sharing knowledge and stories about investing in Colorado Springs!  Hope to see you at one of the meetings! 

We can be found on Meetup dot com under the "Colorado Springs Real Estate Investing Club" group.  

Make it a great one!

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,