All Forum Posts by: Bryan Cork

@Bryan Cork

Bump!

Bump!

Bump^

Hey all,

I’m a part time investor in Colorado and have goals in the next 18 months to move forward with real estate full time. In a somewhat hasty maneuver I finished my schooling and passed my test for my brokers license in March of 19’. Now I’m coming up against the wall of needing to actually get my license, or all that time and effort goes down the drain (I believe I have 12 months from the time of taking the test). So what would be the best option of where to hang my license for now so I don’t throw all that hard work away. What brokerage would take me without much of a plan on “using” my license right now, and where would be the least expensive?

Thanks!

@James Carlson

Thanks for the info, and yes my rash is clearing up nicely ;)

@James Carlson

@Thadeous Larkin

Can you clarify what parameters are included in a STR? I know it's your typical VRBO/AirBnB style model. But what about furnished rentals with a bit longer term, >3 months? Asking for a friend who does this here in CoS.

Thanks!

@Austin Wood

As others have said you will need to be very careful of whatever you hold back from the security deposit. I would proceed as if you were going to be pleading your case to a judge. Since you have very little evidence of what the condition of the unit was before they moved in, it’s difficult to assess tenant “damages”. And if nothing is in the lease stating that smoking is prohibited, smoke smell falls more under the umbrella of “ normal wear and use”.

The safest bet is to get yourself some oil based primer and a coat of paint on the interior when turning it over. But hopefully an air purifier can help too. Good luck!

@Justin Makkay

Colorado Springs does not have a large volume of traditional Multifamily properties like other parts of the country. But if I were in your shoes and looking to house hack, I would find a suitable rancher with a walkout basement that you can then wall off the units and create a duplex feel. My friend @Joshua Roberts is a beast at this strategy. If you are patient and buy right, this can be a HUGE equity play.

Hello BP,

I’m looking for recommendations for management/accounting software to use for a new commercial investor. My wife and I have been self managing our residential investments for a few years using Cozy and have loved the automation of the BG check, application process, and rent collection. But we are now looking into making the jump into an office building with some light industrial space and need to step up our management game to meet the new challenge.

So for some context we are looking at 7000sqft of office space and 3000 sqft of warehouse. We will probably have 4-6 tenants with Gross Leases to start, and transitioning to Modified Gross, and possible to NNN in the future. I'm willing to pay for quality, but within reason as to the cost. User friendly is a must as we are new and will have a learning curve. Thanks in advance!

@Albert Hasson

Glad to have your son coming to live in our city! I live in the Briargate area (north side up by the AFA) and see cadets around town. They always seem like great young men and women. Im sure you are proud :)

as for investing...

I would suggest reaching out to @JD Gunter for an investor agent. I just bought a property with him and it was great!

for a simple area search, i would use Woodmen Rd. It runs east and west through the city and is just south of the AFA. anything North of Woodmen would get you into the A/B areas you are looking for. just know that without some patience and time searching for a property that needs rehab with good rental potential, you will find it difficult to cash flow depending on your financing parameters. But you can probably throw a dart at the MLS and get a 5 CAP up there without too much trouble. Good Luck and if there is anything else i can help you with let me know!

@Daniel Wolcott

Ask yourself if you owned no real estate, but had $125k in your pocket, would you buy your current home as a rental? Run the numbers and see how your current home stacks up against others. If it can rent for $2000 a month I'm assuming it's above the $350 price point.....and that's great, but homes in that segment of the market tend to have a lower CAP rate than other less expensive properties. But, are you giving up potential appreciation on less expensive homes? But, but, what if you could get 2 less expensive ones, would the two appreciate more than one expensive one? So as @Bill S. Said, there is no right answer, whatever path gets you closer to your goals is the best answer you can hope for. Good luck!