All Forum Posts by: Robert Wright

Should I be concerned that Seller specifically requested buyer (me) change contract language from General Warranty Deed to a Special Warranty Deed? SWD offers less protection, since it only covers period when Seller owned the property.  What should I do?

I'm with Travis on this one...pay off the mortgage now...cash flow is king.  Invest all or some of the rest in another rental...or join a passive investment real estate club and get better than your previous 6% annual return...

Hello Jane...BP is here to support your goals.  Springs market now demands much homework, persistent marketing, and ability to move quickly.  Supply will be tight for the foreseeable future. I'm targeting FSBOs and absentee landlords for buy and holds...and getting great cash flow with student rentals downtown near Colorado College.  Let me know if you're interested in partnering in the future, and I'll show you a couple deals I'm actively working now.  Stay persistent!

Hello Elena,

I'm primarily a buy and hold investor in Colorado Springs (12 doors), but am in the middle of a couple flips as well.  I currently own in Las Vegas, NV and Long Beach, CA also, so I've been a member of the long distance rental club, though I actually lived in each long distance property before I rented them out--an advantage.  My perspective for newbies is to stay local, as much as possible.  As suggested previously, partner with someone.  I am currently focused on a niche play--the student housing market at Colorado College, here in CSprings--and it's turning out to be quite lucrative--too bad it took me so long to discover it.  Again, as others previously suggested, you might consider the same in Denver/Boulder, or even down here.  I, and others, can help you.  Your title connections are an advantage for you--you have access to investors, buyers, realtors--take time to seek them out on a personal level.  Best wishes.

Thanks for sharing, Tom...fast start indeed.  Bit slower for me down in CSprings, but just means more diligence.

1. Went under contract at $275K, for a Victorian-turned office space--5 bd 2 ba. Had an inspection and leveraged that to drop price to $225K, where seller agreed and we closed in 2 weeks. Zoned office/residential--lots of options. My objective was seller financing, which I got on this....10% down and 20 year amort. Will keep this one for awhile, and maybe do a JV with someone who wants to split monthly cash flow. 2 blocks from Colorado College...great rental area...

2. Have a 4400sf flip that will be ready around March. ARV is going up, as a couple high end comps within blocks have gone under contract with asking prices of $749K and $750K. I paid $380K...was an REO...

3. Still recovering from Bronco's win...yep, it was a good night with food and drinks...and I don't see any team keeping Denver out of Suprr Bowl 2017...Brock Osweiller has earned his shot...defense wins SB anyway...all good...

Hello Kevin and welcome to CO.  I worked quite a bit up at Buckley years ago, but have settled in CoS, retiring out of Schriever AFB. Agree with others recommending you review the Denver meet up real estate events--ICOR is a very good one...among others.  I know you will set yourself up for success by starting well ahead of your retirement, while you have a solid W2 income... All the best.

BP Team,

  Turns out the county website had the property listed only as commercial (rezoned in 1984), so I hurried down to the Regional Building Zoning office, and they showed me it is actually zoned "OR", for "Office/Residential".  Looks like zoning is not an issue (I can go full residential or combo office/residential), but they did recommend I come in with my architect plans/drawings--no problem there...in fact, I was a bit surprised at how helpful they were!  Their only caution was if I planned to add an addition onto the house (I don't), or add a second structure, i.e., garage or cottage ( I don't).  I contacted local utilities as well--no issue in transferring that either.  Each of your posts/responses were spot on...many thanks for your help.  Go Broncos!

Bigger pockets team,

Taking a twist here from my typical SFH & duplex buy & hold rental strategy. I recently found a commercial property that I want to convert to a residential rental--it is an old downtown Victorian originally built as residential and converted many years ago. Before I get started, am looking for advice on any pitfalls to consider before I engage in a zoning discussion with Regional Building. The numbers are pretty good in terms of acquisition cost, rehab and rental income...I assume working with RB is an expensive and exhaustive necessary evil? Property next door is a Victorian residential rental as well...