All Forum Posts by: Chelsea Mastin

@Joseph Palmiero thank you!! I love a good real estate book. I appreciate you

@Chris Seveney I can't wait to read it. Great advice with classes as well. I appreciate you. Thank you!

@Melanie Thomas wow, thank you so much! Exactly what I'm looking for. I'll get to reading. I appreciate you taking the time to write this.

Hi! Does anyone have any business management or customer service book recommendations? Thanks in advance!

@Dan Froilan I was in the same situation and decided to go with the duplex.

Happy I did because the city I live in (Denver) has implemented new laws that make it difficult to rent short term rentals. The city doesn't like them, neighborhoods don't like em. If you get a bad neighbor they can make your live a living hell.

That being said, my father owns a couple short term rentals in Como, CO and does very well. Short term rentals require much more TLC. A TON of TLC. You are dependant on good reviews and have to hold lots of hands. They can be VERY profitable, but they are a JOB.

I'm wanted more of a "passive" route myself.

Good luck to you!!!

@Khanesia Washington, @Roy Nash @Rachel Underwood Thank you all kindly for the help. Still no applicants yet- co worker or otherwise. I appreciate your time. Happy holidays!

Howdy Ho!

Happy Wednesday. Hope everyone is doing well. I'm hoping for some advice.

I have been in nightmare project of constructing a top / bottom duplex. The top is finished and has been on market for about 3 weeks with not much interest. It's also in a shady part of town (Denver.) We use a property management company.

A coworker would like to rent it, but could only sign a 6 month lease. I'm hesitant to do this. Have already had negative experience of having to evict a tenant that my husband became friends with against my advice, haha. I'm also very aware of how difficult it could be to find a tenant with active construction on the property and she may be a good fit (for now.)

Pros:

She is well aware of the construction and will (hopefully) be patient with the construction crew. The project should be wrapped up within 6 months.

It would be relisted in the peak of the summer.

We can rent it NOW. It took about 2-3 months to find our last tenants for the property.

Cons:

It's a coworker. I know renting to friends /family is a bad idea.

I would have to clean / prep it again in 6 months and pay an additional fee to list it.

Would miss out on the possibility of finding a potential a long term tenant.

Should I rent to her? Any advice?

Hi everyone!

I am under contract for the construction of a property. We agreed upon 4 payments. The first to be made to initiate construction, the last when construction is finished and 2 additional payments in-between. The 3rd payment is to be made at "finishing stage."

Made a mistake on contract of not listing out the specifically what "finishing stage" is for the 3rd payment. Live and learn. My contractor is trying to collect and we are arguing.

Was hoping a contractor or investor with construction experience could offer some insight on when they would feel comfortable with a the 3rd payment exchange?

When I inspected last week they had completed framing, plumbing and we're starting HVAC. I will inspect property tomorrow and see where they are, but wanted to as for insight to avoid any unnecessary arguments tomorrow if I am I The wrong.

Thanks in advance,

Chelsea

@Patrick Soukup Sorry, hope I'm not messing up the thread. PM if you want to talk more.

@Patrick Soukup only one property under my belt. It is a home run, but it was a fluke. I doubt I'll be able to find another like it. I got super lucky. As a bonus, my contractor is force appreciating the neighborhood, so kind of cheating a bit.

How's your luck North? With the business growth of Thornton I think the obvious path of progress will follow 1-25 Fort Collins/Den. That's were I'm putting my money anyway. We'll see. Good luck!