All Forum Posts by: Account Closed

@Jean Bolger Thanks, Jean. It's so helpful to have others input...helps to get the creativity flowing. Our private money is a good deal, 1 point and 5% APR. However, it was made with terms to pay-off within 13 months...and he would prefer to have it back a littler earlier for another project. So extending is not an option. We are currently looking into getting a co-signer. I think our last resort is another private loan.

@Chris Lopez Thanks for the tip! I'll look into it.

@travis sperr  Thanks for the advice. Yes, I was being sarcastic about the McDonalds comment but it is a good point...I won't tell the lender that. Our contractor business is going well and we would have no problem qualifying next year...but we need to this year.

Hi all - My husband and I moved to Denver in October. We got a steal of a deal on a condo and fixed it up. We used private money to finance the deal (it was only $77,000) with the intention of changing over to a convention mortgage after the property seasoned for 6 months. However, we are running into problems finding a lender.

We have been self-employed as a construction business for nearly 20 years. From Nov 2013 to October 2016 we shut down the business to work on a volunteer project. So for those years we show no income. We started our business back up in Nov 2016 and have been profitable. There is no lack of work for contractors in the Denver area. But what I'm finding is that lenders want at least 1 year income tax return showing profit.

We are eating a little humble pie right now for not investigating better the newer restrictions on mortgage lending since the crash. So I'm looking at all options and hoping someone might have an idea for me. The mortgage payment is only going to be around $400. I could work at McDonalds and afford it.

@Jeremy Hazelwood Excellent! Just knowing the names of source is a huge step. Thanks so much. :)

@James Carlson Thanks for the lead!

I'm also looking to insure our tool trailer. Sorry...should have mentioned that in the first post.

Hi all  - Getting started in Denver here and looking for an insurance broker and CPA. Does anyone have some suggestions?

Thanks for any help!

Chelsea

Hi James -

Funny...we are a contractor that just moved to Denver and are looking for work. We are also getting into real estate investing but contracting is currently our day job. I'll send a message to your BP inbox.

Chelsea

We had a good experience with Ennis Plumbing. Not the cheapest but very responsive and knew his stuff.

@Joseph Graeve Good ideas...I like the idea of writing out who does what. I'm all about systems. I just need to understand the process to setup the system. I'll be in touch.