All Forum Posts by: Chris Ivy

@Will Fraser and @Victor S., you guys are right.  It has old 1 by decking, not osb.  Thanks for making me check!

Thanks for the responses guys!  It feels a little bit like a gamble.  I'll be starting with a brand new roof as of 2021, but I know for a fact it does not have decking.  It's a smaller house so the premium for replacement cost over 10 years vs the actual cost of replacement in the event of serious damage might break even.  Seems like either way it's something you have to factor in.  

Hey all,

I'm buying a property in OKC and am considering investing more there, but a big issue on my mind is severe weather ie. tornadoes and heavy hail.  I'm finding insurance companies either charge very high rates for roof replacement coverage or you can go with Actual Cash Value which means you'll likely eventually have to shell out some cash out of pocket for roof replacement.  Can any of you who deal with severe weather chime in with your thoughts on insurance and risk to your properties from weather events?  How do you plan for these and does it eventually eat up all of your cash flow?  Thanks so much for your help!

Hi Donny,

Congrats on the first rental property!  I have a rental in Severance and was recommended Evergreen Property Management by my realtor.  They work in Greeley, Fort Collins, Loveland, etc.  He and a number of other investors I respect use them.  I've had them manage for 2 years and they're doing well.  They were quick to get my property rented at market rates, they are very responsive to tenant requests, and to any inquiries I've had.  I didn't shop around too much since Evergreen met all of my criteria and my realtor works primarily with investors, so his recommendation carried a lot of weight for me.  There are some fees, etc. that I don't love, but I do feel that my property is being taken care of and that any issue that comes up will be handled by them.  It is about as "hands off" with them as you can ask for.  

Wow!  Thank you guys for your detailed responses.  Jenni, I'm not planning on replacing the countertops.  Theyr'e white with black flecks in them, but mostly white.  Would white cabinets still work?  

I love the apartment grade carpet idea, thank you!  

I'm hesitant to convert the whole house to luxury vinyl.  Currently it has carpet in a 13'x20' living room, a yellow oak color vinyl in the kitchen and slightly beat up hardwood in the hallway and two bedrooms.  I don't love having all 3 but I was only planning on replacing the carpet to save on money, and maybe refinishing the hardwood.  Is this a mistake?  This isn't a flip, so I'm afraid of over upgrading.  

I also have hallway light fixtures, bedroom fixtures, and am planning on adding a living room light.  The ceilings are pretty low.  Any recommendations for lighting?  

You guys are awesome!  I really appreciate everything you've said so far

I'm under contract for something of a BRRRR property. It needs some interior cosmetic work, but interior design is not my strength. There is a strong cigarette smoke odor so I'll be doing whole house paint including the ceiling to attempt to cover it up. I will also be replacing about 400 sq ft of carpet in the living room. I will be painting the kitchen cabinets and adding new cabinet hardware. Can you recommend a carpet style that is durable and relatively neutral in color. Also, what are your go-to paint combos for trim, walls, and cabinets. I will be keeping the white appliances in the kitchen for now. This is my first BRRRR so I really appreciate your feedback and support!

I live in Colorado and my wife and I bought our first rental in October of 2019.  We're co owners on the title. I just met with our tax preparer who said that since we are 50/50 on the title, we will need to prepare a partnership return for our Colorado taxes.  This will supposedly add a complicated burden going forward and increase the cost of our tax preparation each year.  Is anyone aware of workarounds for this situation?  How do married couples co own real estate in Colorado without doing this?