All Forum Posts by: Chad Bowman

I don't/haven't owned any investment properties, so take my reply with some salt.

1 Sell/1031 - you lose the $(x?) cash flow from Colorado property and may have issues living in the new property and need to rent. Cash flow - Denver $0 + Chi $300 = $300/mo.

2 Refi/new purchase - You keep the Denver cash flow and property, but need to manage remotely. This might be a new job to learn - I'm sure the search function here can bring some good wisdom that speaks to managing remotely. Cash flow - Denver $500 - prop mgr $? + Chi $300 = $800/mo - mgr. 

I think that, given there are no rehab costs in Chi town, it would be best to keep the Denver property. Low interest rates for now, rising rents, and likely appreciation make for a good argument. The question that could really change the equation is the cost of a property manager.

I see more rent as income that could potentially cover the cost of a property manager. Even if that doesn't, the tax write-off from interest payments, mortgage pay-down, and the new property as 3 positives to refi and then unload in 2-3 years.

My $0.02.

@Erich Martinez I guess I just have some thoughts, not really questions although you can answer if you like.

If you're working with a buyer agent vs the listing agent, I'd share this with him asap. He/she needs to know so that they can help protect your interests in the contracts. Listing agents, that's tougher. I see that you have time to make the objection - that's good.

Do you really need to buy 2 different properties at the same (or close) time? It sounds like you're solidly qualified to run through the process with 1. Why not close one, begin work/BRRRR or seasoning rental income for deal #2? Denver is a tough market and this might be making things unnec more difficult for you.

@Adam, that's the second time they have been recommended. Thanks man!

@bill It's a commercial loan for a residential multi family

Thanks Jeff, fixed OP.

Hello all, who is your lender THAT YOU CLOSED with?

Non-owner-occ, 4-plex, local to Fort Collins/Loveland

Edit: Commercial. Not residential, nor hard money. As an agent, I've got a handful of residential.

I'd be interested in who, with making some big adjustments, would take on lending this deal. I don't know, but I too feel like 0% down is fishy.

 Its all good my friend.

Hi @Ashley Hollamby

Is this the associate broker or broker exam?

Shed - I always encourage buyer to investigate themselves. In normal business, I'd call the listing agent and chat with them. Most of the time, this call solves the issue (not just with prop line concerns).

Forms - Yes. We use a system called Dotloop. Northern Colorado agents usually use their MLS (IRES provides a system). Denver agents tend to all use CTMe. I haven't seen an agent use paper in a couple of years. Title companies still burn forests though. :-J

Sex offenders - If folks are concerned about this, we point them to local law enforcement. Talking about the people over the product can get us in massive trouble fast. Always talk about the product, not the people. We cannot discriminate ever. See sections 15 and 26 of the exclusive right to buy listing agreement. Personally, I've never even heard that question coming up.

Complaint time - That I don't remember.

Sure.

Find, look on loopnet or the MLS. If you're not an agent, you could benefit from finding one.

Eval, The calculators here do a pretty solid job.

Buy, Again, you could benefit here from getting a good agent. I'd help, but I don't work the Springs area.