All Forum Posts by: Aaron Moore

@Steven Sather

I have bought and sold multi-family in the Springs for years. I read your other post as well, and I agree with many of those who responded that the problems are way overblown. It never hurts to try and get some skin back from the seller on inspection items.

On a side note, increased rent will have absolutely zero to do with updated electrical service and a less steep drive.

@Leland Simpson I second the opinion on Lance, he’s a great inspector. I will also PM you a couple other names and numbers

@Michael Snead Good luck!

@Michael Snead I'm assuming repair costs in NY are a good bit higher than where I am, but I worked for a structural repair company for 6 years (how I got into investing), and those estimates for bowing foundation walls seem astronomical considering the solutions that are out there. Look up wall anchoring systems (Foundation Supportworks has good products, and should have a dealer in your area). Unless the wall is literally on the verge of collapse, you should be able to stabilize it with an engineered solution and a lifetime transferrable warranty against further movement. That goes a long way to buyer peace of mind.

@Nathan Wankel I can PM you a few names and numbers. Are you looking mostly for a GC, or a cross-section of different trades?

@Travis Savoy I am an agent in the area, and I’m happy to talk any time. My cell is in my sig line, so feel free to call or text with any questions

@Cristy George

Smaller local Colorado Springs banks are usually your best bet for commercial financing, but the terms are not usually awesome, especially compared to what you're used to with residential owner-occupied stuff.  I will DM you a couple of contacts here locally so you can at least have some exploratory conversations.  As for managing and getting your RE license, the 2 year requirement is just the minimum you have to work under an employing broker before you can go independent, and has nothing to do with what you can do with your license.  The day your license comes in you can manage or sell any residential or commercial property as an agent, although the expertise required for commercial vs residential is extremely different.  If you are wanting to broker the deal yourself once you're licensed, I would recommend hanging your license where there is an experienced commercial broker, and work on the deal with them.

@Travis Savoy

You will definitely need to start with the El Paso County zoning regulations for what is allowed and if a variance would be possible.  I'm guessing the 40 acres is east of Colorado Springs in the peyton/calhan area?  If so, there are some areas that allow for higher density closer to town, but for the most part the 40 acre parcels can't usually be broken up, especially into 1 acre lots.  There may be a chance to do 5-10 acre lots though.

@Jaime Villanueva

Congrats on taking the leap (or at least the first step towards it).  I would echo what James said above, and start with a good lender who will guide you (and not sell you), give you options, and if now is not the ideal time for you to pull the trigger, lay out a good road map to get you there.  Connect with a trusted local real estate agent (this site is a great resource for unbiased recommendations) who can recommend a solid local lender as well.  If cash is tight, ask specifically about any local first time homebuyer/down payment assistance programs as well.  

@Thomas Staub, you would want to start with zoning on the property.  Most of the lots out there are zoned agricultural/residential with a maximum density of one family unit per 5 acres (or occasionally per 1 acre).  I would be surprised if the zoning allows what you have in mind, but you can reach out to El Paso County and see what they say about the potential for a variance of some kind.