All Forum Posts by: Crisselda Clark

Hello, I am looking to sell my 4-plex in Pueblo. It has been part of my portfolio for a few years and I have self managed, however my other business is demanding more of my time and I am a little bored with it. It has always stayed relatively booked, acted as a mid term rental for the traveling nurse market in Pueblo. Here is the info:

Unit 4- bottom unit 2 bed / 1 bath. $1,700-$1,850 per month

Unit 1- Second floor: 1 bed/ 1 bath. $1,350-$1,450 per month

Unit- 2- Second floor: 1 bed/ 1 bath (smallest unit) $1,200-$1,300 per month

Unit 3- Third floor: 2 bed/ 1 bath + office $1,450-$1,550 per month

Utilities range from $400-$600/ month

Internet is $100/month

Trash service $25/month

Coin op laundry room is onsite- $300-$300 annually 

Each unit is equipped with window ACs, 4k TVs, all the essentials for mid term stays, the laundry machines have been serviced recently and were purchased in 2021. We updated every single apartment. Internet is the strongest available, never had any tenants complain about connectivity.

- I can offer my introductory email template, my welcome guide, my remote check in instructions, and I would be willing to make some concessions on repairs. All furniture included in sale. The entry door is coded, the laundry door is key locked, and there are ring security cameras above the front door and the rear door. There is a fenced back yard with picnic table, and a sitting area on the porch. 

This building has never had anyone break into it or any bad experiences during my ownership. It is in an ideal location, close to both hospitals and the popular river walk. There are also two colleges in Pueblo, both within 10-15 min of this property. 

I would like to get around $480,000 without realtor fees, $510,000 with. Would be willing to negotiate on closing costs. Not really interested in wholesale deals unless you think you could get me more than what i'm asking for. 

There is room for add value, the basement contains an unrenovated studio unit FYI. I also considered making it a workout room or something similar to increase the desirability but never needed to since it was steady. 

The cons:

The windows are old but functional, it is a historic building so there are quirks here and there. The unit numbering layout is funky because they are metered separately and that's how they are set up with the utilities so we left it as is. The back door on the second level that exits to the fire escape needs to be addressed, fire escape should be looked at and shored up. 

Serious inquiries only, I can send the link for it online to see pics. Message me with questions, I will try to respond as fast as possible. 

Quote from @Brandon Craig:

Just to add.. I set up 2 LLCs with Prime and I was happy with that process.  I had my tax consultation yesterday and ended up signing up before realizing some of the potential negatives.  Personally I'm a bit concerned about the outsourcing of the service because I feel like I'm rolling the dice in hopes I get a good accountant assigned to me. It may also be difficult to have other professionals communicate with them efficiently (attorney, bookkeepers, etc.) I have a 3 day period to cancel the service and take my $2,900 in another direction. Still weighing the options for now..

 Ask for Ryan Cason at Tax Sentry, he has been my accountant with Prime Corporate Services for several years now and he does a great job, always answers my questions quickly for all kinds of creative real estate scenarios, and he executes my taxes like a pro! 

To start small, you could just find a mentor thats willing to bounce ideas with you and teach you along the way. Find someone who's guidance will add to your credibility for when you're ready to start pitching deals. 

Quote from @Jace Perez:

Quote from @Crisselda Clark:

Educate yourself and network. If I were to ask you; what kind of value could you bring to the deal if I were to finance it? What would you say? Learn how to manage construction, read market trends, learn how to run numbers, take classes (just watch out for the sales pitch at the end of every cheap real estate class), read books, join groups. That's how I got started in investing, I found a deal, secured funding, already had lots of construction knowledge so people trusted me with their money. I delivered and more people wanted in, and so it goes. Good luck! 

 If someone were to ask me that to be honest I have no idea what I would say. What is good value to bring to other other investors? If that is too broad a question u can just give an example 

An example would be; you could approach an investor with the packet you put together including the deal, the numbers, the ARV, financing strategies (utilizing private funds as well as maybe hard money or DSCR loans etc), the underwriting (market trends, comps, job reports, income reports, civil investments being made etc), the exit strategy, the risk etc. You've got to show you know what you're talking about to the point an investor would trust that you can execute this deal, especially with no money in the game. You're adding the sweat equity, if you make one person money (and yourself some while you're at it) then more will follow! I could go on and on with different ways to make yourself valuable but you get the point.

Educate yourself and network. If I were to ask you; what kind of value could you bring to the deal if I were to finance it? What would you say? Learn how to manage construction, read market trends, learn how to run numbers, take classes (just watch out for the sales pitch at the end of every cheap real estate class), read books, join groups. That's how I got started in investing, I found a deal, secured funding, already had lots of construction knowledge so people trusted me with their money. I delivered and more people wanted in, and so it goes. Good luck! 

Similar situation; remote LTR, nice couple with not great credit couldn't get their ACH payment to go through for rent and deposit. After calling my payment processor they said it was due to them initiating the payment then using the funds below what the payment was causing it to be rescinded. I told them and they were understanding and were able to get it to go through after a the next try. The red flag in my head was initially going off, but after discussing it with them and trusting they would take care of it, they did and they've never had a late payment since. Looking at renewing their lease actually! 

Quote from @Sherilyn Luke:

@Felipe Castaneda - I am in the process of setting up an LLC entity with PCS currently for my first out of state investment property. My situation is the same as yours - married, filed jointly. Did you go forth with their tax services? They set me up with a tax consultation in a few weeks. Since I will only have 1 property so far, it doesn't seem worth it, but I wanted to see what you did as your situation is similar to mine. Thanks!

Ive been using PCS for about 2 years now, no complaints. They set up all my LLC's for my properties at cost, I pay my monthly fee, my tax guy through them is very knowledgable with real estate taxes and so far so good! I recommend them all the time. 

Cold calling is not fun, but if it were then everyone would do it! If I could give you any advice; try to connect on a personal level; if it's owner occupy add value, mention something about loving the charm of the neighborhood and ask how long they've been there, listen to their stories take an interest and try to connect on a personal level, those are the trickiest but often times you can help someone out while you're getting a great deal! Be creative, sincere, and stay positive! My last cold call was a success, using logic, facts, and a tiny bit of charm, I was able to do an off market deal on a deserted add value property. 

Start networking and digest a lot of educational materials. If you are able to provide value to someone's deal by managing or something of the like you may be able to strike a deal for an equity steak with no money in. We investors/entrepreneurs are so incredibly busy and demanded that it is refreshing when someone is as ambitious as us. A good proposition is a win-win. 

I'm currently considering doing a deal like that with a close friend. If you never try you'll never know!

I've heard too many negative reviews about Vacasa to give them a try.