All Forum Posts by: Cristy George

Can anyone recommend a commercial lender in Colorado Springs? Additionally, I understand that the owner also owns the property management company that manages the building and it is included in the asking price of $1.3M. This owner originally built and owned the entire building but has since sold off the other 2 floors and now is trying to sell the last floor. Since CO has a law that you can manage your own commercial properties but not others property unless you have a real estate license, I'm not sure how he is able to do this and how I would be able to do this legally. Incidentally, I am working on a RE license but CO requires 2 years of working for an employing broker for 2 years.

Hi Stanley, thank you for your response. I tried to speak with a commercial lender after work today but they had already gone home for the day and won't return until Monday. I do plan on picking their brain as much as I can!

Cristy

Help! I am looking at a commercial property. It is an office building that is 3 floors. Each floor has a separate owner and I am looking at owning one of the floors. There are 16 executive suites. It is a gorgeous building and is priced at $1.3M for the floor. My husband and I own our home plus have a STR that we purchased last year in Destin, FL. Between our home and our FL rental we have about a 40% debt ratio. I really want this property but don't believe we can qualify for much on a commercial loan. I have never gotten a commercial loan and need some education fast. Would love to hear any and all advice. Private lenders? Thanks!

Cristy

Hi Ken - Thanks so much for your reply. The "building" has been roughly drawn and right now is about 6000 sq feet at on 3 levels. This may be a pipe dream financially and if it is would certainly entertain a main building with cottages. Could you refer me to a website for the builder that did ship to Hawaii? If I could find a modular that was similar to what I would like to build I would be open to an exisiting model. I have looked at modular websites of companies in Hawaii and found a possibility but now really close to what I was hoping for.

I really appreciate your reply, this apparently isn't an area everyone can comment on!

Cristy

Hello everyone,

I am a Colorado resident that owns an acre of land in Hawaiian Ocean View Estates, big island of Hawaii. Anyone familiar with the area knows that it is sort of an impoverished area with some people living off the grid completely. I bought this land a few years back because it was the area my father was from. I have a desire to put a retreat/conference center on the property. I have done a bit of research on modular homes and think it might be cheaper than to build a place from scratch, however I am having trouble finding a model that matches my vision for this center.

Does anyone have any experience building in this area of the country or have any advice regarding modular homes vs building (construction loan)? How about other connections to the area?

Thank you,

Cristy

Hi Colin,

Is this meeting still on for tonight, in addition to the meeting on the 18th? I am in Colorado Springs, have not previously attended and am interested. Thank you for organizing these!

Cristy

Thank you John, I have heard that before. I guess that would work for a snowbird situation which I would be thrilled to have!!

Valerie, thank you so much for this great info! I see you are from Aurora, we are from Colorado Springs! This is all new to us but exciting. Do you have your own property management company? I am wanting to possibly work part-time in the field in addition to my other job just so I can learn more.

Thank you John. I will contact them. I appreciate your input.

Can someone help me translate this?  VRBO is telling me on their website as I write my listing that in Destin, FL:

11% tax collected from guests

3-4  local, county, and/or state registrations/licenses

24 returns per year (remitted monthly)

1-2 secretary of state registrations (optional)

185 consecutive nights stay or less are taxable

What does this mean exactly? 

--  I understand collecting 11% tax from guests

--  3-4 registrations/licenses, do I have to register with these entities or does it happen through the closing process?

-- 1-2 secretary of state registrations? Is this to register a business (i.e. LLC)? Why would 2 be required?

--  Are they saying the 11% tax applies to anyone staying less than 185 nights?

--  24 returns per year? Why so many?? That is twice monthly. Is that to remit the 11%? sales tax?

Help!! What do y'all do for the process? Do you hire a service like Avalara (the service that provides the above information on VRBO)? I would appreciate feedback, ugh!