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All Forum Posts by: Dan Kellogg

Dan Kellogg has started 1 posts and replied 3 times.

Post: New Member in Denver

Dan KelloggPosted
  • Rental Property Investor
  • Louisville, CO
  • Posts 3
  • Votes 3

Sorry it has been three months since I have logged in.  I think we were extremely lucky and it is not the norm to be able to get renters to pay a month that they do not occupy the property.  The circumstances were such, that they were moving here from Chicago and wanted to secure the property with a deposit and rent.  We agreed to pay the absent month's rent over the first 6 months of rent collected instead of paying all of it up front.  I feel like it worked for everyone.  They got a new bathroom and we got a month of rent while we did the remodel.  

We recently pulled the trigger on another property and will be closing on Sept. 19th.  This one will need a little work . . . I am fortunate enough to be able to do most of the work myself.  Our only concern is that it will take me a month to complete the repairs and then we get into November for tenant move in.  I am hoping that the rental market in Longmont is still strong in single family homes in October/November, because we really do not want to carry the property for more than a month.

Does anyone have experience in October/November for single family rentals in Longmont?  Is there a much greater risk of carrying the property a month or two longer to find good tenants?

Dan

Post: New Member in Denver

Dan KelloggPosted
  • Rental Property Investor
  • Louisville, CO
  • Posts 3
  • Votes 3

Hey Had, welcome to BP.  I am in a similar situation as you in regard to having two little ones and investing/land lording.  I have 3 year old twins and just got back into real estate after an 8 year hiatus.  I teamed up with a friend to start a real estate investment company and recently pulled the trigger on our first property.  We are actively looking to build our portfolio.

The first house was "move in ready", but soon after our first inspection, we realized that there needed to be a few changes to the house . . . new lighting in the basement, replacing GFCI fixtures, radon mitigation, new carpet, paint, sprinkler system, etc.  We also decided to add a bathroom to the basement, adding more work to the "move in ready" house.  

I started advertising the house as soon as we knew we were going through with the purchase.  We closed on a Wednesday morning at 10am and I was showing the house at 5pm the same day to perspective renters.  We found some great tenants that same day and now have a 2 year lease signed and sealed.  They agreed to pay for June, but are coming on July 1st (which gives us a lot of time to take care of the items listed above). 

Fortunately, my partner and I can do all of the work, other than the carpeting, and we have been working weekends, and late nights mid-week.  It has been difficult leaving my wife to take care the twins while I am gone.  It is totally possible to pull it off, but you need to make sure your other half is on board with your game plan.  A small project to fix a few things at a house that is 35 minutes away from your home and family can easily make you miss your kids bedtimes and weekend activities.  Just don't go into this thinking that it will not eat up some of your family time.

I have found that there are deals out there, but there are 20 other investors bidding on the same deal. We have made several strong, cash offers, in the last three weeks ($10k plus over asking price) and have been out bid by other investors. Other times, a property will show up on the MLS in the morning, only to go under contract by that afternoon or the following morning before you have a chance to even see it. In order to get the deals, you need to have the ability to go see the properties as soon as they show up on the MLS. Even then, it is difficult to see them. Our showing requests have been declined several times a week, then the house goes under contract! Argh. I am not comfortable making an offer sight unseen. Perhaps if this was my full time job and could devote my time and energy into the remodels, I would do it, but it is not worth the risk to me at this stage in the game.

Just keep looking and be patient, the right deal and situation for you will come.  You just need to do your research and pull the trigger when the time comes.

Good luck in your adventure!

Post: New Investor from Louisville Colorado

Dan KelloggPosted
  • Rental Property Investor
  • Louisville, CO
  • Posts 3
  • Votes 3

Hello all. My name is Dan Kellogg and I came across the site recently.  I am just beginning to do some research on flipping houses and other real estate investments in today's market place.  I had been a contractor for 16 years, and have a lot of experience in new construction and remodels, but got out of the business in 2008, changing careers to mechanical piping design.  I am looking to get back into the real estate market, but need to get up to speed with the latest trends. I am planning to keep my full time job while I get my investment business off the ground and eventually transition into a full time real estate investor.  I have found a lot of great stuff here so far. Thank you all for making this such a valuable resource of information!  I hope to be involved in the community soon as a fellow real estate investor.  See you around the forums.