All Forum Posts by: Dan Mackin

Depending on who you find for the window replacement I would generally figure at least 2k minimum to have a window that is to code.  That would be for them to cut the concrete, put in a header if it is needed and install the window.  Again the price could vary greatly on a job like that.

Give the Denver Planning and Permits departments a call.  If you give them the address they should be able to give you details pretty easily.  Every city has different rules on accessory dwellings and what needs to be done for separation purposes.

Depending on your plan on acquiring new properties one big determining factor would be your DTI. With the new home at 425k it will definitely make an impact on your ratio compared to your current payment. Are you positive you can keep the current property while still qualifying for the new one?

Lots of people would pull even more than the 55k for the HELOC and utilize that extra to get the other rental properties. If you get a 90% LTV HELOC before you move then you would have 120K to play with. Take off 55K for your down payment and there is still 65K to use if needed. The number I was told on a HELOC was to not go above 75% usage. So on 120K don't use more than 90K. That still gives you 45K to play around with and find a property or 2.

Yesterday I was signing my closing papers for a refi on my primary and my mortgage broker mentioned that Fannie Mae has just changed their rules about 2 years minimum to count rental income.  He said they are now counting a signed lease as income even if you haven't been a landlord for 2 years.  He is still digging into the details of the change, but I wanted to see if anyone else has heard about this?

Good to see some family on here Pat!

I had to do this repair on my old home in an older neighborhood in Denver.  They replaced the main line from the foundation to the sidewalk.  Total cost came out to $5500 for a 30' run with 2 cleanouts.  If you're planning on holding it and the numbers still work then it is worth the fix.  If you are flipping it then a smart buyer would run the scope too and you would run into the same issue you're currently having, but you'd be coming at it from the other side.

@Anson Young

Very true.  Makes sense why the bankrupted developments in my area all got purchased and continued... except for the townhomes.

In my area the development is happening, but not in the right price range.  Lots of people are looking for sub 300k homes, but all of the builders are over 300k.  A lot of it is due to water costing so much here, but on top of that apparently the smallest home builders will do anymore is at least 2000 sqft.  There are a few under that, but they're charging premiums for those since they're ranches designed for retirement.  There's always a lot of investors, but I'm betting netflix has a bit to do with it since now the flipping/income property shows are accessible to a lot more people.  Heck I'll watch them sometimes, but can't stand most of the people in them.

@Ben P.

Have fun reading.  There is a lot of info to go through.  If you know what you want to have as your niche it helps for narrowing down what threads to go through.

If you are thinking of going out of state for your investing it would definitely worth covering your bases on the knowledge side for at least the basics.

http://www.biggerpockets.com/real-estate-investing

If you already have those covered then just searching around the forums there is a plethora of information on out of state investing.  A lot of it comes down to having a great team where you plan to invest.  Most of those people can be found here on BP with a little conversation.

How long have you been in Erie?