All Forum Posts by: Danielle D.

Hi Derek,

It's not boarded but it is locked.  What would the policy cost estimate be in that case?  And, what about insurance on a vacant lot (post-demo, pre-construction)?

Thank you!

Hi All,

I've been going around in circles on insurance issues and would like some insight. I closed on a house in Denver yesterday that I intend to scrape (demo). The house itself is uninhabitable so I don't care about property coverage. What I want is liability coverage. Personally, I'm well-insured with homeowners and umbrella but because I buy and sell through my LLC, my homeowners won't write an endorsement for vacant property coverage and my umbrella won't cover any claims.

So, I'm thinking about a vacant home policy but they're so expensive.  I paid $850 (all earned) for 3 months of coverage on a 600 sq ft scrape I did last year.

Does anyone have any advice here?  Again, liability is my main concern.  They'll be a 4 month period where there'll either be a house on the lot or it will be a vacant lot and I want liability coverage for the whole period.  During construction, I'll get builders risk.

Also, if anyone has an agent referral in the Denver area who knows the flip industry, I'd like a referral.

Thank you!

Yes, there's been some buckling but only when the floor sees direct hot sunlight.  There was a minimum 1/4" gap left at the wall edges, so I'm not sure why.  It's easy to push down.  And you can glue it if you want to.

We used an installer.  Budget $2-2.50/sq ft for that.

@Candyce Ed I put Coretec Plus vinyl plank in a new build that I rent in the Regis/Berkeley neighborhood for 3k/mo.  I wanted to take dogs and this is pretty durable (much more so than wood).  It's beautiful and it holds up.  The only rep in Denver is CO Flooring Group on Santa Fe.  Here's a pic.  I think this is 5" Ivory Coast plank...just for reference.  I actually bought it online at nicefloors.com because the price was better.  I think it was $4/sq ft - there's no underlayment, it floats and it's click-lock, so it couldn't be easier.  Good luck!

Hi Emilio,

Try Thomas Villegas, Wasatch Foundations.  I think I gave you his info already.  I know he does this work.  He's grumpy and doesn't have his voicemail set up, but he'll call back if you call him a few times.  He does a lot of work in the Highlands.

D

I'm going to try to make it!

@Ahmad Hijazi -   First of all, I misspoke on the full price of the kitchen.  It was actually LOWER - $12,700.  I forgot to deduct the kitchen rebates I got and some of the cabinet install cost (because I had the installers do vanities as well).  The kitchen breakdown:  $2400 appliances (through Appliancesconnnection.com - THE BEST PRICES); $5300 cabinets; $2500 cabinet install (probably paid too much for this); $2500 countertops (also Ikea, includes install).  If you do an Ikea kitchen, make sure to wait for their sales.  I think they're 3x a year and 15% off of anything over $4000.  

Hi Tess,

I'm going to offer another perspective but keep in mind that this is all dependent on where your rental is located in Denver. Last year I scraped and built a new house in the NW Denver/Regis area. It's a 1750 sq foot, 3 bed, 3 full bath. My intention was to flip it but early on in the process, I realized I may be able to rent it for $2500, which would give me a much higher 5-year ROI. So, I put in an Ikea kitchen, white appliances and quartz countertops. All in, I spent $13,600 on the kitchen. I also put in Coretec plus vinyl floors specifically so I could take dogs. Any high end unit that takes dogs is already in high demand. When I listed it, I had a bidding war. I listed it at $2,700 and ended up renting it at $3,000 to a professional couple with three tiny dogs. It's been a cash cow and worked out very well for me. I've attached a picture. Hope this helps...

Danielle

Tyler,

I live blocks from Wheat Ridge.  My son goes to high school at WR High.  I have investment properties in the area.  Something doesn't smell right.  You should get the rent your asking for in that area.  If you're comfortable with it, message me and I'll take a drive by today, get some pics and give you my opinion on what's going on.  

Danielle

Hi Tim,

Consider the fact that you are saving a developer their cost of capital (likely hard money 10-12%) over the 10 months of permitting and design (possibly longer in Denver). So, if you were going to sell the dirt at $700k, the developer would incur a CoC of $70k-ish. Add some portion of that to your asking price for shovel ready + your CoC to design and seek permits (plus interest). That's how I'd look at it. Good luck (although you definitely won't need it in this market, no matter which way you go.)

Danielle