All Forum Posts by: Drew Fein

Aurora has zoning restrictions just like Denver; however, I believe their restrictions allow up to four unrelated persons.  There is also a requirement of a certain amount of square footage per occupant (150 ft2 per person, I believe).  

Hi @Sidney Aulds, cool looking architectural rendering!

I thought I'd clarify that the Marketplace is not a private forum; anyone can peruse the Marketplace with or without an account.  However, they may not post on the forum without a BP Pro account.  Therefore, in the eyes of the SEC, the BP Marketplace could be considered public advertising and general solicitation of investors (though it would depend entirely on individual facts and circumstances).  There are other important requirements with the non-public offering exemption. 

**NOT LEGAL ADVICE**

@Jim S., which city in Adams County?  The number of unrelated persons allowed depends on the city, and it varies between 3 and 5 people.  Adams County itself requires a certain amount of square footage per occupant; I believe 300 square feet per person.  

In a single-family  home, Denver allows for up to 3 unrelated persons if you obtain a home occupation permit.  

@James Carlson, thanks for the shout out! @Melissa Nipper, I'd be happy to speak with you.

@Account Closed, in Colorado, wraps are legal.  However, they usually violate a"due on sale" clause on the underlying mortgage.  So the clause could be enforced and the loan could be called due.

@Jake Hottenrott, thanks for the shout out! @Account Closed, a seller financing arrangement with an existing mortgage is generally called a "wraparound" mortgage.  The seller sells to buyer, and seller takes a portion of the monthly payments from buyer and uses it to pay the existing mortgage. 

@Mindy Jensen The Colorado Warranty of Habitability statute states, with regard to heating, as follows:  "A residential premises is deemed uninhabitable if it substantially lacks any of the following characteristics: . . . Functioning heating facilities that conformed to applicable law at the time of installation and that are maintained in good working order."  There is no temperature or timeframe specified.  I read this to mean that the heat should be functional whenever desired by the tenant.  We turned our heat on this past weekend because it got cold! 

@Jake Hottenrott, thanks for the shout out! @Macy Lee, I could help with the LLC setup, but I don't practice tax so I could not opine as to whether your structure is allowed under the tax code. I could certainly provide you with a referral for a tax attorney. I'll send you a couple options.

@Grant Shipman, partnership agreements are difficult to enforce, so I have to agree with @Jake Hottenrott on getting one drafted by a RE attorney.  It can certainly be customized for your circumstances.