All Forum Posts by: Erik Palmquist

I recently relocated to Scottsbluff, NE for work and left behind both of my SFR properties in Greeley, CO. I was originally planning on managing them myself because that is what I had been doing prior to moving. Due to circumstances with my new job, I have very little time to manage the properties. I need to find a good management company in Greeley. The only experience I have with property managers in town was not very encouraging and I would never leave my properties in the hands of those companies. Is there anyone who is using or has used a great company in Greeley/ Northern Colorado?

@Luli Passet I did not use the listing agent because I have an agent whom I normally use but I know you can most likely negotiate a better price if you do use the listing agent. When calculating the negotiated price Fannie Mae will only look at the total once everything has been factored including seller concessions, commissions etc... If you can negotiate a discounted commission it should help bring the price down.

@Andrew Syrios I do have a full time job and I invest on the side. It certainly made it much easier to get financing. Those lovely underwriters love seeing W2 income because it is perceived to be so much more stable! I plan on keeping a full time job as long as I can for that exact reason.

@Patrick G. I used FirstCal for the financing. I went with them because I had used the same loan officer on a prior mortgage. They did a great job and I had no complaints.

Jason,

I successfully used a homepath mortgage as investor. I found the process to be fairly straight forward. Not too different from conventional financing. The biggest headache was in negotiating the sales price because they are often inflexible on prices. You cannot do investor financing with 5% down. If you go the investor route they require 10% down, which is still not a bad deal. They also will not add mortgage insurance into your payment, even if you are putting only 10% down. Good luck!

@Jordan Kissick Welcome to Bigger Pockets from over here in Greeley. I'm sure you will get great knowledge from the site.

@Joshua Dorkin Maybe you could get A-Rod as a guest on the podcast since he has so much experience investing!

@Dustin Barr It looks like you have pretty solid numbers on your deal. Looks like a 1.5- 2% deal which is not bad. I would expect property insurance to be a little higher than you have listed. Make sure you are covered for replacement value so that your property can be rebuilt in the event of total loss. I would expect insurance to be higher than 300-400 because rates have gone up so much recently. I pay $1000 for approximately $140,000 in replacement value and liability. I do know rates are higher in Colorado right now though.

Also have you factored, vacancies, property management, depreciation, etc into your numbers? Your numbers look like they should easily support those but it is important to make sure your factoring them in.

Good luck on your first deal!

Welcome to Bigger Pockets. It's always good to see other people from Northern Colorado. Good luck over in Fort Collins.

Welcome to Bigger Pockets Nate. My brother went to college out in your area. It always seemed like a nice place out there when I went to visit him.

@Joe Fairless The homepath 5% is an increase for owner occupied from the 3% it used to be. The investor down payment is still 10%

@Julie Sisnroy Welcome to BP. I would recommend homepath as well. I went the homepath route myself and it was a great way to go. Not only do they let investors put 10% down, there is no PMI at all.