All Forum Posts by: Eric Brenneman

Thanks everyone, I've been talking with a REA here in Colorado and have decided to sell the Winterset Property and reinvest in Colorado. Here's a link to the property let me know if you have any questions or want further information and I'll get it to you straight away! 
https://www.biggerpockets.com/...

Thanks for the thoughts everyone! @Andrew Jacobsen I've reached out to RPM to see if they'll cover Winterset.

@Michael Ablan this is exactly where my train of thought went as well, it has been a fantastic property, but without local management, way too many headaches.

@Drew Schade Thank you for the interest, if I can't find something promising in the next few days, this is a very real possibility. I'll PM you the address so you can start to do some due diligence.

@Andrew Jacobsen thank you for the recommendation, my property is in Winterset, I'm not sure if they'd service that far out, but it's worth a shot! I bought the property when I lived in West Des Moines, prior to moving to Colorado. 

Keep the ideas coming community!

Hey Community,

I currently own a triplex in a bedroom community outside of Des Moines, Iowa. I live in Colorado, I've had a professional property manager managing the property flawlessly for the past 7 years. They just notified me that they will be leaving the business on January 1. They do not have any property managers locally to recommend, nor does the real estate agent that I bought it from. In your opinion do I take the next 2 months trying to find a property manager as it's cash flowing very well, or sell and re-invest in a different community with more property managers since I'm an out of state investor.

I need your help and need your advice, if I sell I'd like to reinvest into two duplexes so that I move up to 4 doors from my current 3. Thoughts everyone??

@Mark Lewis thank you for the heads up, a local credit union was my next stop.

Also, are you aware of lenders that may be able to refinance in 6 mos? I have a source of private lending to make the purchase and then could refi after a seasoning period.

@Joseph Firmin my partner and I were discussing that option as well, using a portfolio type loan instead.

I am having a hard time finding lenders that are willing to lend on an investment property that the loan would be less than $50K after down payment, can you please assist. Property is located in TN.

Closed, thank you all for your tremendous input. We learned a lot through our due diligence of this property and at the end of the day, financing put it in a negative spot. A cash purchase would have made this a great deal, but unfortunately that's not our position at this time.  

We have uncovered a portfolio that is currently 15 rented doors, and a triplex in need of repairs prior to renting.  The asking price of the portfolio is around $400k. As a newer investor, the numbers on the BP calculators are showing this as a prime opportunity, but stuck on the financing and am in need of significant guidance. Please help, I look forward to your thoughts.

@Stewart Hudspeth Thank you for the recommendation, I do need to do better at qualifying my team. At the time I found a broker and trusted them to get the best price, but only spoke with one and they only had 1 company they could work with, as such didn't get the best rate I'm afraid.

@Patrick Liska Thank you for the advice, I think it comes down to interviewing a few insurance brokers at this point and to Stewart's point, find one that deals with other investors. I appreciate the forums for this kind of input.