All Forum Posts by: Eric Besser

Hi Kacee,

I've been looking at this market (and live) for a while now. At your price point anything of decent value that hits the market will be under contract in less than a day and it'll go for more than ask. Unless it needs a lot of work. Even then it'll go for no less than ask. Your looking at $135 per sq ft or more and then, depending on your downpayment, it'll be a challenge to rent for enough to cover expenses. About 0.6% of 2% rule, 5% cash on cash and $200 Cash flow is the best I've seen as of late. Good luck. It can be done but you have to check the listings several times a day. 

Kyle,

Thank you for the reply.  I will definitely pursue the estoppel certificate.  And I agree that I would like to keep them on a month to month until they prove they are worthy or not.  

Thanks again.

Hello All,

I have never purchased a property with a tenant in place.  The tenant has lived in the property for 5 years.  They never signed a lease with the owner and they have been paying their rent with cash.  No paper trail.  No documentation.  I don't know what I need to do to legally protect myself and I certainly don't want to be in a potential squatter situation.  They like where they are and they don't want to leave.  I have no indication that they have any ill intent.  Any suggestions or advice would be greatly appreciated.  

Thank you for your time. 

Andy,

Colorado Springs is HORRIBLE!  The weather is terrible and the sun NEVER shines.  HA!  Seriously though, welcome to Colorado Springs. Yeah, the secret is out.  I moved here 18 years ago and fell in love. Had I known that it would have grown into what it is today, I would have leveraged everything I could to buy as much as I could.

Good luck finding an SFR here. Especially for investment purposes. Cash on Cash is at best 6% right now from what I am seeing. Inventory is incredibly low. If it is a deal, it is under contract the day it hits. Check the listings 2 to 3 times a day for anything new hitting the market. Anything new under $325k is immediately being shown. I looked at a complete dump yesterday for $339,000 and it was swarming with people like ants at a picnic. I am to the point where I put an offer in before I even see the property and I still can't find a decent deal. Good luck out there.

Colin,

I just scrolled down and saw your last post.  My apologies for the redundant question.

Just as I asked, I found it. Feb 4th it looks like.  Hopefully my job will allow me to attend.

@James Wise and @Ernest Chamblee Thank you both for the welcome. There is a LOT of information to be absorbed but to me, that is part of the fun and the challenge. I will definitely look to attend the REI meet-ups and any other networking events. Are those meet-ups posted on here somewhere?

Thanks again,

Eric

Hello All,

My name is Eric Besser.  I became a landlord in Colorado Springs in 2008 when I moved out of my first house that I bought "pre-crash" in 2005.  I started renting it to a friend due to not being able to sell.  The relocation was due to a career change.  I moved to Cleveland and bought a fixer upper.  I lived in that house while rehabbing for 4 years before moving again and renting that house to the neighbors.  I offered them less rent and a nicer house to entice them to move across the street.  I still own the Colorado Springs house but I just sold the Cleveland property and rolled the proceeds into my first 1031.  I am currently looking for my next property to put those proceeds into. I have downloaded and printed the Ultimate Beginners Guide so that I can read, highlight and make notes. I currently have a Realtor and I am trying my best to find the best deal on my next property.  I feel like I am late to the game but I will not allow that to dissuade me from giving this my best effort.

I currently work for a prominent medical imaging company where I am a Field Service Engineer.  I have been in this role since 2008 and it is every bit of a 50 hour a week job.

My goals are to purchase more rental properties and increase my monthly cash flow.  Grow my network and eventually have a solid network of honest and reliable people to form a symbiotic relationship with in the rental property world. 

I found BiggerPockets from a friend that recommended a Podcast.  From there, I was hooked.  I have been listening Podcasts from the first Podcast on 17 Jan 2013 and finding select Podcasts that pertain to my goals.

I look forward to the adventures ahead and hopefully working with some of you in the very near future. 

Thank you for taking the time to read my intro.

Respectfully,

Eric Besser