All Forum Posts by: Erin Spradlin

@Chris Lopez - interesting. I keep telling everyone to spend money at places like The Container Store becuase they have nice desk setups that I think will do well in photographs (both for renters and buyers.) What I found interesting from the article is that the NY Times in (Jan 2019 mind you) was saying desk space was becoming as important as kitchen space. 

I've been advising my clients in Denver and Colorado Springs to pay attention to the remote work trend. I am doing so because I believe remote workers will be the next major tenant or buyer pool, and so we need to be mindful of what they want. Here are a few ideas I've had for my clients that are landlords in Colorado or people just trying to sell locally in Colorado Springs or Denver.

1. Convert unused media rooms into work spaces
2. Remote workers are putting a premium on office spaces; the focus right now on usable work space in the house is nearly as important as kitchens
3. A good home office will have strong wifi, noise proofing and a lock
4. Sellers and landlords should consider moving bedrooms into the basement- this gives the feel of ending your day. It's dark, cold and isolated from the rest of the house in the basement, which is good for sleeping but not good for working. When you are working during the day, you don't want to feel dark, isolated and cold. Bring the offices upstairs. 

Any thoughts on this? 

@Rob Singles - I would really proceed with caution on that. I think investing in Englewood is a great idea. I think trying to do a big build and working with the zoning is a totally different situation. The variance laws, etc. can get really tricky. Do you have any idea how it is zoned at this point? 

@Anouk Uragoda - Can you help us understand a little more on why you think you want to do whole sale? That might help guide the advice. And, are you planning on doing whole sale real estate in Colorado Springs or elsewhere?

@Jeffery Smith - I work with a lot of investors in Colorado Springs, and I see a few issues with what you are trying to do. Looks like some of them have been addressed, but it is worth recapping here:

1. The tenants: to the point someone else made, they can't just be evicted. They stay as long as the lease is in place. Do you know how long the lease is? Obviously, you can try to buy them out, but that's not a guarantee. This doesn't mean you shouldn't still move forward with the deal, but just that you need to know you may need to absorb lower rents for the next 6 months.
2. The cost: that seems really cheap to me for a duplex. Again, maybe it's fine- maybe it's not, but you usually pay for what you get. Do you have an inspector you plan on using? I would have the full inspection done (sewer, radon and both units.) I would not waive anything in my offer around that. (Also, duplexes are flying in this market, so there may be a reason why you are getting it for cheap.
3. The agent. I get that this may be dismissed for bias, but the Colorado Springs real estate market is not where you want to go on the cheap, go solo or go with a beginner. It is insanely competitive here. The seller pays the agent costs, and what you save in skimping on an agent may cost you a lot in the purchase and later on. Agents have access to the MLS, to info on other agents, to relationships, etc. There is a reason why 15% of agents do 85% of the business and it's because of the value add.
   

Good luck, and if you have questions, please feel free to DM me. 

@Joel Arzu - While I understand the appeal of bringing the GC onto the team, it seems like you are giving away a lot of potential equity and also adding unnecessary cooks to the kitchen. I think, in business decision, it makes sense to limit stake holders. For that reason, I would hire the general contractor for your investment in Aurora, Colorado and not make him a partner. Also, if you go to a meetup in Aurora or Denver, Colorado- you should be able to meet people that know a reliable general contractor and can refer them out. Good luck. 

I'm interesting to see if anyone else shares my belief that Denver home prices will continue to rise. I believe these high home prices are why we see such strong demand in both Denver and Colorado Springs for house hacking and rent by the room models.

I also believe Denver (and Colorado Springs) will continue to increase in price because Denver is similar to Seattle, which now averages $760K for a single family home. While Denver is averaging at $625K for a single family home, there is still room for it to get more expensive. While Colorado Springs is not as similar as Seattle, it continues to rise in price because of the overflow from Denver.  

Similarities between Denver and Seattle:

• both very liberal
• both have a heavy tech presence (Seattle's is stronger, but Denver's is growing)
• Seattle has 3.4 million people (2020)
• Denver has 2.8 million people (2020)
• both have sought after natural attractions

Well, Amendment B passed last night, meaning Gallagher will be repealed, and I think this is a good thing. While taxes will increase for homeowners, strong investments require the city to have money to spend on parks, roads, schools, etc. and this is one way of getting some of that money... The next target should be Tabor, which has lost our state over $2 billion. 

Gallagher was crippling small businesses that owned commercial real estate because of the tax hikes. 

More on Gallagher: https://coloradosun.com/2020/0...

More on Tabor: https://en.wikipedia.org/wiki/...

This event is online only: https://meet.google.com/zdi-os...

We'll plan goals for 2021 and discuss the following:

1. do some of your goals conflict?
2. do you really value that goal or do you just think you should value that goal?
3. what's the timeline for the goal?
4. what are the steps for the goal?
5. who is supporting/hindering the goal?
6. if you've tried and failed at the goal before, do you know why?

This is an online event! Find us here: https://meet.google.com/zdi-os...

Did you know that it is currently illegal for more than 2 unrelated adults to live in a property together in the city of Denver? Lia Martinez will talk about the local push to change this law, what the city is considering and how other cities are handling this issue up and down the front range.