All Forum Posts by: Adrian Tilley

@David Mathews Clover Dr., just East of McNeese.  What type of investing are you doing in LC?

Yeah, I should have bought many more.  The thing that really gets me is that if I had bought them in 2010 I could have gotten them for $60k each.

This is my second rental. I live in Colorado but bought out of town because the numbers are much, much better.  I purchased this sight unseen (by me at least) through the seller's agent.  I consulted with a local property manager to confirm rental numbers and fix up costs, had an inspector go through, and had my brother in law who is local take a look to get an unbiased opinion.  It's not in the best area of town, but not terrible.

Numbers:

Purchase: $73k

Fix up/holding/purchase costs/etc: $5k

Rent: $950

I bought this cash with money from a HELOC, I am in the process of refinancing to get on a 20 year fixed. I had initially talked to local banks who said they could do it, but since I'm out of state no one will lend to me. Weird. So I'm going through Chase instead.

Onward and upward!

So this was purchased almost 2 years ago, but thought I would put it up for fun. I purchased a rental condo from a work friend. It's about 900 SF, 2/2. Purchased for $111k, rent was low but immediately increased to $1250 just after I purchased it, now it's at $1300. It came with tenants in place. Contrary to others' experiences (I got lucky) they have been a dream. Haven't heard almost anything out of them, they pay automatically via Cozy. I'm hoping they stick around forever. My only expense so far has been the $300/mo HOA fee. No repairs, and they keep the place looking good.

Unit was purchased cash with a HELOC from my house, then I got a HELOC on the rental which was appraised about $160k, and am paying that off with the rental proceeds.

Onward and upward!

@Tom Cafarella what's the patent number?

 There weren't many top minds who thought we were going to have a crash in 2008 either...

Just saying.

Jeff,

If you want a copy of the Order, send me your email.

I'm an attorney for my day job, and came across a Federal Court order today which holds that "direct drop" voicemails, which I know are used by many real estate investors, violate the Telephone Consumer Protection Act (TCPA).  This is in the context of a lawsuit by a target of such voicemails suing the person who was sending the voicemails for violating the Act. 

I haven't reviewed the underlying case, so I don't know what penalties are being sought, but generally federal protection acts like this provide pretty stiff penalties for violations.  For anyone who wants an insomnia cure, the case is 17-cv-335, Saunders v. O'Neal, from the Western District of Michigan, Southern Division.  Stay legal!

Have a rental condo in Westminster Colorado. This morning the tenant let me know that water is backing up from the toilet area whenever the upstairs neighbors are using their showers/etc. HOA has been notified and is sending someone. Question I have is what kind of company do I call to clean up? Water remediation? I know those guys can be crooks, so not sure who to call...

thanks.

Stephen,

Based on what you need, you really need a business attorney, not real estate.  I would recommend Diana Payne or Jim Bickford.  Both great attorneys.  BP won't let me put their contact info here, so I just PM'ed you.  For anyone else who's looking, you can search their names and "aurora attorney" and they should pop up, or PM me.  

Let me know if you need any more information.

Adrian