All Forum Posts by: Evan Miller

We just keep the physical key as a back-up, and don't give it to the Tenant. Good point by @Jacob St. Martin about the door handle though! I just switched out the door handle for a non-locking one in one of our units so there's no chance they'll lock themselves out. 

@Hunter Kahn

I also am an investor here in Denver, and own a 10-unit multi family building in Omaha (not Kansas City, MO but lots of similarities location-wise). I agree that multi-family can be tough to break into in Denver! Not impossible though. Managing out-of-state units presents its own challenges as well. Always trade-offs. Anyway, here are two initial thoughts.

1 - I'm curious what you mean by "go big", and why you want to do that. Do you have proportional access to capital, either with private investors or your own cash? One concern with going big right out the gate is that you are 100% going to make more mistakes as a new investor than you will once you have experience under your belt. If you start with big numbers, your mistakes will cost more than if you start with smaller numbers.

2 - Especially if you're looking out of state, the more realtors you talk to the better! Eventually you'll find some that are super knowledgeable and willing to help dig deeper into specific properties and give you their thoughts on the rent-rolls you look at and what a good rent roll looks like. In Omaha, I've gotten the majority of my best relationships by working with Agents, finding a few good ones and then utilizing their network to find property managers and subcontractors to help run the property.

Don't forget to mess around with the analysis tools that Bigger Pockets has made for us! Those are great resources in addition to the ones that you may get access to from other investors local to Kansas City.

P.S. Go Broncos, Beat the Chiefs!

I am looking to connect with lenders who are familiar with working with income from the recreational Marijuana industry. I have a client who owns a successful dispensary and is having trouble finding a favorable lending rate for their rental properties since all of her income is connected to her business. Any recommendations or introductions would be much appreciated!  

I'm glad this "0 Money Down" claim was clarified quickly.  It sounds like this was a good deal, but it certainly didn't follow a no-money-down model.  The title is very misleading and your claim misrepresents the no money down strategy and tempts me to wonder if such a deal is actually possible.

@Bill S. Thanks for that advise.  Very helpful.  I did notice that there are a lot of units in the area.  The wide variety made it difficult to tell exactly what my unit should rent for, although I did think $2,200-$4,200 is likely a pretty good range.

You recommended taking the post down and waiting until after Thanksgiving.  Would it have the same effect to keep it up until then just in case someone's really planning ahead, and then just repost it after Thanksgiving?  Or is there no way to make the post appear fresh after it's been listed for a few weeks?

Thanks again for the feedback, that's really good information. 

Thanks for the replies everyone!  I really appreciate the direct feedback.

@Scott Trench and @Kevin Grinstead, I bought this condo in December 2016 so the equity isn't there to make selling a good option.  The reason I'm listing it for rent is in order to purchase my next property and the new one is a lot more oriented toward cash flow and less focused on an amazing location.

On that note, I won't be able to move out of my condo until the end of December in order to fulfill my one-year owner occupied obligation so that's why I can't make it available until January 1st.  I guess these aren't the most ideal conditions in which to start in on renting, but I am just trying to keep moving as quickly as I can.  Hopefully the timing won't end up being a deal breaker.

@Linda Weygant and @Account Closed thanks for the recommendations!  I'll definitely have to post it on those sites.

Thanks again for the tips everyone!  

Hey Everyone!

I'm looking for tips on getting a renter into my condo which is located near 17th Ave. and N Pearl Street in North Capitol Hill.  Although I managed to find someone to rent out my second room in this condo while I was (still am) living there over the past year, this is my first time ever marketing for actual tenants to fill a property in which I will not be living.

Based on the research I've done, it seems like North Cap Hill generally demands pretty high rent, especially compared to the average in the 80203 zip code, so I've listed it accordingly.  Unfortunately I haven't gotten much interest so far.  My condo is a 2 bed 2 bath, with 1,197 square feet and is within walking distance to downtown, tons of bars, light rail stations, etc.  It's in a great location and is a very nice condo so it seems to me that if I'm not getting interest then the problem is with me and my marketing, not with the condo.  I'm curious if that's the case.

I started the listing at $2,400/Mo. and when that got over 100 views with zero inquiries over the span of a week I dropped it to $2,175 last Friday.  I have it listed through Padmappers (which gets it on Zillow, Zumper, and Trulia as well), Hotpads, and Craigslist.  It is available starting January 1st.  I'd love to hear from experienced property managers what their take is on my approach so far.  Is it just a matter of timing?  Do I need to decrease the rent more to reach the appropriate set of potential tenants?  Is there something I could do better with my listing?  I'd appreciate any advice or thoughts!

Here is a link to my listing on Hotpads for reference:

https://hotpads.com/1727-n-pearl-st-denver-co-8020...

Thanks for the help!

Thanks for the input everyone, I'll be sure to reach out again when I have more questions.  

Thanks for the reply @Scott Trench!

1) I guess when I say Denver, I'm thinking the metro area.  That's good to know that saying "Denver" may not get the right eyes on my post about a property that's this far south.  I will be more specific in the future.  Do you have any investors/agents that focus on Englewood/Littleton that would be good to talk to about this property?

2) I agree with you, the numbers automatically make me suspicious.  My thought is, it's probably too good to be true.  My agent and I went to check it out today and we found out why the rent is so low right now - the place is a dump! I don't know who the tenants are, but by the looks of the property they're more concerned about low rents than nice accommodations to put it mildly.  The location actually looks good though so there might be potential.

3) I wouldn't be surprised if the rehab costs got higher than $150K on this property, but if the purchase price was low enough, it could still be a good deal!  Definitely going to do more research on it, but not going to drop it yet.  Again, if you know anyone that would be good for me to talk to I'd definitely appreciate a recommendation.

Thanks again for the input Scott.  Very helpful!

@Chris Lopez, No, I don't quite have financing figured out for a 5plex.  I am working on it though, and it certainly isn't impossible.  I wasn't necessarily looking for over 4 units but just don't want to be closed to that idea if the right opportunity comes.  I agree with you though, 4 units or less would probably be better for a beginner without much capitol already there.  Thanks for the reply!  

My RE agent and I went to check it out today, and it is quite the dump!  Might be a little bit more than I am prepared to handle.  We'll see . . .