All Forum Posts by: Brad Starling

I too would be interested. 

Congrats!

The way I see it, you have lots of options.

1. If it's really worth 185k after some cosmetic upgrades, list for 170k "as-is". Break even and chalk it up as a learning lesson.

2. Put 5-10k into it for the upgrades, and sell for 185k, make a little profit.

3. Keep doing what your doing, positive cashflow is better than negative, and look into a home warranty and good insurance, cheap compared to the expense of a new furnace/roof/etc...

4. Refi? If you're last was in 2009, rates have dropped considerably, and you might be able to squeeze more cashflow that way, making keeping it more worthwhile.

Sounds to me like you're certainly not in a bad situation, but not the greatest. If your only true concern (you said the investor took away the headaches) is a major expense, insure against that, as we should against all major expenses. Then, look for ways to increase rents or decrease expenses. Maybe you can find a management company to take over for 8%. Refinance. Increase rents. Have you had a Realtor or appraiser look at comps (I happen to know a few)?

I'm sure there's more ideas out there, others will chime in. Good luck!

Springs has experienced steady growth for several decades, thanks to a strong military presence. Over the last few years, we've had a lot of multi-families built, but we still have a 96% occupancy rate. Unfortunately, we don't have much of an employment base other than military and tourism. Currently several groups are trying to attract more industry. Military provides a lot of stability and renters, as a city we just need to diversify more (employment wise).

@Erik K.

 What's it currently leased for? Any maintenance needs?

Brad

@Louis Radosevich, Aspen Radon Mitigation

Dennis Elkins

President

Aspen Radon

719-322-3131

[email protected]

www.AspenRadon.com

I have never personally used them, but clients have and have been happy with the work.

Welcome, @Victor Simental, to Colorado Springs and BP. This is a great community for learning! Springs is a great place, but market is a little tougher right now for investing. Would be glad to chat or answer any specific questions you might have about the local market.

@Todd Larson, welcome to BP, and the Colorado Springs REI community!

Welcome to Colorado Springs and Bigger Pockets, Will! I'm sure love it out here as much as we do.

Zero down and traditional investment loans don't go together too well. When you hear people refer to zero down, they're talking about using the money, or lending power, of other people. Whether it be a partnerships, seller financing, sandwhich leases, the list goes on. They are using creative financing. As an investor, definately an area of the business to educate yourself on.

Congratulations, and best of luck!

@Daniel Elbe , contact Michelle Bowles, [email protected]. She's very good with little known products.