All Forum Posts by: Brad Starling

Who did you pay, the hospital or the Collection Agency. I would start with the one you paid. Make the request to have the item removed in writing. Always in writing. If you speak with someone that tells you verbally, have them follow it up in writing. For future reference, negotiate the removal before you pay, and get that in writing.

Once the item is removed (usually 1-2 billing cycles), your credit score should improve dramatically, assuming this was the only ding. I would recommend a credit monitoring subscription so you can check your report and look for any other errors, and then immediately see when items are corrected.

I'm a KW Agent in CO, and love being affiliated with them. They are actually very investor friendly, and encourage agents to invest. I just bought a house on self representation, so it's not a KW policy. It could be an individual office policy, but it doesn't sound like something that KW would support. I'm betting it's a law or insurance policy, if anything. 

Ask the questions, it's your right to know. Don't take "that's the way it is" as an answer. Ask to see the policy/law. If this creates problems, look for another managing broker!

I agree with @Shannon Tidwell-Porth . Many of us are DIYer's, but accurate comps are tough if you don't have MLS access, because that's where the true data is kept. And, it's alot quicker for me to run a quick CMA from the MLS than it is to go to three or four sites, compare info, and hope it is accurate. I have a handful of investors that I will literally stop what I'm doing to pull them a quick comp, because I know that when they are done with the flip, I'll get the listing. A good REI Realtor should definately be part of your team.

Now, how to find those Realtor's? Go to REI clubs and ask other successful investors who they use. Going to the internet and picking the Realtor that sold 100 houses last year gets you a Realtor that's really good at listing and marketing, not necessarily one that knows what an investor is looking for.

If interest rates go up 1% (which is highly likely in the timeframe you are talking) then you're going to see an approximate $60 increase in your payment. $120 for a 2% increase, which isn't out of the question. Will rent prices follow - probably, but they will lag behind. And based on the home that you will be purchasing at the $100k pricemark, they will probably not go up that much. 

Another thing to think about, and this is pure price speculation on my part, is the amount of apartments that are being put in now in Colorado Springs. Eventually the market will become flooded, and prices will stagnate and possibly drop slightly (although history shows rental prices don't tend to drop too drastically). 

@Spencer Nelson , welcome to BP. Tons of resources and good people here. Best of luck to you, let me know if you have any questions on the Colorado Springs market.

I'm not sure if I understand the question correctly, but I think what your saying is that you:

1. Want to buy a home for cash, $100k

2. Live in that home 2-3 years while you save additional for property and a new build.

3. Build your new home with a value based on the $100k home you paid cash for plus what you have saved.

4. Keep your original home for a rental.

5. Rental would cover the payments, so essentially no monthly payments out of your pocket.

IMHO, I would use the historic low rates of a 100% VA loan now, buy your temporary house, keep the 100k cash and add to it with savings. When it comes time to build, you have the cash, don't need a loan, don't need to pull equity, and you have a much better chance of having a cash-flowing property because of the low interest rates you locked up. I believe the occupancy time requirements are different for each lender, but typically about 12 months.

On a side note, have you looked at the Colorado Springs market. $100k doesn't get much at all if you don't want to put a lot of work into it. Mobile homes, modular, condo's are your most likely bet, maybe a townhome if you find the right deal. SFR will be tough to find at that price point without needing a lot of work.

@Adam Rezner , welcome to the club, and COS. I've learned a ton from this site. COS is a difficult market, but not impossible right now. Deals are getting done every day, it's just about your network and your willingness to keep at it. Your VA loan is one little way America says "Thank You" for your service, as it is a TREMENDOUS benefit to get started with no money, especially if you PCS every few years.

Good Luck!

The closest thing to MLS access is Realtor.com, since it is operated by the National Association of Realtors, is going to be the most up-to-date. It gets direct feeds from the MLS's, and updates at least every 24 hours. The sold info comes from the MLS, not the assessors website, so it will be actual and current.

Otherwise, most MLS's have public accessible sites that you can get much of your comparable info from, and it's as up to date as the MLS is.

I did Van Ed online. I will say that the lessons and practice tests prepared me well for the tests. I spent about a year doing it, but no doubt can be done much quicker. Adult learning is all about the method that works best for you. Swingshift may make evening classroom difficult, but I think some places are offering weekend only classes (you probably have more current info on that than I). If you can find a classroom program that fits your schedule, that would probably be the best bet for quick. If you're like me, and let "life" get in the way, before you know it a month has gone by and you haven't cracked a book!

Best of luck to you, and feel free to contact me with any questions specific to the COS area.

Welcome to BP, and Colorado Springs!

Two months is not much time, you would have to find something pretty quick in order to close on time. And, it would have to be pretty much move in ready, unless you have someone else that would manage any rehab that needs to be done. In our current market, cash flowing rentals that aren't bank owned are getting hard to find, unless your willing to market for them, and that takes time. 

But my bigger question is who is going to manage the property while you are gone? You certainly don't want to try and do that while deployed. If I was in your position, I would spend the next few months making contacts and developing relationships (even if online) in the COS area, and be ready to hit the ground running when you get back. 

Good luck in whatever you choose!