All Forum Posts by: Sean Gribbons

@Kyle McGeough as an investment property you may want to find something without an HOA they can have some limitations that make it tough in addition imagine with no HOA how much money you would save or should I say put back in your pocket! I would suggest if you can purchase single family home. Going to be tough at this price point but there are options. Single family has many more pros than cons compared to units with an HOA like condos, townhomes, etc.

Good luck on your journey! 

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Denver.

Purchase price: $915,000
Cash invested: $230,000
Sale price: $1,485,000

4 unit apartment complex purchased to convert to condos for resale. Ended up selling as an apartment complex since the market was stronger for investments than condos.

What made you interested in investing in this type of deal?

Previous experience and knowledge of the local market

How did you find this deal and how did you negotiate it?

MLS easy negotiating

How did you finance this deal?

Investor brought the down payment and signed for the loan.

How did you add value to the deal?

Converted 2 mechanical rooms into 2nd bedrooms for basement units. Added in unit laundry and added basement exterior private entrances. Updated the whole property.

What was the outcome?

Sold for $1,485,000 CASH after multiple offers.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

YES, ME!

Investment Info:

Single-family residence buy & hold investment in Lakewood Ranch.

Purchase price: $450,000
Cash invested: $35,000
Sale price: 550,000

Renovated single family ranch 

What made you interested in investing in this type of deal?

Previous exprience and current knowledge of the local market

How did you find this deal and how did you negotiate it?

MLS, easy negotiating

How did you finance this deal?

Hard money loan, investors brought down payment and signed for loan.

How did you add value to the deal?

What was the outcome?

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Look great James!

Ryan, your main problem with running your own flips will be one thing pulling permits! Denver is crazy with who they allow to pull a GC permit. You can not pull owners permits and try to resale quickly bad idea. 

If you can find a GC who will pull permits for you then I would much rather run my own projects. I have done almost every flip as such. High quality GC's at a fair price are very very very difficult to find. If you do find one they are booked months out. 

Seriously? If both are equal cash flow. Can use tax loopholes to help lighten the tax burden. One is a huge gamble you are riding on hope and the other is a gamble that has worked for over a 1000 years+

Would you rather play roulette or count cards in blackjack? Both are gambling

A word of caution to everyone it seems like the corona virus is bringing in some scum! Just in the past couple of weeks I've had a few shady characters through BP and some other means contact me to try and do deals. After having my team do some digging on these people we've found a couple have been convicted of serious felonies in the RE world. A lot of fraud and bad shady dealings. Just be cautions and research who you are working with! 

Chris, first thing I would do is call around and confirm other lenders are doing the same. 

I know of a hard money companies here in town that do a 30 year long term financing obviously the interest rate is higher but could be a temporary situation to get you into the property if you really want that duplex. Happy to put you in contact with my person over there. 

I have a feeling 12-18 months from now the lending restrictions wont be as strict. 

Sounds super sketchy. I'm not sure how you NY and LA investors are staying afloat. People are leaving in hoards and I can go rent a 3 million dollar penthouse in LA or NY not pay my seconds months rent and likely get to live there for 9-12 months before anything even goes into court. 

Why risk this and then pay the gov massive taxes for no help? I would just say be super careful. If its me I'd throw a for sale sign in the yard and find another market that provides some security and stability.

Just my two cents good luck.  

IMO could be devastating. Trying to remove 10-31 exchange, raising cap gains rates, taxing stock market etc. But truly the most scary thing is how easily they will shut down the economy. With COVID numbers and testing this crazy they will shut down the states and cripple the economy. The people most affected are the hourly workers who are the main tenants for Class A,B, and C apartments. When they tell landlords you can't evict. What do you do? You can't 10-31 into another property. You can't evict... You can't demand rent payment. They tie our hands and all we have left is hope which seems to be slipping