All Forum Posts by: Frank R.

From what I can gather.

Thornton allows it but it must be your primary that you inhabit at least 50% of the year. It requires a $180 annual fee and you must collect and remit lodging taxes to the city.

Northglenn allows it without it being your primary, and doesn't seem to limit # of days per year. It does have a detailed process to go though. 

You must have a business license ($15), $175 new application fee or $150 renewal, inspection affidavit, License Holder Affidavit, Property Inspection, Affidavit - Restriction on Public Benefits.

Sources

https://www.thorntonco.gov/gov...

https://www.northglenn.org/gov...

What is one thing you've added to your lease that may not be in the standard lease that has prevented a problem you had from happening again?

I am on my 1st rent by the room property where I am an owner occupier..I honestly haven't had any issues yet. I was very upfront about keeping the place clean. One thing that I think helped was to put a "Rules and regulations" about cleaning up the kitchen sink when you're done, wipe down the bathroom and to have quiet hours between 11pm-8am.

Congrats on the first house hack!

My out of state property I use a property manager.

My primary home where I rent out the rooms I use venmo.

At this point I might use them, but I also have a team in Indianapolis that would open me up to a larger pool of properties. I also just closed on my primary residence where I intend to rent the rooms out. This will let me save more aggressively once I am done fixing it up.

Hey BP looking for some wisdom from the more experienced investors out there. I have my 1st turnover on my Indianapolis rental property. It is looking like it will need 20k in repairs/improvements to make rent ready. This is by far way above what I expected.

This was ultimately my fault. I bought this place with inherited tenants about 2.5 years ago and didn’t do quarterly inspections or change my property management company when I had communication issues/slowness with them. Rent was coming in on time so I didn’t bother switching until the turnover this past June. This property is worth 116k on zillow in the 46235 ZIP. Rents are $1000-1150 range.

I've since switched to T & H property management, who have been much better and provided me with a walk through and repair estimates. I'm having a hard time justifying spending this kind of money. It will take a while to recoup. The PITI is $585, rents are around $1000 -1150/month. Below are some of the options I'm considering.

Option A)

Suck it up and pay for it out of pocket. Get a different bid from the property management company? I have the cash but was hoping to buy my primary residence and house hack, not lose a year of savings.

Option B)

Sell the property and be done with it. If I’m able to get 93k. It will cover the remaining note I have on it and my original closing costs (23k).

Option C)
Drive out there and do the menial work yourself while subcontracting out the bigger jobs. I think I can do this for way less than 20k. Plus it will be good to visit the market, meet the property managers etc. I work remote so taking off work is not an issue.

Walk through Inspection: https://drive.google.com/file/...

Flooring estimate: https://drive.google.com/file/...

Contractor estimate: https://drive.google.com/file/...

Thanks for reading BP, have a great weekend!

@Donovan Maskell

For utilities you can ask the previous owner what the utility bills were for the previous year and charge the tenants a 12 month average of that. 

Some months you'll be a little ahead, others a little behind...but it should even out in the long run. I think it would be easier than calculating everyone's bill each month and potentially having a tenant complain that they weren't home that much etc.

Thanks @Taylor Hudgins I'm planning to move around when my lease ends August 1st here in Boulder.

@Joe Kaliher You bring up good points. I will be doing a conventional loan so should be less restrictive than FHA loans. Is their a good resource to or lookup tool to dig into the financial stability of the HOAs?

Hey BP,

I'm starting out my house hacking search in the Denver metro area and wondering if anyone has personal experience working with Your Castle Real estate. More specifically Chris Lopez and his team.

Online reviews looks great, and the team is active on BP which are all great signs. Just would like to get some confirmation/outside references on people that have personally worked with the team before.

Thanks!