All Forum Posts by: Mitch H.

Inventory in my desired market (Denver) is extremely limited.  I decided to take it upon myself to start Driving for Dollars(tm), as they say.  My first sweep was for duplexes in my own neighborhood, as this is ground zero for where I want to be.  I biked around and took pictures of 22 properties.  I then spent 2 hours scouring the tax assessors website pulling data and came up with 16 properties that are "Residential Duplexes" i.e. not individually owned.   I have some questions, and was hoping someone with knowledge of tax assessor technicalities could chime in and shed some light.

1. I saw HUD as a Grantor on the most recent chain of title. Does this mean the current owner used some sort of low-income HUD program to finance?

2. What do the "Instrument" codes GR, WD, QC, BS (etc. etc.) mean?

3. When the Grantor/Grantee are the same, does that indicate a refinance? If there is no chain of title, does that mean the property has not changed hands/financing since they started tracking the info?

4. What does "Actual Value" really mean?  Can I make assumptions about true market value based on these? 

I plan on doing this a few more times in different neighborhoods and building a targeted list to send letters to.  I still need to devise my selling points, as I don't have the usual "quick close, cash offer, as-is" cards in my pocket. I, unfortunately, will be doing low-down conventional financing and will likely need an agent in some fashion.  Any advice here is also welcomed warmly!

@Scott Trench 

Luckily, in Denver, frozen pipes are not a CONSTANT worry.  There will always be those days though.  Hopefully there wasnt too much damage to your property or pocketbook.  Seems like that might be especially frustrating when the next day is is 70 & Sunny, as it is so often.

I posted this in the January meetup thread, AFTER the meetup.  Should have used some keywords, but it didnt get any traction so here it is again:

Also pretty curious to hear some experiences. This may be a possibility for me.

Good to see everyone.  I was chatting with @Kyle Doney about doing a REI/business book swap for next month. The idea woulld be you lend someone a book (interest free!) and they have until next months meeting to read and return it.

Anyone else interested?  I have a few that I would loan out:

Unofficial Guide to Real Estate Investing by Spencer Strauss and Martin Stone

What Every Real Estate Investor Needs to Know About Cash Flow by Frank Gallinelli

Bump for tonight...Looks like flip-flop weather!

Option B will likely get you better economies of scale, and your personal housing expense will likely be lower, if not completely paid for, over a SFH.

Also, I dont think what you really need is a "Property Manager" rather, you just need a reliable handyman and/or contractor.  At your small scale, and live-in situation, it really doesnt make sense to pay someone 12% of income to screen a minimal amount of tenants at each turnover, and field phone calls from said tenants.  Youll be right down the hall (or next door)!

Edit: Ultimately, I think you can learn all you need for your situation, and therefore nix paying for a PM, for FREE on sites like this, and/or reading books on the subject.  

Good news, @Bill S. , definitely remember your original post on this one!  

And @Cal C. , that's what were all hoping for!

Welcome @Lauren Moloney , lots of Denverites here.  Not to mention The Dork himself, Josh Dorkin.

See you guys there.  

Would also entertain a "Morning Coffee" version!  Beer or Coffee generally get a quick "Yes" from me.