All Forum Posts by: Andy Hayes

Thanks for all of the responses. The Summit fired me up to not only hop into the RE investment scene, but also caused me to change my target market for rental properties. I had previously been thinking more expensive with less work; now I'm thinking lower cost and adding sweat equity.
The particular house that I got the listing description from sounded interesting. However, the utilities off inspection clause got me thinking about worst case scenarios.

That was my thinking, but check out this listing's description (note my bolded portion):

Single-story home feautring four spacious bedrooms and two full large bathrooms. This home also features a kitchen-breakfast, a formal dining room, and a capacious family room! Enjoy the backyard great for family gatherings! Dont miss a great opportunity to view this home up close and personal before its too late! Check it out today! Hurry Hurry Hurry! Offers must include BOA OR Merrill Lynch Prequal Letter,Earnest Money Check,and Proof of Funds.Allow Seller 2-3 Business Days to Respond.Please see attached agent instructions for additional information. Must put in special provisions that utilities are off and will not be turned on for inspections. (Due to mls character restrictions the remaining verbage has been uploaded as an attachment. The same attachment at the bottom of the MLS Number-MLS task)

Would anyone touch a property without being able to turn on electric, water, gas for an inspection?

I haven't made a purchase yet but plan on buying distressed homes and fix them up for rentals.
One nightmare that's kept me awake is the idea that the person foreclosed on has poured concrete down the shower/toilet/any other drain.
1) How do you check for this? I'm thinking that I'd want to bring in 5 gal water jugs and pour the water down various drains in the house.
... since most foreclosures I'd be looking at would have water shut off, I don't see any other solution to check for this.
2) If you purchase a house with concrete poured down a drain and the concrete has made it past the J bend in the trap, I assume you've got no choice but to tear out the pipes all the way until the pipes are free of concrete. I assume this means tearing up the concrete floor to make that happen. ... and I further assume this is pretty darned expensive.

3) Is it pretty easy to spot if the copper wiring has been removed from the house? While not desirable, I assume this is easier to work with than major plumbing issues.

4) Any other major pitfalls to watch out for?

Nick, sorry to hear that.

I know you were supposed to have some people in your suite. No one has asked for space in mine so the offer is still open for anyone who needs a place to sleep tonight. I'm in room 2526/2530.

Two items:
1) Make sure that you tell the hotel that you won't be using parking anymore IF you decide to go this route; I've had some hotels try to charge me for my entire stay when I only used their parking for one day.
2) Make sure you're comfortable with parking there. There are some homeless people in the area but like I said, I've never had any issues. The area where you start to find unrestricted free street parking starts around 22d and Welton area and further down Welton/California/Stout away from the 16th street mall. This area is known as 'Five Points'. Five Points has a reputation of being a rough neighborhood; hopefully others will chime in as to the level of safety.

You don't really need a car; the 16th street mall has plenty to do.
I've got to run up to Leadville before andafter the Summit; my mom's in a nursing home there so a rental was essential for me. Fortunately, I was able to get a weekend rate and used a Hertz coupon for total cost of $60 for 4 days.

If you drive to 25th or 27th and Welton, there's a light rail parking lot (free). The light rail will take you very close to the hotel. I've always walked to the hotel from parking; the light rail costs ~$2 each way.
I've parked there overnight in the past. Not the best part of town but I've never had any damage to my rental cars ... I've stayed in Denver several times in the last year and have always parked in spots where it's been free.

... I take no responsibility for any damage/theft. :^)

While I'm a huge Elway fan, I'd give the title, 'Greatest Quarterback Ever' to Johnny Unitas.

I'm happy that Peyton signed with Denver and will miss Tebow but Tebow will be as well remembered as the quarterback that John Elway replaced - Craig Morton. Craig Morton was decent in his own right but will never be inducted at the NFL Hall of Fame (he's in the College Football Hall of Fame).

I'm leaning hard toward buying a short sale or two for buy and hold - I'm looking at renting the properties for 15+ years. I want to build a rental portfolio slowly and for the neighborhood that I'm looking at, short sales offer the best price.

I'm thinking that I want to put in two short sale offers and just wait until something happens one way or the other. If one falls through, I'll just make an offer on another short sale.

Question: Would you put in a short sale bid and then wait to hear back from the bank prior to applying for a mortgage? I'd prefer to go this route, as I don't want to jump through the hoops of applying for a mortgage when it may take many months before I buy a property.
I'll have zero problems qualifying for a mortgage - 740+, zero debt (car paid for, currently renting), good income. My first purchase will give me a DTI around 10%.

I agree.
When my daughter was 17, I took her to a payday loan store and walked her through the charges for a payday loan. I told her that it was better to go without a few meals than to borrow money from a payday lender.
I'm very happy to say that, at 22, she has almost one month's pay saved in a rainy day fund and no student loan or any other debt ... she graduated from college last May.

If you are even contemplating getting a payday loan, you've already made multiple poor financial decisions.