All Forum Posts by: Jake Silcott

@Travis Sperr, I believe I heard you quote $200 psqft for everything, including land, but not financing in a previous post. Do you or @Matt 

@Matt M. care to clarify or debate? 

Thanks much!

Jake Silcott

Welcome to BP! This is a great resource. Set up some key words like "colorado" so you can keep up on what's happening in your area. Best of luck!

Welcome! I have family in Berthoud, some of whom are thinking about doing some investing. PM me if you'd like to chat sometime. Best of luck!

Not sure if it makes a difference whether your using a rental vs primary residence for collateral, but we found one last year through First Citizens Bank in that offered 90T% LTV with a 1 year introductory rate of 1.99%. After the first year it went up to 3.85%. Shop around a little online. There's usually a few places running promotions with promotional rates, and credit unions seems to have the better terms. They were totally fine with us using the money for fix and flips, in fact they said their customers do it all the time. I called at least 20 banks and credit unions when I was shopping around and only 1 place told me they didn't allow funds to be used for investment properties. Best of luck.

I used Colorado Real Estate School. They have an online version that is pretty cheap (I believe around $400). You can go at your own pace and work on it whenever you have time. I passed the exam on the first try so it worked for me. Best of luck. Happy to answer any other questions you might have.

I used Coorado Real Estate Schools online course, which cost about $400. I coughed up the extra $50 for the book, which I recommend doing. The courses were a little dry and slow at times, but overall they were effective. Pretty good deal for the price. They use actual questions from the state and national sides of the exam. Passed the license exam first try. Best of luck!

Welcome to BP. You're in the right place. There are many knowledgable CO investors on the site with all levels of experience. Best of luck.

So we had our hearing before a judge yesterday and this morning and I'm very happy to report we won on everything! We've been granted possession. Tenant has 2 business days to vacate. The sheriff has already been contacted and is ready to remove her after the 2 business days expire, if needed. The lis pendens was declared spurious and invalid and has been removed. We were awarded legal fees for the lis pendens portion of the case. We will be discussing the possibility of suing for damages and loss of rent with our attorney next week. The question there is, if we were awarded a judgement would she have the means to pay it. My guess is, probably not. I'll keep this thread posted with updates and developments.

We've contacted our architect and contractor who will get to work next week, which I'm really excited about. 

Lesson learned! In the future we will be sure that the tenants are gone before we close. The whole experience was a bit stressful but, call me crazy, it was a great learning experience and at times actually very interesting to see how everything worked inside the courtroom. I will say that having a really good lawyer made the whole experience a lot easier than it may have been otherwise. 

Thanks to everyone who shared encouragement, insight, and advice. 

Yes, we've already filed a counterclaim. I'll keep the thread updated. Thanks!

Will do @Bill S. In hind sight we probably should have met with the tenant and "interviewed" her before we purchased. However, now that I know how to deal with this type of thing I don't know if I would have passed on the property. It's delaying the project and costing us a couple thousand bucks in attorney's fees and extra holding costs, but we still stand to make around $100k on it. Its all just a cost of business. I'll update the thread as things happen.