All Forum Posts by: Jake Silcott

Thanks @Bill S.

The tenant ended up filing a claim and suit against the the first owner whom she was renting from for years, the 2nd owner, and my company. She also filed and recorded a lis pendens. The good news is that she does not have any basis whatsoever for the claim. There is no agreement for purchase or lease option in existence. Through a very good lawyer we have started the eviction process and filed counterclaims for legal fees and back rent as well as a cross claim demanding the previous owner defend our interest since we were issued a general warranty deed. The title co might jump in at this point. We've also asked the court to dismiss us from the suit and remove the lis pendens under the grounds of it being a spurious suit. Our attorney is confident  that as soon as we get the tenant in front of a judge we will be removed from the suit, the lis pendens will be removed, and the tenant will be ordered to vacate. The whole situation me has been difficult as I've never dealt with this kind of thing before, but I've learned a lot and it surprisingly isnt costing as much as I feared. In the end we will still make great money on the project. Thanks for everyone's insight! Much appreciated.

Thanks @Javan S.

We have a lawyer working on it. Looking like it will be dismissed as a spurious suit and lis pendens will be removed. Also, working through the eviction process. I'll update this post with developments. 

Thanks so much everybody! Thanks @Jon Holdman! I'll get in touch with the law firm.

Hi all, 

We just bought a property in Denver, Colorado to fix and flip that has a tenant in place. She has been living there for about 9 years and has said that she had a verbal agreement with one of the past owners (2 sales ago) to buy the house on a lease option. I personally believe that she is making this up. We plan on flipping the house and have offered to let her stay for 2 months to find a new place, move, etc, except every time we try to get her to sign a lease for that period she says she needs her lawyers to review it first and it ends up being one excuse after another. Today I told her to sign the lease or I would start the eviction process. There is currently no lease in place. She threatened to file a lis pendens. I don't think she has much basis for a lawsuit but I'm concerned that if she actually did this it could prevent us from selling after the flip is complete.

My question is...can she just cloud title with a baseless lawsuit/lis pendens? Is there anything I can do to prevent this or otherwise address it? Any other insight is greatly appreciated as well.

Thanks in advance!

Thanks @Crystal Smith!

We settled on the $75k number through some negotiating with the investor. We started low and she came in high. That's just where we ended up. It makes it worth everyones time and the investor gets to reap the rewards a little more if we make over $75k to make it worth her risk. That being said, every investor and flipper is different and has different requirements regarding risk, return, time, and effort.  Best of luck!

@Anna Ryder, we worked out a pretty good deal. There are 3 of us involved. Myself and my business partner and the investor. We will split the first $75,000 of profit 3 ways equally. $25K each. Any and all profit above $75k we will split 60/40, whith the investor getting 60 and my partner and I split the remaining 40 (20% each). From what I hear this seems to be pretty favorable to my partner and I. 50% or more going to the investor is pretty common. 

Perfect scrape and build opportunity in Cory-Merrill
New builds going up all over the neighborhood commanding $1,000,000-$1,600,000
Lot: 6250

Accepting offers this week. 

Cash or Hard Money only
Must be able to close on 5/20/15
Earnest $5,000 non-refundable
Seller to pay no commissions

PM me more info. Thank you!

HIGHLANDS CASH DEAL

Just a few blocks to shops and restaurants at 32nd Ave. & Lowell

Perfect location. Beautiful block.

3029 Perry Street - DO NOT DISTURB TENANT!! Renter in place through June 15th.

2 bed/1 bath
Brick
Approximately 1,200 finished sq/ft + small unfinished basement

Pop the top or just add dormers to make it 2,000 sq/ft+, build an addition, scrape and build, buy and hold, or buy and update for owner occupant. ARV $450,000-$1 million+ depending on what you do.

We flipped the house next door a few years ago. Added dormers and finished the attic for a finished square footage of 1650. THAT house just resold for $354 per sq/ft at $585,000. Add just 800 sq ft to THIS house to make it 2000 sq ft. ARV $650,000+

Full inspection done a few weeks ago. Full report available. No major issues found. Sewer line scoped.

Cash only
Asking $385,000
Earnest $5,000 non-refundable
Must be able to close on 5/4/15
Showing by appointment only

Please PM me for more info

Thank you

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Thank you

I came across this website recently. http://www.3rservicesdenver.com/Denver-Home-additions-contractor.html