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All Forum Posts by: Joe Martino

Joe Martino has started 6 posts and replied 12 times.

Post: Sell or hold denver

Joe MartinoPosted
  • Arvada, CO
  • Posts 12
  • Votes 1

Thank you @Thomas S..  I would agree with you, but are you familiar with the denver market? I feel like the 2% test is more like the 0.2% test here.  If I were single, I would consider moving to a place I could buy a few houses with cash.

Post: Sell or hold denver

Joe MartinoPosted
  • Arvada, CO
  • Posts 12
  • Votes 1

I do not think it would be worth the extra cash.  That whole neighborhood funnels from okay houses down to fairly crummy, and I am as far down as you can go.  There is a feral cat lady on one side and a guy trying to start his own junkyard on the other.  However, that is the catch 22.  I can still cash flow okay on it. The major repairs would include windows, water heater, and minor foundation work.  My wife and I are leaning on the trading up side.   Thank you @Matt M. for chiming in on the last few posts of mine.

Post: Sell or hold denver

Joe MartinoPosted
  • Arvada, CO
  • Posts 12
  • Votes 1

Hey eveyone,

I have a scenario that I would love another opinion on. I have asked about this property before, but I have not included my numbers before.  I have a rental in Sherrelwood, CO that I owe 107,000 on. The total mortgage, taxes, insurance and all is $738. I have had it rented out for 1000.  My renter just moved out, so I have the choice of selling it or renting it out for 1100 maybe 1200.  If I sell, I think I will get 190,000.  The house is a C in a C neighborhood.  If I sell it, I will plan to use the approximately 65,000 to try and find a 3bed 2bath for around 330,000 in a better part of town.  The house is directly across the street from HWY 36.  Basically, should I keep a slightly better cash flow in a poor location or try my luck in a better part of town?  Thanks in advance for the responses! 

Post: The Future of Sherrelwood CO

Joe MartinoPosted
  • Arvada, CO
  • Posts 12
  • Votes 1

Thank you @Bill S. for the referral, and thank you @Dan Mackin. for the second opinion.  I originally lived there as well with my family for three years.  I agree that it is not a walking neighborhood.   I was always hoping that the accessibility to the rest of town would be a great draw to the area, but I am starting to agree that the location will not go anywhere.  Thankfully, I am cash flowing easily right now; however my tenant of four years is moving out.  I can increase the rent a few hundred, but I am worried about the quality of the next tenant.  I am tempted to get what I can out of it, and with any luck find a multifamily.  Thank you for the input, and I hope to see you both around at some point.

Post: The Future of Sherrelwood CO

Joe MartinoPosted
  • Arvada, CO
  • Posts 12
  • Votes 1

Does anyone have an informed opinion on where the neighborhood of Sherrelwood is heading?  I have on rental there now.  I am considering purchasing another in the area.  

Post: Buying the house next door

Joe MartinoPosted
  • Arvada, CO
  • Posts 12
  • Votes 1

Thank you @Chris T. and @Mario Mormile  for the input.  I am still trying to figure out if my goals are realistic.  My intent is to buy and hold in my current neighborhood, so I think there is a lot pros to the deal if it is one.  I think it would be worth living next to a tenant just to see what the experience is like.

Hello everyone,

My name is Joe Martino. I live in Arvada, CO. I joined the site after reading The Book on Rental Property Investing. I really enjoyed the book. I have asked a few questions and read many discussions. Someone said I should introduce myself, so here I am. I grew up in Olde Town Arvada, served in the Army in Explosive Ordnance Disposal. I met my wife right before I got out of the Army and then eagerly returned home. I bought my first house on a VA loan, and I currently live in my second house which is also a VA loan. I am currently looking for my third home, so I can rent this one out.

If anyone is local and would like to meet up for coffee, let me know. I would really enjoy hearing the path you are on in real estate. 

Post: Buying the house next door

Joe MartinoPosted
  • Arvada, CO
  • Posts 12
  • Votes 1

I am thinking about buying the house next door.  The lady who lived there passed away a few days ago. We used to take her dinners and help keep an eye on her, so we have built a small relationship with her family over the last few years.  The house is really dated and needs some fixing up.  We were told that they would like to get the house taken care of fast, so we expressed interest. 

My question:

Is there a reason that we should not buy-fix-rent a house that is right next door?  I know there could be some issues with being that available to the tenant, but it cannot be any worse than house hacking. What do you think?

Post: New member moving to Colorado

Joe MartinoPosted
  • Arvada, CO
  • Posts 12
  • Votes 1

Welcome!  I hope you find this site to be a resourceful as I have.  I agree with Trexie. Get out there and meet people. There are a lot of very helpful people here

Post: education

Joe MartinoPosted
  • Arvada, CO
  • Posts 12
  • Votes 1

Hello Everyone,

I have a question about education.  I have 14 months of Gi Bill benefits left after I graduated with a Bachelor of Communication degree.  I plan to use these last 14 months to save up for another down payment and pursue something that will compliment my aspirations to buy and hold. I am a facilities manager with a modest ability in construction.  I have a side business for property maintenance, which give me excellent skill for a multi-family unit. I also have two rentals in Denver, CO where I live. Here are a few options that I have considered:

1. Real estate License

2. Business degree in marketing, finance, project management

3.MBA

4. Something in construction for code compliance, foundation repair, woodwork.  

I have a great career that allows me all the time I need to take care of my current rentals, so I do not need the further education to get a better job. I really want something that will coincide with buying and holding.

Any ideas?

Thanks