All Forum Posts by: John Smith

@Bill S. Thank you for the direction. I do currently fit in the box so I guess a mortgage broker would be the best choice. 

@Account Closed I am currently looking at Condos and the rare SFH that pops up that are under 200k in my immediate (less than 5miles) from my home. This gives me the opportunity to know the area really well and manage the property myself in order to save some money.

Good afternoon BP. 

I am looking at making a move on my first investor property but wanted to get pre-approved etc. I saw a good post with a list of a few good local lenders but I have been unable to track it down again. If someone would be so kind as to point me in the right direction for someone or some bank/Credit Union that offers good terms or might even specialize in working with investors that would be great. Looking for a small loan for my first buy to get my feet wet and to establish myself

Thanks,

John

Has anyone gotten a reply from Kendell Johnson?

Hello local Denver members. I am hoping someone might be able to PM me or point me in the right direction to a bank/CU that would give friendly and favorable terms to someone wanting to put 20% down on an investment property in the sub 100k purchase price. Trying to dip my toe into the game. Any input helps, John S.

Kendell Johnson , I would be interested in seeing some of your properties you currently have. Entry level new guy who is looking at making a move here in the next few months. PM me on here and we can swap emails to see if anything you have would work. Thanks

@Sam LLoyd, Thank you for your input. That is kind of what I was thinking also but I wanted to run it by people to make sure I am not being stupid having a GC do most of everything since I do have a day job to fund my projects and I am not 100% in any area. More like handy man level in my skill level when it comes to stuff like that haha.

Hello everyone,

I am looking at my first foreclosure this weekend and want to know how most people go about rehab? Do you generally try to do it yourself or do you get a general contractor to do the work?

My suspicion is that it comes down to how comfortable a person is with hands on work and skill level. But I wanted to throw the question out before I have to cross that bridge.

Also what do people look for in a General Contractor and how do you go about vetting one?

@German Buendia - I just bought a home VA in Denver area so I was looking at many homes out of my budget. The rule I was told is that you cannot take extra out on a VA so for a fix-up (foreclosure/short sale). So if it cost 20K to get the house to VA standards, remember you have to get a VA inspection, that has to come out of your own pocket. Plus any other fixes you might want to do.

Perhaps the agent knew most of them where so far out of VA lending standards that it would cost too much out of pocket to be a good deal.

@Thomas S. - I learned that while looking at homes down here. Right now it is give a little but I would like more obviously haha.

Thank you all for your suggestions.

Thank you for the reply!

I do believe I have a niche to start but my next property is going to be a Buy and hold. I know I am not good enough (or not skilled enough/knowledgeable) to do a Flip. And Wholesale isn't something I am interested in. The Denver market being what it is will give me a challenge but I did get one house so why not another?

I am planning on heading to an REIA when I get my feet back on the ground in CO.

It sounds like even if I want to eventually move into Multi-family for my end game I need to work on a specialty for my short game, condo vs single family etc.