All Forum Posts by: Katie Fiola Jones

Hello BP! 

My husband and I are still pretty new to investing (under contract right now for our first OOS duplex in Indiana!). We are very excited for our first rental property! 

Anyway, my mother-in-law mentioned over dinner a while ago that they might be moving in the next few years leaving their nice 5 bedroom 3.5 bathroom house in Broomfield, Colorado vacant! I didn't think much of it at the time, but I happened to listen to a BP podcast that talked about land contracts and it got me thinking. 

They own their house in full, so no mortgage. The house needs a bit of updating, but I have been fantasizing about the idea of purchasing the property from them on a land contract, fixing it up, and then reselling it on a land contract. 

Has anyone in Colorado done this? I kind of wanted to bounce ideas off of people to see if I have the right concept on this and to see if it even made sense. So any advice would help! 

I'm so glad to see the search function back! Thanks for listening to the voices of BP and helping it be the best that it can be. 

@Junior Soares

Hey Junior, 

This is extremely encouraging to hear! I just made an offer on my first OOS duplex in Indiana. We’re under contract now and should hopefully close in September! 

We are looking into some Michigan markets as well for the future, and I find Midland an interesting choice. I actually lived there for a few months during a work project a few years ago. I’d love to talk to you more about Midland and find out who your contacts are out there! Could I PM you to talk more about it?

@Cayce Fedberg Hey Cayce, I read David Green’s book Long-Distance Real Estate Investing. I live in Denver and have put an offer on a duplex in Indiana. This book really helped me get over my fear of investing out of state. It’s just a matter of finding the right team.

@Dominique Mickles

This video really helped me to understand how to evaluate properties to see if they will cashflow. 

https://www.youtube.com/watch?v=T_7vhsSBi7c&t=1240...

@Michael Mims

Hi Michael, 

I'm curious about your experience in Marion. I happened to notice on Zillow that it doesn't look like they have a lot of available rentals in the area.  Have you noticed that, and do you think that they are in need of rentals due to the college being there? 

Hello! 

I am a leasing agent working for a property management company out here in Denver. My husband and I have made it our goal to purchase our first rental property by the end of the year. 

We are looking to invest out in the Midwest. The main cities we are looking into are Chicago (where I grew up!), Grand Rapids, and Indianapolis. 

Right now we are comparing each location and making connections out there. 

One thing I would love is if there are any Denver based investors that are currently investing in one of those markets. I know you guys are out there! If that's you, I would love to take you to coffee sometime to discuss your strategies. 

If you are a realtor, property manager, or contractor in one of these locations please reach out as well. I would love to have a phone conversation with you to discuss our goals. 

Thanks everyone!

Hey April, I work for a property management company here in Colorado. We cover most of the Denver Metro area as well as down in Colorado Springs and up in Fort Collins metro. 

I would love to chat with you about the properties you inherited. Feel free to message me! 

What are you planning on doing with the house? 

I'm currently trying to lease a house in Littleton with a similar situation. They made their garage into an addition to their living room. Looks great inside and is super spacious now, but all the potential renters mention that they wish it had a garage. It still has the driveway that is big enough for maybe 2 compact cars. But I would definitely say that people look for garages. 

Does this property have a driveway at least? You could potentially put a nice carport on it to provide some covered parking. 

You should check out the habitability laws for your state. Here in Colorado it is required to have all locks on exterior doors and windows properly maintained and in good working order. We don't have any laws on window coverings that I've ever heard of, but it sounds like according to Jim, they have them in Michigan! So you should definitely look into that. 

It sounds like you seriously need to get rid of these tenants because they are going to cost you a ton of time and probably money in the long term. You should post them for lease violations and work to try to get them evicted after so many violations. 

Good luck!!