All Forum Posts by: Kevin Dickson

Does anyone know why Craigslist has added "income source" to their disclaimer?

I just noticed this today when I posted an ad:

Discrimination by race/origin, age, family status ('no kids' 'ideal for one'), disability, creed, sexual orientation, or income source is illegal under fair housing law. Describe premises, not people.

The link does not mention income source.

Most of us don't want drug dealers, eh?

Most of the E-TU-C zoning in SW Denver has single family homes selling for $180-$220k.

Vacant lots are almost nonexistent, although I'm trying to sell one at 2209 S Fox for $139k.

Most zoning laws in most cities do not allow accessory dwelling units, (ADUs) in neighborhoods with single family zoning.  If your local jurisdiction allows it, I think it is a great business model.

Denver, for example, doesn't allow you to add external stairs to a basement. This policy is in place apparently because they believe you want to add an illegal ADU.

Denver will generally let you add the second kitchen if you say it's for a family member.

Personally, I think all those laws should be repealed. 

You guys are right that the old homes are quickly on the way to $300k.  But the redevelopment numbers don't work as well.

Anyway, I think a yellow letter that says they could move into a brand new home like the one down the street for just an additional $xxxx/month.

I'm getting the feeling I should build asymmetric duplexes, with one side smaller and simpler.  The old home seller could get that one for just an additional $xxx/month

I'm in Denver, where there is currently a shocking lack of inventory.  I'm more interested in redeveloping homes in the city as opposed to building out in the suburbs.

Some neighborhoods are zoned for duplexes, but are still filled with primarily 2bd 1ba prewar 800 sq.ft. ranches.  The numbers work well:

1.  Buy the old house for $200k.

2.  Invest $650k in a new duplex.

3.  Sell each unit for $525k and walk with $200k. 

Redevelopers in nearby single family neighborhoods can't build profitably for less than about a $900k price point.  This makes the similar sized duplex units look like a steal.

One big problem is that the current owners of the old houses can't find a replacement home.

My idea is to let them trade up into a duplex in their same neighborhood.  It would be a win-win.  I'm currently building a few units and I'm starting to think I'd be nuts to sell two units without getting a replacement property.  Otherwise, I'm out of business pretty soon.  Or I'm stuck in bidding wars with the other redevelopers.

Has anyone tried anything like this before?  

I've done this in Denver with single family homes in a neighborhood with duplex zoning.  It's working great even though I don't have more than 3 or 4 houses per block.

If you are afraid they will default, you might as well accept half payment, because you can begin eviction on the second of the month even if they are one dollar short.

I still want my mind blown

I'm proud to have this guy as an old friend:

https://kmalnati.wordpress.com/2015/03/13/ralph-larson-on-kyle-malnati-show/

One of his ideas is to refund double the security deposit to long term reliable tenants.

I just found this post.  I have a list of these guys