All Forum Posts by: Lauren H.

So, after reading this everyone is filing a paper return by mail next year, right? 🤣

Hi Stanley, I’d love to hear more about how you dealt with this crazy lease. I am now in a similar situation. If you are still active here and see this, I’d really appreciate the time!

😂 run the numbers. I wouldn’t buy in Colorado unless I thought rents were going up another 25-30% real soon.

10 unit complex in Pueblo

Rehabbed, turn-key property. 

Choose your own management. 

Owned coin-op laundry and storage on site. 

Monthly gross income $5900. Make offer.

the way this ordinance was passed is illegal under TABOR

https://ballotpedia.org/Article_X,_Colorado_Constitution

Attention Colorado Springs VRBO and AIRBNB managers, owners and operators:

On Tuesday, October 23, 2018 Colorado Springs City Council unanimously approved a new licensing requirement for the operation of short term rental units in Colorado Springs by requiring an annual license at $119.00 and payment of 2% of all short term rental receipts to the city.

I believe this is against Amendment X of the Colorado Constitution, otherwise known as the Colorado Taxpayer Bill of Rights which reads

‘ 4) Required elections. Starting November 4, 1992, districts must have voter approval in advance for:

(a) Unless (1) or (6) applies, any new tax, tax rate increase, mill levy above that for the prior year, valuation for assessment ratio increase for a property class, or extension of an expiring tax, or a tax policy change directly causing a net tax revenue gain to any district.’

This is obviously a new tax which has been levied without voter approval. This tax is a rent grab- an attempt for the city to increase revenue without providing any public service or accountability for the use of the funds. This new tax was opposed by may Springs homeowners who need additional income in order to afford to live here. This new tax increases the cost of tourism and will, overall, raise the short-term rental rates in our city.

Additionally, keep in mind that you already pay the mill levy annually on your residential property as well as reporting any rental income on your state and federal tax return. As such, this new tax amounts to triple taxation on short term rentals. 

Fight back!

thanks for the replies!

Hi Kentucky! I’m an investor in Colorado with a love for rock climbing which has brought me to the Kentucky market. Can anyone tell me about the inspection process for licensed work in Kentucky? Specifically:

HVAC installation and reconnecting gas service

Electrical inspection and connection of meter

What plumbing work might require a permit and inspection?

Thanks!

Hi there! 

I’m a female investor, manager and remodeler. My husband is a full-time working partner with me. We get dirty at our projects together, but I’m the one there 30-40 hours a week, not him. 

I repair plumbing, light electrical, drywall, replace doors and windows, manage contractors, write contracts, make offers, write deeds to file with the county, and manage all our leases and tenants. 

I get a great deal of respect because I pull on my work pants and get to work. More than one contractor working with me has called me a ‘bada$$.’ Their words, not mine. 

It doesn’t take much time or mechanical knowledge to learn about mechanical systems in this industry. My first piece of advice would be to learn as much as you can about electrical, plumbing and HVAC as a woman. When a man knows that he can’t ‘out-gun’ you on knowledge you gain his respect. When he sees you crawling around in a crawl space doing work or inspecting his work, that respect goes to another level entirely. 

As a woman, demand respect and aim for the wildest success you can think of... then don’t let anything stop you. 

The only hurdles you have in this industry are the ones you allow to remain in front of you. Believe in yourself and you have unlimited potential. Anything is possible.

A property is only worth what someone is willing to pay for it. 

The best price to pay for something is always: As Little As Possible!

Learn your local contracts and write offers yourself. You do not need to be an agent to do this, but a quick contracts class at a local college might be helpful. Also title companies offer CE courses for agents, but you don’t need to be an agent to attend. 

All agents exist to earn a paycheck, you are just the paycheck and nothing more. Real wealth isn’t in buying and selling, its in owning. Stay on the ownership track...