All Forum Posts by: James Orr

You should still get the estoppel statements... you will want to have each tenant certify to you that the leases you have are the ones they believe to be correct and that the rents and security deposits are also correct... that happens with estoppel statements. So, you still need them.

Greeley and Windsor also have occupancy limit laws on the books. You can call the city zoning department to get it directly.

Over 40 different free real estate investor classes taught each year. See list of classes and RSVP to attend here:

http://NCREIG.com

Thanks!

Our response rates for direct mail up here in Northern Colorado are much lower than they have been historically. You can still find deals, but when you're doing your planning (like we've taught using the spreadsheet below in our investor classes on doing offer market deals), it is probably a good idea to model using 1/3 the normal response rate.

Fort Collins is at or very near all time low months of inventory (which takes into account supply and demand) at the $200K-$300K price range.

Thanks @Shane Baganz! Yes... definitely some overlap with our operating systems too, but some stuff is very personal info that I would not dare put in my operating systems but stuff they'd need in an emergency.

And... good points @Jaclyn Peyton... will add some repairs done and maintenance due.

I care about my wife and best friend and should something happen to me, I want them have all the information they need to step in and run my real estate investing (mostly rental properties) and real estate brokerage businesses.

I am going to create a list of important instructions, resources about where stuff is and how I typically operate my business to make the transition easier for them should I get sick, injured or even die.

I've got a decent list of things I'm going to provide to them (via my attorney who will hold it in trust for me) and of course I'll let them know they should contact my attorney for this should something happen.

My list is pretty long already, but some examples for me are:

1. Bank accounts and what I usually deposit and pay out of each one.

2. List of houses I own, mortgages on them, insurance companies, tenants, leases, LLC/trust names.

3. What partnerships, LLCs I am a member of (and whether I am active or passive).

4. My preferred contractors and vendors and where I'd recommend they get advice from on key areas of my business.

5. Cell phone password, email login and password, dropbox login password, bank account logins and passwords.

6. Family/friends I am giving money to and how much and family/friends that should never receive money from me (under any circumstances).

My questions for you all are:

1. What things would you need to know to step in and operate another landlords business?

2. What things would you want to tell someone who was going to step in and take over your business?

Thanks!

@Joel Heard In Fort Collins, you can buy a home with 1% down (with some income restrictions for your first home) and 3% down with less restrictions. Then, of course, there's 3.5% FHA. If you're military, you can do VA loans here with 0% down and if you're willing to live in Windsor or outside city limits there is USDA which is also 0% down.

@Shaun Armon... these classes were for the Northern Colorado Real Estate Investor Group (NCREIG). You can find it on meetup; they're free.

Hi @Shaun Armon... welcome! You just missed two classes we did on multi-family in Fort Collins (and Northern Colorado). Two weeks ago we did a class on NoCo market stats and shared a ton of info on the number of multi-families and historically how they've performed.

Last night we just did a two hour class on analyzing multi-family deals in our market too with two case study deals.

We primarily focus on Cash on Cash, but you can find some properties locally with higher cap rates than what you've suggested... they just tend to be much lower quality properties. Quality stuff around here tends to have very low cap rates. One of the predictions for this upcoming year is continued downward pressure on cash on cash return with low inventory, rising prices, rising interest rates and rents not quite keeping pace with rising prices and rising interest rates.