All Forum Posts by: Rowland Smith

thanks!

Hey All:

Found a duplex I like but it has some foundation waves.  It's probably pier and beam, so maybe can be fixed. I need a good foundation person to take a look and give me a bid. Any suggestions? 

Thanks for the help!!

ditto with Colin....could you PM me info?

As an investor, I appreciate you delivering an empty house and doing all you can.  Good job!  BTW, add me to your buyers list, especially for Colorado Springs/Castle Rock/Monument. 

I've met a couple of good flip GC's but am trying to build out my network of subs and generals in the area. If you have any suggestions, even on subs for Electrical, Decks, Sheetrock, paint, floors, etc.... I'd love to get their contact info.  I know...we are all looking for good ones, all the time!:)

Just to play fair and get the ball rolling, here's a good roofer I know. Ethical, hard worker, will come look and do bids quickly:  Jeremy Walker 719-358-3153 (tell him Rowland sent you)

Just as a followup...I'm grabbing a couple of the meetings already suggested. Hope to meet you there!

Hey John:

Understand your thought process.  The only difference is that I have 4.99% money available as a renewable line of credit up to 75% of appraised value and have 3.99% available for balance or 25%.  If I used these lines to purchase and hold for awhile, then I'm 100% financed at 4.75%.

The ARV of the home after we put about 15k in it, adding a fourth bedroom, based on recent comps, should be 180k-200k (4 BR, 2 ba). With 4 br, it looks like I can get 1350 a month in rent in that area.

Here are numbers I've put together so far:

Monthly P&I:$802.80 (includes purchase and rehab costs...zero down)

Insurance: $75

Taxes: $50

Occupancy: 5% allowance

Repairs: 3-5%

Other: 50$

Rent: $1325

Cashflow: $303.47

This is assuming that I pay principle back to my line of credit and not only interest, which I could if I want to.  My plan B at this point is to rent it over the winter months, then possibly finish out the basement in full, upgrade some rehab items then sell it when the market is hot in early summer.

The other positive of this rental is that it's very close to Ft. Carson, where there are many family rentals needed for armed services stationed there.

Have to decided in next couple of days...had GC, Inspector through and looks good so far. Doesn't cash flow a ton, but looks like renters will pay for property for me.

Got my first house under contract. One thing I'm doing in my due diligence is deciding how much to invest in rehab. Seems like a potential good rental to keep.

Purchase: 140k (3BR/2BA, 1550 sq ft w/2 car garage, Fountain, CO)

Comps: 185-205k (205 was this month, same floor plan, same neighborhood and fixed up)

Rental Rehab: 10k (cosmetic paint/carpet/appliances)

Flip Rehab: 25-28k (adding 4th BR and bath in basement)

Rent: $1275-1300 a month (was already getting $1250 in "not great" shape, consistently)

Can get 3.99-4.99% money either way I go off line of credit. I worked the BP rental calc and looks like I can cash flow 350-400 a month with allowances for maint., occupancy, etc...  Most I'm likely to make on flip is 10-15k.

Leaning toward keeping as a rental but appreciate any thoughts or strategies.....

Les, I'm happy to join any other groups in the Springs. Just didn't see any listed.  Could you point to any in town?

Hello all from the Colorado Springs, Castle Rock & Pueblo areas....

I wanted to gauge interest in a monthly or every two months meetup to share ideas and network. If so, I'll be happy to scout a good brewery with a backroom somewhere within our area and see about arranging it.

If interested, reply to this post and give a couple of good nights for you.

Happy Investing!