All Forum Posts by: Maria Bakaj

@Jeffrey Evans, think about or find out what makes her excited about homes.  Does she enjoy renovation projects? Or is she focused on the bottom line?  Once you figure it out present it to her in that way.  If she likes reno, let her pick all or the finishings or let her knock down some walls if it makes sense.  If she's focused on bottom line, then spell it out to her in a spreadsheet, worst case and best case. Create a presentation and a project plan.  Do your research on actual costs (not just google, call contractors). Think about timelines, taxes, the responsibility of being a landlord.  It doesn't seem as though she's not supportive, but rather you haven't given her a good enough reason to be supportive.  Your wife is an investor in your project, you must treat her like one.

If you do full due diligence and create a plan, even if you fail, at least she will know that you thought through things and weren't riding high on the promise of making millions through RE investing and using fuzzy math.

@Bob Foglia I agree with most everyone else, sell the property vacant.  Buyers are looking for properties that have had some reno done and they are paying a premium for it.  It's important to do the reno right and not cut corners.  Buyers do notice a shoddy job.  If you don't want to front the cash for reno, there are brokerages that will do that for you.  I work for Coldwell Banker and they have a program for this, it's pretty awesome.

The market is so hot, and buyers are so desperate that some are offering with no inspection.  If your property happens to be in a less than desirable location, i.e. close to a major road, now is a great time to sell as buyers are making compromises.  That being said, selling it occupied is unattractive to non-investor buyers and even investors aren't looking to inherit tenants right now.

@Shanelle Sherlin I know a Realtor who works in the area, I can pass along his information if you're interested in picking his brain about the market in Eagle County.

@Kristina Dobyns 

@Steve K. spelled everything out really well about CO.  Boulder is always competitive but at the moment it is extremely difficult.  The surrounding areas of Boulder are just as great and there are more options as you move towards Denver.  If you want to be nestled close to the foothills there's always Arvada, Golden, Lakewood and Littleton.  That being said, it all depends on how much you would like to spend.  If you want to make Boulder happen, you certainly can.  As Steve pointed out, historically it's been steady in appreciation.

@Keegan McGlynn There are good areas in each of those states.  I'll refrain from input on specifics as I haven't been involved in the Northeast in a few years.  When ultimately making your decision, I would recommend staying away from areas that have negative population growth and areas lacking diversity in employment.  I have seen markets not recover from downturns. 

NC is very popular right now.  You can potentially get your cashflow and appreciation. 

@John T. Adams Definitely do Zillow, Redfin and your local MLS. You should ask a local Realtor to send out a flyer to all the agents in your area highlighting the property and mentioning the previous use. It may cost you a small fee but will get your property out there.

@David White I found mine from posts on BP.  You can start a post but be sure to include the location so members who have notifications setup for your area can get a ping about your post.

You should definitely call a few and speak with them since they all have different fee structures. 

Good Luck!

@Keegan McGlynn Would you mind sharing why you are interested in the areas you mentioned.

@Janelle K. The only pro I can think of is you'll get the home for a steep discount and the foundation problems aren't so bad where the repair costs significantly less than you expect. Upon repair you end up having some "equity" in the home.

@Parker Eberhard $1 million cash in I'd either:

Scenario A

1) Purchase a CO mountain property ~$700,000 to short term rent out. 20% down for a second home loan + closing costs =~$150,000.

2)Purchase a small multifamily in Denver Metro ~$1,000,000. 30% down + closing costs =$ 320,000.

3)Duplex in Denver (with correct zoning) in top neighborhood that can be scraped one day but rented now ~$900,000. 30% down + closing costs = $290,000.

4) Note invest the remainder ~$240,000.

Scenario B

Purchase one large multifamily property financed in either NC or CO.