All Forum Posts by: Account Closed

@Dorothy Ma it’s a residentially zoned duplex E-TU-C,

It has in the past functioned as and been rented out as a triplex I assume illegally as my experience with this property tells me that the previous owners did a few things that were a little sketch.

I submitted my pre application request today to try and get the ball rolling.

I think the big think here is that I took the marketing and MLS listing at face value as it was listed as a triplex. This obviously played into the valuation of the property as well since they used an income valuation approach and used all three units.

-the property itself is profitable as a triplex but not as a duplex so I am trying to see if the city will work with me here.

-hopefully the city takes these things into consideration when granting a variance.

-if the city won't work with me I have thought about legal options here as well as the listing and MLS sheet may constitute a material fact which factored into the valuation and my decision to purchase. Hopefully it doesn't come down to that.

I am trying to rifle through the messy process of requesting a variance to or re-zoning a current Residential duplex to a triplex in the city of denver. Lawyer Fees seem outrageous to even get someone on a phone to talk to about the feasibility of this and i'm not trying to spend the money to get nowhere. The process seems annoying enough that it warrants professional help. Has any investor had success in rezoning/ requesting a variance to add an additional unit in Denver? Anything helps. 

Hey everyone! I failed to do my homework on an investment property in Denver. Has anyone in the area had success in getting a residentially zoned Duplex Amended to a Triplex? 

I tried the ADU route as the lot size fits but since it's zoned as a duplex it doesn't work and the third nonpermitted unit is the basement unit so the townhome permit doesn't work.

Does anyone in the area recommend using a lawyer to help navigate the process? I don't qualify for it being a triplex given the lot size but the property currently functions as a triplex; the third unit (basement Unit) is not permitted and doesn't have an address. 

Has anyone had any success in this area?

Hi everyone, 

I had a question in regards to serving a notice to move out. 

-i live in Denver CO and have inherited tenants on a month to month. I would like them to vacate because they are breaking some ordinances (too many people in the house, too many dogs)

-I'm not interested in trying to get them to abide by the ordinances vs just getting fresh tenants in. 

anyways with all of this COVID stuff going on does anyone know if I can serve them a notice to vacate the property within colorado statue limits or is there a complete moratorium in place?

They have paid rent so it wouldn't be an eviction based off something like that. 

Thoughts?

I recently closed on a house with some inherited tenants.

Both have pets with no pet addendums or security deposits or increases in rents for these pets. 

One of these tenants is breaking the counties rules on # of pets allowed.

-I am up for keeping them especially in this time we are in but wanted to get some peoples input on this.

Can I retroactively charge security deposits moving forward for the pets that currently live with these tenants... i.e. they are re-signing a new lease with me I'm going to tack this on. ( I think I answered my own question here)

-I was also going to inform them of the state statute and if they don't comply give them a notice to vacate the premises or contact the county for an inspection of the premises.

Second, 

Both the tenants have stuff strung out through the side yards as part of an agreement with the old landlord. 

Apparent they have agreements to utilize things not in their lease.(the shed, closets, etc)

They currently use these things but If they want to continue to do that moving forward i think i am going to charge them or have them move their stuff 

Has anyone ever dealt with this?

@Jimmy Joyce if the deal makes sense go for it. Honolulu days on market may be a little higher right now but if you’re lowballing offers and never get a deal inked you could end up on the sideline when the market bounces back... in the grand scheme of things 20-30k off a 700k property isn’t much. If you’re shooting offers out lower than that as a starting point then you may want to talk to a different realtor. Someone who is more pragmatic.

Once the virus goes away tourism will come back. The tax benefits of owning a property may outweigh lowballing something to say you got 20-40k off the asking price.

also, Funding could dry up In The coming months or it couldn’t. If we hit a recession like in 08 funding requirements changed drastically and you could see something like that. I’m not saying it will happen but it could. 2.75 is a great rate. I would pull the trigger on something with a rate like that

I closed on a triplex today at 3.25 and thought about waiting to get a better rate but the numbers made sense on the house so I went with it.

Be cognizant of all of the residual fees that come along with condo ownership as well.

I lived on Oahu for some time and condo fees and property taxes climb over time. Special assessments suck too.

Also if you know you’re going to sell it in a few years you want to factor in all of the costs to sell it. A 5 percent listing fee which is standard there can be hefty.

Hi everyone, 

I am about to pick up a triplex and am about to close... The seller who is not well organized said they usually collect rents on the 5th (usually).. i close on the third of this month and had some questions about best practice... 

I told them that they should collect the rents that are due on the 1st and prorate the rents for the first couple days and deposit the residual rent into an escrow account...

They want me to collect the rents but I don't think this is a great idea... 

Any thoughts on this one?

Also, one of the tenants has 4 small dogs... The previous owner just let them have them without any pet addendum or collecting a security deposit... 

What would peoples approach be for this? I was thinking keep the tenants and pet and apply a security deposit when I have them re-sign the lease.

Thoughts on these?

@Adam Budgin send me a PM, I am about to do a rehab with a guy here and I like him

Last year I utilized Patch of Land to refinance a loan and ended up with a loan by Cohen Financial a Division of Sun Trust. The rates were relatively high but I was in a pinch to do a refi so I went with it. 

Everything since then has been a circus. I prepaid a year's worth of insurance which the company failed to account for and couldn't give me an explanation for months why I was being double charged for insurance purposes. I get the whole escrowing Insurance payments so that wasn't the issue. They went dark many times over this conversation where I would have to re-engage to get information only to talk to someone that didn't know what was going on. 

I asked over months to have the organization change my mailing address and whatever they recorded was off. This took a formal complaint to a VP to address a simple issue. 

-They then sent my annual statement to only god knows where and then wouldn't re-send something so I could have something in hand when I fly to see my CPA. 

-They replied with a PDF version would be available the day after my meeting with my CPA.  

Customer service and basic requests for information have been awful so I would highly recommend avoiding this company if possible when it comes to them servicing your loan. 

@brian 

@Brian Nel I'm not sure what the actual rules are about a primary residence in how many days you have to actually physically be at or sleep at that location. There are obviously some loopholes especially with people who travel 24/7 for work. If they're gone all the time but it's their personal residence I would imagine that this skirts the rules but it goes to craig and james point that people do this at their own risk.