All Forum Posts by: Michael Brockway

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Wheat Ridge.

Purchase price: $900,000
Cash invested: $100,000

Purchased at $900k. Put about $100k of rehab into the deal, and added a 4th mother-in-law unit. The property will cash flow about $4k per month. 

I agree!!! Craig asked some really good questions. It would be awesome to see him as the host going forward! He also worked at BP for years. 

How is the water still on? Have you been paying it or has the city decided not to shut it off due to covid? No water might help get them out. Talk to the city to see when they are going to evict again, talk to an attorney, etc., before making a decision. I'm not an expert but until they pay what they owe (full amount) I don't see why you have to forgive the eviction. 

That sounds like a great deal @Mike Lambert . Would love to get in on that! 

@Jonathan Paz yeah Ill be in town for a bit! Visiting Kaui for a few days but I'll be back by the12th. Happy to meet up, you pick the spot! 518-524-9908. I'll put it on my calendar now so I don't forget. Maybe we can play some golf with @David Pere on his private course ;) 

@Francisco Cimon I'm trying to purchase land on a lake and build on it. 

@Mike Lambert thanks again for the info!!! I hope all is well. 

Thanks for the info @Aaron Poling , @Tarik Turner, and @Michele B. !! I would be using the existing structure for storage for an existing business (which could pay rent to my RE entity), and hopefully building on the land in the long run once the neighborhood becomes more attractive. LTV would be as high as I can get, depending on the loan that makes the most sense. My back up option is to just purchase it with HELOC dollars but then that cash is tied up.

I'm flying in just in time for this! @David Pere @Jonathan Paz 

Hi All - I recently saw a lot in my neighborhood hit the market BUT my mortgage guy said he can't finance it because there is no dwelling on it. I then reached out to someone who does loans for land and they can NOT finance it because it has a vacant garage/shop on it. 

Has anyone run into this issue before? What's the best play if I do not want to knock the garage down? 

Looking forward to the networking and surfing!