All Forum Posts by: Mike Girenko

If I remember correctly, i got 7/30 arm

Grace Property Management: https://www.rentgrace.com/

I still have mine, a studio in Aurora, CO. But I only got it two years ago, so it probably does not count : )

Hi all,

In Colorado, can I keep security deposit if my tenant breaks lease? My lease states that there is a lease termination fee and tenant also has to pay rent till new tenant moves in. But my current tenant will not pay the termination fee and will not pay rent (simply because tenant does not have money), so wanted to know if I can keep security deposit to cover these.

Thank you!

@Jason Bott I would choose lower limit, but insurance company does not allow anything lower. And yes, it will be more than enough to rebuild it

Hello all, 

I am paying $426 / year for a 500 sq ft 1-bdrm condo in Aurora, CO. The coverage is $40,000 for condo unit and $500,000 for liability. Does this price seem reasonable? I could not find a better price, but still thinking it is a bit too much

Hello BP community,

A question about using real estate attorney... I found a For Sale by Owner property which looks interesting. Should I use a real estate agent to purchase it, or a real estate attorney? I understand that I will need to pay an agent his commission, but will it be more or less expensive than using an attorney? Any other advantages if I use attorney and not an agent?

Thank you!

Thank you for your advice Linda. I did get portfolio loan from First Bank and purchased that condo. Finally : )

Thank you for your reply Linda. I already contacted First Bank. But it does not solve my problem of losing money, unfortunately.

Hello everyone. Wanted to get an opinion on my current situation…

I am in the process of purchasing a condo, which I am planning on renting out. I have to get an investment loan because this will not be my primary residence. Seller's agent, my agent, and my loan person were all aware of it. There is no issue with my credit, loan preapproval, or down payment. My agent and loan officer contacted seller's agent and HOA and verbally confirmed that there will be no issues with getting an investment loan, the condo was not under litigation, and that the ratio of owner's to renter's was in line. With 10 days left before the closing my loan officer informed me that my loan will be declined because this apartment complex has 70% of rental units. And I will most likely lose the money spent to date. Property inspection, condo certificate, and property appraisal added up to around $1000. Which I would hate to lose because I do not feel like I did anything wrong. It looks like my loan officer ordered property appraisal before getting condo certificate – not sure if this is normal or not. My question is – do I have any way to recover the money which I spend so far? Thank you all for advance. Mike