All Forum Posts by: Morgan Basham

Hello! I’m a Realtor/investor in the Chicagoland area and I have my eyes on a property coming up for auction in Denver…

I purchased a foreclosure in Chicago recently so I have an understanding of the due diligence required and how it works in IL. However, I’m looking to chat with anybody that’s done it in Denver so I can understand any differences/what to expect.

I also have no contacts in Denver so would love to connect with an investor friendly agent, real estate attorney, and someone that’s doing MTRs in Denver (this would likely be my strategy for this auction property.)

Thanks for reading and looking forward to connecting :)

Morgan

@Jonathan Klemm yes that would be great! Thank you!

It flexes when you step on it. We ripped a couple of the bad boards up to see what was going on underneath and the subfloor is rotted.

I just closed on a condo in Uptown and am looking for recommendations for someone that can repair the existing hardwood floors.

In the majority of the unit the floors are in great shape, but there are couple different areas with some soft/damaged spots that need to go. Ideally I’d like to salvage the good parts and just patch what needs to be ripped out and refinish the whole unit to match.

Hi Marci! 

I would suggest getting a list together of all improvements made to the property in the two years you've owned it (especially any CapEx, big ticket items such as a roof replacement, HVAC work, plumbing , electrical work, etc.) and determine how much the new owner could profit monthly/yearly if they were to purchase it after all expenses paid. If improvements/repairs are needed, you could gather details and their costs as well. I would then make sure all of this is noted in the listing for the property, wherever you plan to list it, whether that be on the MLS, Craigslist, one of the various Chicagoland Real Estate Investor Facebook groups (I can send some links if need be), etc. Maybe also share some details of the neighborhood, school district, what's close by, or anything that would attract good tenants. I realize you have one already in place, but good for investors to know for future reference in case she decides to not renew.

I also realize this post was from a little over two weeks ago, but I stumbled across it and wanted to share my thoughts. Also, if you haven't sold it yet, I'd be interested in hearing some more details on the property myself. 

Looking forward to hearing from you either way! 

@Nathan W. Hi Nathan - came across this thread looking for PM recommendations in Muskegon and had a question about your reply. Why is managing properties there difficult? Is it something about the properties/typical tenants themselves or because there isn’t a PM company that operates out of Muskegon that isn’t just one that mainly operates in another area and has extended its range to include Muskegon? Or none of the above?

Any insight would be really helpful for me as I’m currently looking for a duplex to house hack in either Muskegon or Grand Rapids and plan to hire a PM once I move out. Thanks!

@Sean Sloop that’s what I’ve been hearing. Lots of bidding wars and people paying well over asking. Crazy times!

@Connor Anderson Hi Connor - came across this thread and your comment and was wondering if you could share your bank recommendations with me as well? I’m looking to house hack a small multi-family in GR and would like to get pre-approved here soon, so your insight on lenders would be great to have!

@Luke Kamps As someone looking to house hack in Grand Rapids, I appreciate the insight. Congrats on your first deal!

@Salvatore Lentini

Could you expand on some of the risk mitigations you referred to?