All Forum Posts by: Mark Spidell

@Kelton Johnson Here are some thoughts for you:

1. Be sure to read the HOA rules and regulations, particularly on renting.

2. Have you thought about renting this unit by the month or as a short term vacation rental?  I have units that I use both of those strategies and it can be profitable and attracts better tenants.

3. Are there any other units available in the complex?  If you can obtain a few, you could create a nice micro business within the complex?  Perhaps you could try another, but limit the upgrades some.

4. What type of person is renting currently?  

I sent you a message.

@Curtis Yoder I did not intend to "rip" @Arthur Jenkins.  If that was the comprehension by anyone, then I must apologize.  Far too much time and money is wasted on gurus selling dreams to people.  The targets are generally folks that trying to make a change in their lives and money is usually not abundant.  I don't know Arthur, but from his profile he looks to be fairly new to the business and I was just trying to reinforce his gut feeling.  Depending on a person's situation, the persuasion to sign up with a guru can be pretty intense.  My advice is always to stay as far away as possible unless you have a lot of discipline.      

You might post it for sale on BP.  It will cost around 6% plus closing related costs to sell it.  That difference might be enough to justify selling it to a investor without having a broker involved.  

If it is not a good investment property, just take your lumps and move on.  The Grand Junction economy is still not great in my opinion, but the summer home selling season should be a bit better than last year. 

Looks like a duck and sounds like a duck.  Save your money for a down payment on a property.

Are the two units able to be sold separately?  Think hard about the two phases of the project.  Phase one is purchasing a value add property that needs work.  Phase two is obtaining renters and long term financing.  

Could ask the owner of the duplex to do a owner finance of 90% for 1 or 2 years.  Either offer slight more for the property and / or offer a good interest rate.  By the time the year is up you could be in a better position to get a 30 year fixed rate loan on it.

Have you looking into a SBA 504 loan?  Might be a better route for you, but might not fit this property.

It is good you are asking for some advice.  If you put all the risk on him as far as his repayment is based on the rental income from the rest of the property, then it might be worth looking at.

Awesome!  Welcome to the club of working based on your own terms.  There will still be tough days, but at least you are in control!

I had a similar situation recently in the South Dallas metro area.  Previous owner was a senior.