All Forum Posts by: Ryan Coburn

I've been using erentpayment for a number of years on multiple properties.  It's now coming up on a month and still no funds.  I get the runaround from erentpayment and from CheckCommerce which, as I understand, now holds my funds hostage.  I've now inconvenienced my tenants to spend time at the bank trying to get the transaction reversed (per erentpayment's direction) and have not had success in getting their funds returned.  Not sure what legal recourse there is or if there is a class action option available.  Has anyone checked out these options?

Thank you for the referrals.  It is nice to have a strong bench.

Mark, Welcome to the community!

Linval, thank you for the great list of resources!

The property is off of Garden of the Gods, west of I25 so it is in the burbs.  My contractor wants to keep it and my agent says ditch it.  I'm inclined to believe that the FP is more of a hassle than not.  In reality, I doubt it would get much use, does pollute, and a younger buyer would be happier with something more efficient.  

Thank you for your feedback!

Until I have my own war chest put together, I'll continue using hard money.

This project closed a couple months ago, but I thought I'd give my after action review.

Acquired a bank-owned ranch style townhouse. Structurally, it was sound, smelled like the animals were never let outside, small galley-style kitchen, very worn wood deck. Other than it being really gross, it was already habitable. 70% ARV financed with a hard money lender. I funded the ~5k in closing costs and the float between the time I paid the contractors and the time I was reimbursed from the HML's escrow account.

We replaced the windows, sliding glass door, demoed the "bar" in the basement, updated the bathrooms including tile surrounds in the shower and bath, and added new carpet.  We opened the back wall of the kitchen to allow access from different areas of the house which lost little and made it feel much larger.

My take aways:

• Not having a limit on my AMEX comes in very handy
• two 24" vanities cost a lot less than a 48" vanity and look okay when put side by side
• Neighbors were so happy to have the unit updated that they came over with plants and put them in themselves
• Super thick deck paint filled in the pits in the deck so we only replaced a couple broken boards
• Home Depot really has some good kitchen cabinets
• A crappy carpet install can mean a lot of rework to repair baseboards
• Dig the window well out 6" below the bottom of the window frame and make sure the window is sealed well.  During a thunderstorm I had a small river of water find its way between a gap in the frame.  The window frame was at the dirt level.
• The absence of an AC unit is not a deal breaker
• Kilz on the subfloor really helps eliminate pet odors
• Peel and stick tiles have come a long way and look good.  Get the ones which hold a grout line.
• Make sure you attach the anti-tip strap to the oven before the inspection
• Make sure you have some cash available to pay for the contractor while waiting for the draw amount to be wired to your account.  (this is proving to be key on my current project)
• The hard money lender will want to make sure that you have enough funds to cover the interest payments for at least a couple months, will use their own appraiser and fund based on that appraised value (using our designs to calculate the ARV).

We had a cash offer of our target amount ($165k) within two weeks.  Total profit was ~$20k.

I am about to start a rehab in Colorado and have been discussing a design idea with my contractor who lives in the city.  I have a small bedroom (queen size bed at most) with attached bath and am considering to make it into a master suite.  I could add a small walk-in closet or add a larger closet which would require demo of a wood burning fireplace.  

I'm looking for a sanity check on my assumptions:

My belief is that a minimum walk in closet (or any closet) would have space for ~18 linear ft of shelving.  Does that seem about right?  Is that too small for two people?

Does a master suite outweigh a wood-burning fireplace? (my thought is no.)

What would you consider the smallest size for a master suite?

Thanks

Ryan

I'll keep an eye out for the different meetings and Meetups around the area.

I've always been interested in architecture and houses and while the trig classes as an undergraduate in Architecture ensured that I wouldn't be the next Frank Lloyd Wright, my love of design still stays with me.  

Outside of real estate, my career has spanned management consulting, private equity, corporate finance and marketing strategy.  In October 2014 I opened the doors of my executive suite business.  In 2012, at the suggestion of my financial advisor, I picked up a couple rental properties in Highlands Ranch and they've performed quite well.  Since then the RE bug bit hard and I've partnered with a real estate agent to flip in CO Springs.  As a team, we have one under our belt, two in construction and will be buying a fourth in the next week.  This has all happened in the past 5 months!  

My intention is to increase cash flow by wholesaling while also working on flips.  I love adding value to distressed homes and how it helps families find a home to live and build up the surrounding community.

I know that I have a lot to learn and I look forward to your advice and coaching.  

Ryan

Thank you all for your input.  I did review the initial lease which indicates that there is to be no painting unless the landlord authorizes it.  I have nothing indicating that it was authorized.  I have also reached out to an attorney to double check what options I have here in Colorado.  

Ryan