All Forum Posts by: Theresa W.

Thanks @Troy Owen - I didn't realize it was a 3 BR.. I grew up there, but have been shell-shocked at what my relatives pay in taxes.  Still, a good deal if the numbers work.. Thanks!

Two things come to mind: Ask to see a lease or proof of rent - $850 is a bit high, depending on the location. Also, don't forget to include the property taxes which are also higher. I looked at a $50k home in South Milwaukee yesterday and taxes were about $1,400/yr. My relatives that invest in REI there are pretty picky depending on the neighborhoods. Good luck!

Welcome @Eddie Mowrer and @Ryan Dickinson  It would be great to meet you in person at one of the Denver meetups - the next is August 28th.  Look for Anson's meetup posts for details.

Looking forward to it!  Awesome group of people and worth every minute.  See you there.

Theresa

See you then!

Could you post, "Choose Your Finishes!"?  It might get people engaged sooner and more likely to jump in early for the opportunity for their preferences.  Now, I'm not advocating for allowing a lot of options - that could derail your timeline.  You might be well into orders for cabinets, flooring, & appliances by the time someone asks about options (wink, wink), but now they're interested and maybe you could squeeze in a different backsplash or paint colors.  For the buyer, it's about visualizing what could be there, not what is.

Thanks for this.  I'm bummed not to make it, but will be on a hike in the middle of the desert.  Happy meetup and see you in July!

Theresa

Hi @Santiago Castillo and nice to see another Denverite. What kind of properties are you thinking about starting out with? Consider attending the upcoming REI meetings in Uptown. Hope to see you there.

Hi @David P. My leases follow the Colorado Residential Lease Agreement template on the State website which doesn't list a fee, it simply states,

In the event that any payment required to be paid by Tenant hereunder is not made within three (3) days of when due, Tenant shall pay to Landlord, in addition to such payment or other charges due hereunder, a "late fee" in the amount of ____ dollars ($__)

In my leases, I charge "10% of the regular monthly rent, with an additional late fee of $3.00 per day being imposed for each additional day that the full amount of the monthly rent remains unpaid." In hindsight, $3 seems a bit useless or arbitrary, but I think the 10% would be effective. Not sure as I've never had a late payment. Good luck!

Hi @Forrest Rohde

Is this an actual deeded lot or what is more typical of mobile home parks: you're renting the lot? If it's renting (for $475), this isn't an "entry level property", it's depreciating personal property. If $475 is HOA dues, then there's little room to build equity here. With the age of the trailer, your capex costs will be high. Your rental market may be folks on a fixed income. Consider the costs if you have to move or demolish the trailer. I've looked at deeded mobile home lots in my state and think there's potential, but it's a different analysis than traditional sfrs. Best of luck to you.