All Forum Posts by: Theresa W.

You're too kind, @Micki M.  too.

Hey @Kevin H. 

Welcome Neighbor!  Hope to see you at one of the monthly Denver meetups at Denver Bicycle Cafe.  They're extremely useful and usually on a Monday night.  Check out one of Anson's posts for the schedule.

@Chris Shipman Golden Ridge is in my neighborhood and I know the owners of that unit personally. Its the highest asking price for one of those units in years. Take a look at Redfin's sold prices in the area for the last 2 years. Others are correct that the hoa dues make this a dead deal. My 2/2 rentals in the same neighborhood are good, but not getting anywhere near $1700/mo. Look into the HOA and see that their water/sewer lines are old and the replacement fund account been underfunded for years. It's the closest ownership opportunity to the west line light rail, and I've been trying to make those condos work for a long time, but it's not there. Just my opinion. PM me if you're interested in more details.

Welcome back @Robert Cuscaden Nice to meet you neighbor, and if you're interested, the Denver meetups organized by Anson are a great benefit.  Hope to see you at one in the next few months!

I realize you're looking for folks with expertise specific to Georgia, which I do not have, but I wanted to offer a suggestion.  In my area, continued use of the multi-family use would make it a legal, non-conforming situation.  That is, if you don't cease to use it as a multi-family, the use would remain legal.  If you cease to use it as the non-conforming use for one year, it reverts to current zoning.  It'll be an uphill battle to rezone it back to something the city/neighbors decided was no longer appropriate. 

Was it being used as multi-family when you bought it? If so, then chase after a legal, non-conforming use letter from the city planning department. If not, then it's likely to stay a SFR. If that's the case, look into whether you could apply for an accessory unit (mother-in-law apartment) as a special use in a SFR zone district. Good luck.

Hi @Andrew Johnson You can search for 'Denver meetup' on the site or set a keyword search for "denver" and you'll get hits on most things local.  I think the next one is October 27th.  cheers!

Welcome @Andrew Johnson 

If you have the time, come to one of the monthly meetups at the Denver Bicycle Cafe.  It's a great group of folks and every single one I've been to has yielded a positive benefit or connection.  They're a smart bunch of people.

A background in structural engineering might be extremely valuable to analyze the bottom of the barrel opportunities that are available in the Denver market.  I've seen many a home that needed some structural repair in the foundation and it would be great to have someone with the ability to eyeball it for a solution.

Best of luck and hope to meet you at one of the meetups!

Theresa

Great meetup/ladies night! The guys missed out!

Thank you @Jon Klaus @Account Closed and everyone else for your feedback.  They did disclose that a 4th rental in a basement of one of the units flooded a few years ago and was deemed uninhabitable.  However, a family is renting the main level and second floor.  Perhaps illegally, I'm guessing.  I do believe that the property will appraise well.  Could it be that the jurisdiction's declaration that a portion of the property is uninhabitable mean that the entire property violates a Fannie/Freddie requirement?

I'll research a source for Fannie/Freddie inspection requirements. Thanks again for your insight.

Hi BP,

I apologize for such a basic question.. I've found a property that I've qualified through my own analysis: the price is right, 100% occupancy, and it cash flows nicely with 20% down. But the realtor says it's "non-financeable" and explains that it won't meet Freddie Mac/Fannie Mae requirements and they will only accept cash offers.  I can see that there's work to be done, but given that it is fully rented (3 units), how is it that I would not be able to secure a loan?

Thanks for your help BPers,

Theresa