All Forum Posts by: Randy Rought

I checked out the pictures of your finished project. Very nice... Then I checked out the before pics.. I have to really upgrade that comment to Awesome.. Miracle worker... I am really impressed with amount of improvement you made.. Awesome Awesome Awesome...

I bought a foreclosure Condo (2 bed/1 bath) in Colorado Springs a while back for $50K cash. We have been renovating it and I have been doing the work myself because right now I have the time and luckily enough the talent. We have been flip-flopping back and forth between renting it out, or outright selling it. We live about an hour north of the condo, and if we rented it out, I would be the Property Manager.

This is a nicely renovated 860 sf, 2 bedroom, 1 bath, fireplace, reserved parking space, trash included in HOA.

If we rent it out, we would be able to get ~$725 month, with $175 HOA fees. It is a gated community, and has well kept externals (newly paved road & parking; well trimmed yards). There are no other real community amenities.

We estimate the ARV price is $75,000 and our renovation costs were $8500.

What are everyone’s thoughts – would you rent it out or sell it?

I would recommend flipping a smaller place like a 2 bed/1 bath as a starting investment - a training property.  You can learn so much, and the cost isn't as high as a larger property. Learn to wade before you learn to swim.

This summer I picked up my first investment property - a foreclosure condo (2 bed/1 bath).  It was in good shape structurally, but very VERY dirty (smoker) and in need of some basic upgrades. I renovated the bathroom, flooring, countertops, minor electrical work, some minor plumbing, swap out of the kitchen appliances, inspection of the furnace and fireplace, and basically clean it up before being painted.  I think that a smaller place was a perfect learning property. I learned just how easy it was to underestimated renovation costs and time (even though I did the majority of the work myself). I learned about keeping track of my budgeting, expenses, man hours, and travel. I learned that some things need to be ordered before you are ready for them. One major item which has resulted in a long delay is getting countertops. I am ready for them now (thinking I could have them installed in a week), and  it will be a 3-4 weeks minimum wait. At least 2 weeks just to get them measured and a couple of weeks to get made. I wanted to put in hardwood flooring, but I learned that there were some high spots (ridges) that would not allow me to install wood flooring, so I had to change midcourse and put in carpeting. I will be waiting on carpeting for at least a week or so. If I would have had the place measured earlier in the renovation, I would have it on the market this week. 

I like the concept of starting small and working your way up to the larger deals.

My wife and I would like to attend the 10-yr party in Denver on 22 Oct 14. See everyone there....

Randy & Bonnie Rought

To be a property manager for others in Colorado, you DO need the Real Estate license. Years ago, being a property manager was what I planned on doing for my retirement gig. Handle a few properties for other owners, minor repairs, find new tenants, and rake in 10% .

Here in Colorado, you need to have a real estate license, and in order to get your license you need to go through what basically amounts to an apprenticeship for two years (associate), before you can have your own firm.  If you are the property owner, you can manage your own properties without the license. There are some great on-line real estate courses, and I have found the information within them has really been helpful for my investment business.

For the new investor who is managing just a few rental properties, what software would you recommend?

Does anyone have a recommendation for a plumber in Colorado Springs?

Ryan/Louis

Is there a charge for attending the Pine Financial?

Ryan,

Do you have any information on the CSREIC?  Time/place/location/cost?

Appreciate it, Randy

Is there anyone that can personally recommend some tradesmen within the Colorado Springs area? I am in need of the following:

     Electrician

     Furnace inspection and Repair

     Gas Fireplace Inspection and Repair

     Plumbing

Thanks,

Randy Rought

[email protected]

I took possession of a foreclosure property today in Colorado Springs (El Paso county). The place was not empty, but appears deserted. The water and electric is off and the fridge still has food in it... uugggh. There was a couple of old couches, twin bed, some older electronics and power tools left in the place. The neighbor stated she had not seen anyone for quite a while. I talked to the civil division at the county sheriff and they said to put a 3-day notice on the place, and the next step is to go through the eviction process (even with no one living there. Has anyone been through this same issue? Any comments or suggestions?