All Forum Posts by: Sam Dangremond

"Is there a way to renegotiate after the initial contract that does not involve terminating?"

Unfortunately no.  Your ability to walk away from a deal is always the best negotiating tactic.  But that's fine, RE investor routinely have to try for a great many deals before the right one goes all the way through.

"Since both sellers had provided misinformation about the rent, I felt the letter asking for rent verification would be useful."

If you are buying an investment property with an existing tenant in it, you should absolutely get a copy of the lease.  I ask for these before even writing an offer.  If it's empty, and you just want to figure out how much rent it will make... there are a variety of tools to help you estimate rent: Zillow rent estimate, rentometer.com, Rent Range, etc.  You can try asking a local property manager, but if you're not planning on using them to manage the property they'll probably not be eager to help for free.

All the best!

- Sam

That was a heck of a post!
I'm an investor in Pueblo. A couple of things:

1. I'm surprised a $40k house wouldn't cash flow at $750.  If there's no big repairs to factor into the basis, it should in my experience.  

2. one great inspector in Pueblo is "Pillar to Post of Pueblo".

3. if you can save $15k in 6 months, I would keep saving for another 6 months to have enough to buy something for all cash in Pueblo.
4. you are always, always going to find problems. That electrical panel shouldn't have broken the deal, you should have just negotiated the ~$2k cost for an all new panel.  You as the investor have to find *solutions* to these types of the problems, and run the numbers.

Best of luck!
- Sam

It's not on your profile for us randoms to be able to see, either.

https://i.imgur.com/zpxeUkC.jpg

BP is kinda annoying on this, yell at Brandon.  

Just now saw your post.  If you're still in need of folks...

I use Jones Healy realtors for property management: http://www.jones-healy.com/

Another property manager that's big in Pueblo is Ideal Management: http://idealmanagementonline.com/

All the best!

- Sam

I'd love to chat when you're in Pueblo CO on 7/1.

Pueblo is a pretty small city, so there aren't a ton of BP members here... but I'm happy to volunteer to organize and try to round up a few folks if no one else has offered.

I use Jones Healy realtors: http://www.jones-healy.com/

Another one that's big in Pueblo is Ideal Management: http://idealmanagementonline.com/

All the best!

 - Sam

Thank you @Bill S. - I am also in Colorado these days.   (I should update my profile here.)

Specifically, I'm also in Pueblo CO.  

I hadn't heard of an investor becoming their own GC before.  Any links/search terms I should use to find where to do this in my local city?

Thanks!

@Michael Wentzel - "get your own license. It's not hard for SFH. Working on residential (SFH) does not require much paperwork and there are classes to help you pass the test."

Are you talking about becoming a General Contractor? Can you help the rest of us understand this better?  Thanks!

 - Sam

Gotcha.

Yes, I own four investment properties in Pueblo.  In the process of doing some rehab on several of them now... today is windows day, fun times.

 - Sam 

You need a permit to add a closet? Hmm, I'll probably try to fly under the radar on that one type of thing personally.

One very high recommended GC in Pueblo is Daniel at Blue RIver Home Improvement: 

http://www.blueriverhomeimprovement.com/

I've had occasion for him to do a couple of quotes for me, but I haven't gone ahead on those projects yet so I can't vouch firsthand... but multiple people I trust have recommended him.