All Forum Posts by: Sarah Humbargar

Thanks Ryan, I'll reach out to Colin.

I have a rental property turnover coming up in early July in Colorado Springs and I happen to have already scheduled a vacation during the time when I'll need to turnover the house (bad planning on my part). I manage the property on my own and am not interested in handing over all the management to a property manager. I am anticipating having a tenant already lined up and ready to move in when the current tenants vacate, but I'd like to have a company come in and basically get it ready and hand over the keys to the new tenant so I can enjoy my vacation and know all is taken care of. So it's more than a cleaning service, but less than a full property management turnover service. I already have a strong lease and have successfully pre-leased the property every year I have owned it on my own. Any suggestions on what companies to reach out to in the Colorado Springs area for this, and is there a name for this kind of service? 

Does anyone have experience with building a new unit on an R2 zoned property in Colorado Springs under the new ADU code? Anyone worked with Colorado Springs Utilities on connecting a new ADU? We are considering adding a unit to the backside of one of our rentals, preferably an above garage apartment or some sort of tiny house style unit and I'm curious if anyone out there in the BP has done it here. How'd it go? How much were your tap fees? Did the economics work?

There's a company called Liscott Custom Homes in Castle Rock that did some really interesting modular infill units in Colorado Springs on East Kiowa St, they turned out beautifully. 

Sounds like it could be a good opportunity! What can you rent a 2 bed 1 bath for in that area? How about a 3 bed 2 bath? 

Matt, 

Are you planning to develop the property yourself or bring in a development partner? What does your zoning allow for total number of units you can build on the 5 lots? Do you have to re-plat them, or are you looking to maximize your zoning on each individual lot? What's the cost to actually connect to and use the utilities, how much are your tap fees? I am assuming your $50,000 cash is after you've purchased the 5 lots for $20,000,  are you planning to use that for construction financing and is the bank offering those terms for construction costs? If so, how many "nicer units"  can you built for around $300,000? If construction costs are similar to anywhere else in the country right now... you need a well capitalized partner to truly deliver highest and best use. Make sure you understand your costs of the entire project before closing on the land. Land doesn't deliver long term passive cash flow unless it has something rentable on it.  

-Sarah

Thanks everyone, this has been really helpful. I think we are going to take the 1031 track since we are looking to continue our investments, but I appreciate the insight on our situation! Lesson learned.  

-Sarah

When my husband and I got married, I had my own house and we decided to rent it out and move into his place. It's been a great little income producer, but we are looking to get into commercial properties rather than single family rentals. The house was also completely gutted and redone in 2014, so I want to sell while it is still in newer condition. I purchased the house in October 2014, and moved out and started renting it in July of 2016, and have been taking depreciation. If we wanted to sell in 2018, we would either need to pay capital gains on the sale or do a 1031 on the property since I moved out before a full 2 years of residency. Has anyone been in this situation and moved back into the home for a few months to qualify under the 2 -5 exclusion? Since we are planning to put the gains into a new investment property, we would probably do a 1031 but it would be nice to not be required to do it this way and save a little cost.  Any input would be appreciated!