All Forum Posts by: Seth Kristian

Quote from @Nathan Gesner:

Why share hypotheticals when there are hundreds of real-world scenarios posted every day? We can all read those and share advice on how we would do things differently/better.

 I cant argue with that! So why not post some more right here? The point of hypotheticals is because no investor is the same and not every investment is made for the purpose of becoming an investor. Since not all start out in the same place with the same resources, i thought it would be interesting to hear various opinions insofar as the underlying psychology to ones' strategy. Obviously it wasn't that interesting though. Maybe next time

Thank you ahead of time for taking the time to post your thoughts on the following inquiry. I just wanted to take a few minutes to propose a thought experiment in hopes of sparking a discussion on what the practical strategies to achieving financial success are and what the necessary disciplines one must apply to get there. Practical strategies, in this case, can assume a starting point for a person with "x amount" to invest and is ready to start today. What do they do? Assigning your own value to "x" will affect the roadmap - What are your best/worst case scenarios, what is "x" for each scenario and what does the roadmap look like for each? For this purpose lets presuppose discipline as the barrier to entry or antecedent to strategy, at least any plausible one. What does it look like with a 45k salary for single mom with zero investment experience that just received an inheritance of "x", or the 80k salary for a single income household with 3 kids, a < 2k/mo mortgage?

If this isn't interesting enough, posit your own variables but try and keep them realistic. The idea behind this isn't novel of course, but a way to circumvent the endless and crowded sea of opinions and narrative shaping charlatans that make their daily bread by deluding the curious minds of some vague one-size-fits-all approach... but oak trees don't grow over night. 

If its interesting, lets hear what you have to say! 

Cheers, Big Ears

Quote from @James Carlson:

Quote from @Seth Kristian:

Quote from @Jeff Dehning:

Hey Seth, 

Any update on the final portion of your appeal? 

My situation sounds exactly like yours. Reapplied in October, still havent been approved or denied. Wondering if I should go through the appeal process or not when the time comes. 

 it became blatantly obvious that at least the attorney from the DA office and the hearing arbiter were ideologically motivated. 

I call BS.

It's an easy applause line to decry "government overreach" when it comes to STR laws.

But you admitted over on this thread that you rented another property to live in to keep Airbnb-ing your home. At some point you say you were up to 90% occupancy.

Even under Denver's admittedly vague definition of "primary residence," what you did doesn't pass the smell test. 

If you don't like the short-term rental law, that's one thing. But there's no question that you were in violation of that law.

Yeah, im kind of an idiot. Can you point out that law again for me? I should refresh my memory

Quote from @Henry T.:

This sounds horrible and frustrating. You jump thru all the hoops, doing everything right, and this happens. If enough of this happens people will go underground and figure a new way of STR.

 How much do you know about raw land? I might have some pretty creative work arounds but haven’t tested them out yet.

Or, maybe its time to start putting STR Micronations together

Quote from @Chad McMahan:

Quote from @Seth Kristian:

No idea about renewal but since the denial came following the hearing, which takes places only after you appeal the initial denial.. im guessing no. 

I got out of denver county. I sold my business and properties and am never going back. Long term (29+) days was a joke. I gave it a few months and completely gassed out. Not worth it in my opinion.

Take the 30,000ft view here and ask yourself who is in charge. What is private property and does that actually exist anymore? If its private property then who is to say what you can and cannot do with it insofar as renting it out, be it short term, long term or if you just want to leave it empty to collect dust. 

Each municipality makes these incremental steps as a way of slowly gaining that control, BUT must correspond with state constitution. It doesnt, and hasnt for a long time but my days of trying to waste my breath in efforts of getting others to not only see the errors in the law (cough, “codes”) but the overarching implications and control which some BS municipality will have over what they believe to be their “private property” by any definition i can find, is not. 

If there were such a definition, or such a law or any remnant of protection of private property, you would not be able to point out the dramatically disparate “allowances” between each county as they would all be bound to such a law. Unless of course there is simply no moral imperative left to do such a thing, be there a law or not. To cry out corruption is laughable at this point as corruption is the status quo. 

CO is one of my favorite states- I absolutely love it there. But I avoid buying STR's in CO, due to state shenanigans. AZ is a much safer bet for landlords/buyers.

100% True Story!! I dont know much about AZ outside of the time I spent in school there. Colorado… favorite state for sure. Currently living in Evergreen and couldnt find a better area to live, but im done with STR's here for sure!

Exactly but the Daly case was able to show that FRL wasnt even taking place as First National’s consideration in the note had no origin. FRL would imply that portions of (9/10ths?) other members’ deposits are used to make loans to other applications and in this case would serve as the bank’s consideration in Daly’s note. Daly proved that this never took place and that all the bank was doing was converting his promissory note (the value) into credit and assigning themselves as beneficiaries to his promissory note and subsequently separating it from the deed. The bank never anted up anything of value, then by separating the note from the deed they forfeited any authority to foreclose.. Only they never inform the “borrower” of any of this. Moreover i believe First National admitted that although no law permits this practice (unjust enrichment) claimed that Daly had tacitly or otherwise consented by way of making payments on his mortgage for so many months. Anyhow, interested in your thoughts..

I have not seen anything on the case being overturned, however have seen the ruling vacated or set aside as Daly went on a bit of a warpath following that decision. See below. I’ll check out that case you sent today! Thanks for sending

Jerome Daly, 291 Minn. 488, 189 N.W.2d 176 (1971)

https://mncourts.libguides.com/ld.php?content_id=69028026

No idea about renewal but since the denial came following the hearing, which takes places only after you appeal the initial denial.. im guessing no. 

I got out of denver county. I sold my business and properties and am never going back. Long term (29+) days was a joke. I gave it a few months and completely gassed out. Not worth it in my opinion.

Take the 30,000ft view here and ask yourself who is in charge. What is private property and does that actually exist anymore? If its private property then who is to say what you can and cannot do with it insofar as renting it out, be it short term, long term or if you just want to leave it empty to collect dust. 

Each municipality makes these incremental steps as a way of slowly gaining that control, BUT must correspond with state constitution. It doesnt, and hasnt for a long time but my days of trying to waste my breath in efforts of getting others to not only see the errors in the law (cough, “codes”) but the overarching implications and control which some BS municipality will have over what they believe to be their “private property” by any definition i can find, is not. 

If there were such a definition, or such a law or any remnant of protection of private property, you would not be able to point out the dramatically disparate “allowances” between each county as they would all be bound to such a law. Unless of course there is simply no moral imperative left to do such a thing, be there a law or not. To cry out corruption is laughable at this point as corruption is the status quo. 

Quote from @Jeff Dehning:

Hey Seth, 

Any update on the final portion of your appeal? 

My situation sounds exactly like yours. Reapplied in October, still havent been approved or denied. Wondering if I should go through the appeal process or not when the time comes. 

They took it. Horrible arguments from the DA that were full of holes and contradictions but in the end it became blatantly obvious that at least the attorney from the DA office and the hearing arbiter were ideologically motivated. My arguments were simple.. Find the definition of “primary residence” in law, and define it for me… They would not or could not and only pointed out how within the city code, for that section specifically that the director “has interpreted” primary residence to mean one’s normal place of return… again, thats not even a definition. It’s where you register to vote and your mailing address… not where you live 365 days a year. Anyhow, its their belief that hosts are exacerbating the housing problem and theyre doing God’s work as good little apparats for the city by taking us out, one by one

Admittedly, im just a simple bloke and all-things-real-estate and perhaps paleo monetary enthusiast. I came across this case nearly a decade ago and in that time I’ve yet to find a single RE attorney, broker, agent or investor that has ever heard of it. I wanted to post it just to pique some interest and hope to hear some opinions as it covers two of my favorite subjects. Its a case from Montgomery, MN from the late 1960’s and once you read the case, i believe, that like myself you’ll no longer wonder why its not discussed in law school, let alone your local boutique RE schools. Jerome Daly, an attorney and defendant in this case, had handled his defense pro se against First National Bank, the plaintiff. I wont spoil it for you. Go ahead and read, search and read again. Looking forward to any response. 

What do you think? 

Quote from @Kevin Olson:

Quote from @Seth Kristian:

Curious if you had your hearing yet, any updates?  I had wanted to get into STRs in the denver area, but may need to reconsider

 Hey Kevin, yes i did have my hearing about two weeks ago. Its all done over zoom, presided by a hearing officer and some pent up attorney from the DA’s office with an axe to grind or maybe hes been incentivized in other ways. The hearing was a joke, and as predicted and noted in the earlier post, in spite of not showing me any law the city recommended action for revocation to the director. I submitted evidence refuting the mail issue, being in arrears etc… so they couldnt use any of their evidence from the highly over paid (by your taxes) AI analytics which produced that evidence and they decided i didnt meet my burden of proof because the airbnb was rented out for too many nights out of the year. 

Note: there is nothing regulating the number of nights per year an STR can be booked, only a recommendation by some ex-host now E&L employee's recommendation for 183 days, though at no time will that be cited in proceedings, but seems its certainly being used against 200 or so denver hosts this year alone. So, active duty military, big pharmacy salesman, contractor, or just a traveling trust fund kid, where you are gone the majority of each year but still consider "x-city" to be your primary home/place of return, you'll be stripped of your license. Even if its your only home and an STR is how you cover the cost to keep said home.

Anyhow, i have a couple more days to appeal, and am in the process as we speak. Ill update later. IF I AM WRONG, can someone please point to me where EXACTLY in the CRS that it states anything about a specific number of nights per year booked and where that does not conflict with this home being your primary place of return i.e., guys lives in his car in the back alley so he can rent out his house as an alternative to losing it because (reasons), is this not his primary residence? Too frustrated to think clearly, but will update later. Cheers Kevin!