All Forum Posts by: Steven Silva

Ok thanks for the clarification. You are probably right. I may not have enough knowledge on closings and be confused. 

That being said, I still have holding costs until this is resolved. So, in the meantime, who pays those costs? title insurance? hazard insurance? 

Title said seller is sending a signed letter saying he will still close on the property, is that enough for me to begin work? 

Have you heard of this? and what can I do? I closed on a house last week, but didn't really close.

I closed on a fix-n-flip in Denver, Colorado (Commerce City to be exact) on Wednesday last week, but title called me the following morning 4/21 telling me I cannot do any work on the property! What should I do? Nothing has changed since then except I have been filled in on a few details which I included below:

Title said: 

"The seller wasn’t aware that his parents held title as tenants in common so when his father passed the property went to his father’s estate 50% and Lydia 50%. The lawyer called today and asked a couple of questions. She said that the seller was meeting with her on Monday to get everything started for the estate. Then it needs to be filed with the court. At that point we are just waiting for the court to issue the letters of appointment. Once we have those, the lawyer will prepare the personal representative’s deed and then we can get this finished up. We are just at the mercy of the court."

Here are my questions that I hope the community can help me with:

• What are the potential outcomes of this? 
• Is this just another risk of being on investor or did title/seller drop the ball?
• Is this something where the closing could be reversed? 
  
  • If so who is responsible for all my costs/opportunity cost?
• Should I begin demo anyways to stay on schedule?
  • If any, what are the repercussions of starting work?
• Should I contact my lawyer?

My holding costs are roughly $57/day. 

We actually talked to my guy and found he won't do the 5% anymore that he did for me a couple years ago. :/ @Account Closed

I have definitely heard of 5% down on a multi-family in Denver, Just did it a couple years ago. I'll send a reference. 

I have connected with an agent there that showed me a few properties that I was not interested in, but may work for you perfectly. Message me. 

I am looking for multi-family in KS as well. Olathe or Overland Park areas, as they are nicer. I'd like to talk to you and maybe even partner up. I have a prospective 18 unit value-add deal there and you may be able to give me your take on it. 

PS I am only looking in KS because I have inlaws there and it would be a great reason to visit them more often. 

@Michael H.

@Jeff B. I was planning on it. But I may be out of town by then. We will see! Hopefully someone locally can answer my questions. I definitely need to get them working. I generally make money on them even with all the maintenance, but I feel like it should  be twice as much. 

Also, are there any energy efficiency rebates on high efficiency machines that make newer models worth purchasing? Where do you purchase your commercial machines from? 

Cheers!

Hi. I have some coin operated machines in a building of mine. I am looking for referrals for a service company that serves the Denver area. 

My current place Has great service, but I just seem to be calling them a lot and I'd like a second opinion. Also, where can I purchase used coin operated machines in the future? It seems these machines go for $750+ per washer/dryer. If one of my machines quits on my I don't think I'd replace it for that cost. 

@Adam D.Thanks. I will look into first bank again. Worth a shot. 

@Nate Wightmanthe property is stable. All rented with year leases. All fixed up. Newer roof, boiler and heating system, new water heater, new kitchens, baths, flooring, top to bottom. 

It's a B class property. I have B tenants in the tenants in the property and is very easy to manage. 

The property cash flows about $300 a month, but with a 5% interest rate would cash flow another $1012/month and that stings.