All Forum Posts by: Account Closed

I will echo what others have said in this thread. I use American Modern for vacant rehab  properties and my rentals in Denver. My wife runs an independent insurance brokerage and has shopped policies for me, and AMI's coverage is the best we can find for the price. We just completed a policy review and I decided to stick with them. I've not had to file a claim with them yet, thankfully.

I purchased 3 holds over the last 18 months. All 3 properties have seen significant appreciation, but I purchased them because they met my minimum cash flow requirement of at least $400/mo. All major systems have been replaced in each property so I dont have much worry about capital expenses in the near-term. I have little to no money invested in each one after refinancing. 

I've made the decision to sell one property because it isnt cash flowing as well as I'd like it to for a long term hold, and I've decided to grab the equity. It's been fun to watch comps come in over the last 6 months - this market is insane.

Cash flowing properties are out there, but you wont find them on the MLS. Direct to seller is how I've found my properties.

Find your property on this Denver Home Price Change Map and do the math yourself. These are hard numbers.

Denver condos vs SFR historical appreciation chart

Yes, there are more condos about to come to market, but it wont happen all at once. Inventory levels are historically low right now. I speak regularly with the YCRE guys, and Lon is full steam ahead on condos.

Call it speculation, but you are throwing money away if you sell right now. Check market rents for your area and see how much you can bump it. Assuming this property is worth $335k — if you can get this property to cash flow $800/month and it appreciates a minimum of 5% you're looking at a gain of $26,350 if you hold it just one more year.

Let's say it appreciates at 7%, which is more realistic - your one-year gain will be $33,050. I’ve been watching new comps on my cash flowing properties come in with gains of $5k a MONTH since December. These are model match properties with lesser finishes. Some people buy for cash flow, some for appreciation. You’ve got both, why throw that away?

Keep it. The Denver market is showing no signs of slowing down. You can probably bump rent and increase your cash flow as well - vacancy rates for the area where this condo is likely located are less than 2%.

Condos have done just as well as SFRs in Denver over the long run - that is a fact. Keep it and watch the market over the next 18 months - there is still a considerable amount of appreciation you can capture before selling.

@Mike H.  are you using a portfolio lender to refi? What can you tell us about that?

Great work Anson. How much did you budget for demo and cleanout, and did you stay within your budget? 

@Peter Grosso  did you ever find a solution? Have you tried www.co-signer.com? 

I'm looking for something similar and want reviews from someone who has used this or a similar service.

I made the switch to QB Online Plus... and I LOVE it! I can easily stay on top of every expense by classifying expenses from my computer, iPad or phone. It's easy to run reports to see exactly where I'm at with each project, and because I've got all my bank accounts linked (even my line of credit from a small community bank) I can see near real-time info on my books.

QB makes it easy to try it out if you want - just update your QB software and then select help > export to QB Online. It took about 10 minutes and all my accounts were online.

I'm still getting settled but I can tell already this will be very helpful in growing my business. I got a link for half off the first year from my CPA which brought it to about $15/mo. See if this link works for you - be sure to sign in if you already have an Intuit ID, which you probably do:

Quickbooks Online Plus for $15/mo (50% OFF)

Otherwise just buy a year on eBay for around $200.

I use QB to track property expenses, run P & L reports for each property and my overall business. I have rehab (flipping) income, wholesale income, and rental income streams from multiple properties. Will QB Online Plus work for me?