All Forum Posts by: Stephen McCracken

Hey Everyone,

Need a neutral 3rd party perspective on my current vacant property. The property is located in a residential family neighborhood but close to major employment hubs (8 miles from DTLA, 5 miles from Pasadena).

We previously had listed the SFR (4bed+3full bath) for $3800 and recently lowered it to $3600. We've had a lot of interest from roommate situations.

Would it be better to rent to a roommate situation for more money ($3600) or try to rent to a family for a lower rent amount ($3450)? It’s been vacant for just over 50 days after we remodeled with new paint, new floors, new kitchen, and updated bathrooms.

@Nabil Suleiman ok great! Send me their information please.

Hello Everyone, 

We are looking for a General Contractor to help us remodel our 2,700 square feet SFR rental property in Monterey Park, CA. We are going to remodel the kitchen and 3 bathrooms. We will be repainting interiors and updating flooring. Does anyone know of someone available with good referrals.

Thank you, 

Stephen 

Hey Guys,

I currently have an active California Real Estate Agent License. I worked under a brokerage for 2 years. I'm looking to get my Independent Broker's license here in Colorado. I called the state about licensing and based on the information they gave me, CO has reciprocity with CA. Because I've been working actively as an agent for 2 years and have an active license, I would only need to take the PSI exam and pay the fees.

Please let me know if this is correct. I've been researching online for the best exam prep courses and it seems like KAPRE/Brightwood Real Estate Education is my best bet as I do not need to take continuing education. 

Do you guys have any recommendations on books, online exam crams, and/or other materials that would best help me pass the exam? What steps so I need take after I'm ready to take the exam to complete my independent broker's license?

Hey Guys,

I’m looking for an inspector for a 5 unit property in Brighton, CO. It consists of 2 separate buildings with one triplex built in 1903 and the other a duplex built in 1930. Total square footage is 3700 RBA and 7800 lot. 

1. What reports do you guys recommend? (General inspection, mold, radon, sewer scope, etc?)

2. Are all reports necessary or are there ones I can skip and save money?

3. Please send recommendations on local general inspectors. 

Thanks! Much appreciated 

Hey Guys,

Just got off the phone with my CPA (out in California)... relocated to Denver a few months ago.

I recently refinanced a retired relative's home (I was named co-borrower hence now on Title as joint tenant)

My questions are

1. Because I did not "contribute" to the cost of the home, will I be taxed for the refi cash out as gift tax? (I pay their mortgage and taxes)

2. This relative is aware I will be reallocating the cash out amount to start a house flipping/investment business in Denver. What is the best way to purchase a project- S Corp? LLC? Sole proprietor?

3. Any recommendations on a RE accountant who can help me with these questions?

Thanks!

Robert Sorrels Sounds like a great learning experience. Auctions and foreclosure are definitely an area I'd like to get into. There are so many different routes to take in real estate. I just love how dynamic it is with all the different opportunities. It looks like we are going to go the HELOC route. Just curious how long did it take you to get your first deal?

Robert Sorrels Hey thanks for the response. Awesome to hear that your first deal is in escrow, very exciting. We got our list and are going to start sending out mailers soon once I'm done scrubbing it down. Have a few options for financing and like the HELOC idea. If you don't mind me asking... where and how did you find your deal?

Hey Everyone, I’m thinking about using a home equity line of credit or loan to finance a fix and flip. How has this worked out for you? Risks and benefits? Basically any information would be great. Thanks in advance!

Hey @Bill S., thank you for the response. I haven't used the MLS yet but will be getting access to it when we move out there. Based on what I have heard it won't be my main source for deals. My primary strategy to find deals will be sending out post cards and yellow letters, from what I have researched on bigger pockets people seem to have a good amount of success using those tactics, as long as they are persistent.

My girlfriend has her real estate license and was able to get that information. The list is very substantial. One of the main reasons we choose to fix and flip. Also we have the time and enough money to make it happen.

I am concerned about the competition and market trends. I really think the mailers along with cold calling will give us an edge. I haven't heard of too many people cold calling. We like that price point because it gives us the most amount of flexibility. We choose Aurora because it’s close to where we will be living. How have you found deals? And where in Colorado do think is the best to fix and flip, or invest?