All Forum Posts by: Stephanie Terry

Definitely talk to a lawyer. My first house had the same issue and we discovered it three days after we moved in. We were able to prove that the seller knew of the problem and filed a suit in small claims court. Be very careful though. We won the case but because we originally filed in small claims court the judge held up the rules and only awarded us $5,000. The repairs cost us over $25,000. We did have an inspector but the issue was not evident until we moved in. There was no access to the crawl space that we could find and the owner would not tell us how to get into it. Once we replaced to plumbing line out to the street we started having problem with our furnace. It was in the crawl space and once we cut a hole in the floor we discovered it was under water. The faucets outside had frozen and leaked. We could tell it had been doing it for years since the floor joists had water stains and some mold.  We had to replace the furnace, move it up to the attic and update all of the electrical to get it done. Good luck!

Hello everyone,

I am a little sad right now. The opportunity that my husband and I had has been sold. I am not sure if we will keep pursuing the dream of owning rental property in Victor. We are leasing our current building and have been running a successful bar and restaurant there. We are talking with the bank and trying to work out a deal that everyone will be happy with. Right now the current owner is asking way too much for the building. It needs a lot of expensive work to be done to it that we can't really afford. Owning a bar is the hardest thing we have ever done with very little reward. Our lease is up in February and I don't think we will continue with the business. There is another bar about to open right across the street. We don't have a lot of profit and any competition will cut into what little we make. I know that any property in Victor that we would be interested in is going to take a lot of money to bring it up to par. Our town was built in 1899 and all of the buildings have been neglected for years. Does anyone have any encouraging words for us? 

Thank you both for the warm welcome! @Michele Fischer  We have nine rooms and mostly rent to mine workers or casino workers. Finding places to live here is tough so the rooms are rented immediately as soon as one opens up. 

Hello everyone,

My name is Stephanie Terry. I was born and raised in Denver, CO, and moved to Victor with my husband full time about five years ago. We currently own the bar in Victor but lease the building with only a few months left. We have been offered a great opportunity to take over one of the apartment buildings here in town. It is something we feel we can't pass up. We are in a National Historic District with many absentee owners of the buildings. They are being neglected and falling into disrepair. We are local and know a lot about the preservation of our town which is so important to all of us. 

We have no real experience in rental property but are anxious to learn what steps to take  and make a go of it. I am glad I found this site! So far it has helped in so many ways. 

I am looking forward to meeting you and having great discussions.