All Forum Posts by: Stuart Crowell

Thank you so much @Kayla Givens and @Taylor Fortini! I will reach out to each sepearately. 

Thanks James! Good to hear from you, I hope you guys are doing well. 

Hello! I'm searching for reputable property managers in Denver. We refer (and use) property management of various types a lot in our business and our current providers have been dropping the ball, so I need some new people. Specifically, if they deal in the following (one or all): 

- Short-term/executive furnished housing (1-6mo terms) 

- Long Term single family or small residential 

- commercial sized multifamily with value add (expectations that the PM has good construction contacts, etc)

Thanks in advance to anyone who can refer me to someone! I'll send you a gift card to Shannahan's (or restaurant of choice) if we end up using them. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $430,000
Cash invested: $65,000

Off market (mostly) turn-key up down duplex. We purchased the unit in an under-managed condition. Added a washer/dryer to the top floor and split the lot with a fence. We were able to improve gross rents by $350/mo with a few quick tweaks. Purchased ~10% under market value.

What made you interested in investing in this type of deal?

They are often overlooked in Engelwood. A few little tweaks can make a big difference in gross rent.

How did you find this deal and how did you negotiate it?

Personal networks, I represented myself.

How did you finance this deal?

Conventional loan, 20% down. Used commission in the deal.

How did you add value to the deal?

Added a W&D to the top unit and split the lot with a fence allowing for private yards.

What was the outcome?

Gross rent improvement of $350/mo. Immediately leased both units (inherited one unit vacant and one unit with a month to go)

Lessons learned? Challenges?

Engelwood is overlooked. Don't trust a tenant growing a pot farm in their backyard (lol!)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself and my partner, both licensed and active real estate advisors.

Thanks everyone for your input! I'll let you know what we end up doing. I have a client interested in the opportunity as well. I think as long as you can be flexible with a LTR that still cash flows as opposed to counting on STR, the upside should be pretty attractive and downside risk fairly minimal. I had always heard L&D quote ADU builds (new, 2 car garage ADU on top) to be around ~350K all in.

@Tanner Crawley thank you! 

I'd like to pick someone's brain who has experience with ground up ADU construction in Denver. Specifically, building a new 2 car garage with an ADU on top? What boobie traps are there from the city that I should be aware of? Additionally, if someone has experience specifically in the highlands neighborhood that they would share, I owe you a really nice bottle of something! Thanks :)

@Asim Zaidi - let's hop on a call. Lots of info has developed since this post and I want to give you all the updated info/insight we have on these properties. Bottom line, for the ready investor, this deal can come together for PENNIES on the dollar at this point. Give me a call asap - 303-909-2331

3 PROPERTIES THAT CAN BE SOLD INDIVIDUALLY OR PORTFOLIO DEAL. Price Negotiable. Needs to close ASAP! Currently off market. 

Properties:

1686 S Flanders Way, Aurora, CO 80017 | Price 325K | 

• Rented $1985 (currently month to month lease)
• 1,960 sq/ft 
• 3 bed 2 bath
• Single family 
• Year 1982 

4226 S Tempe Court, Aurora, CO 80018 | price 370K | 

• vacant
• 1556+624 sq/ft (finished basement)
• 4 bed 3 bath 
• Single family 
• Year 1996 

1821 S Dunkirk Street, 204 Aurora, CO 80017 | price 260K | 

• Rented $1675 (currently month to month lease) 
• 1543 sq/ft 
• 3 bed 2 bath
• Condo
• Year 2005 
• HOA 369 per/mth

Calling all single-family investors or agents representing investors! Three property portfolio across the W Colfax Cooridor - off market. Details on inputs above are for the combined portfolio. $1,250,000 is our whisper price. Seller says bring an offer, let's make a deal! 

Details: 

1355 Utica St - 4 Bed 2 Bath rented on a 1 year lease for $2,500

870 Julian St - 2 Bed 2 Bath rented on 1 year lease for $1695 

2 S Yates St - 2 Bed 1 Bath - no tenant in place 

Please email me for information/questions. I respond faster at: [email protected] but I'll get back to DM's as well. 

Thank you!