All Forum Posts by: Stuart Birdsong

Changes look great! Nice Work

@Jose Cabanero Do the positives outweigh the negatives in this situation? I would say no, she may be a good tenant, but there are too many wildcards at play to move forward with her. Just my opinion though

@Wes Farmer In regards to your frustration, aside from just looking for foreclosures, what is it that you are looking for? Have you talked with a local agent, investor friendly of course, who might be able to provide value to you and your investments? 

And Zillow might be minority helpful, but don't trust any information they provide. Look for listings there but get the real information elsewhere.

@David Krulac You make a good point. I was assuming that this was an addition to the existing structure, which, in Colorado, requires permits. But I appreciate the thorough explanation, and I think those are great points. Thanks!

@David Krulac You make a good point. I was assuming that this was an addition to the existing structure, which, in Colorado, requires permits. But I appreciate the thorough explanation, and I think those are great points. Thanks!

@Priscilla Z. I would listen to @David Krulac, it must have a heat source, no A/C. In addition it must have a building permit to be considered finished sq. footage. 

@Wes Farmer You can usually search ownership through your Local county or City's website. And don't trust Zillow for any valuable information, you are better off doing the research yourself or having a realtor help you out. Zillow is quite possibly the worst Real Estate site to gather information from regarding anything real estate related. A good Agent is far more helpful and informative, regardless of what some might tell you.

@Franco Urbaez You can buy a triplex with an FHA loan so long as you occupy one of the units. You cannot purchase it with your LLC, as Conventional, FHA, VA or any loan that is sold to Fannie and Freddie will not allow this. I believe you can only have one FHA loan at a time, so if your first loan was an FHA loan, you will have to refi to conventional or buy your next property as a conventional loan. If you intend to occupy the property, you can still do a conventional with 5% down, although I believe they are now offering conventional loans at 3.5% down so long as you fit in the box, credit score, DTI etc... So there are options other than FHA that allow you low down payment purchase capability. But you must occupy the property. Hope this helps

@Rich CeeThis may be a great deal, I don't know the specifics of the area or the home. I only ask where it is located as, rural land in Colorado (As I'm sure you know) takes substantially longer to sell. In addition, if you had to rent it out, rural property has much lower rents higher vacancy rates, although if the numbers play out from that perspective it may offer additional outs for you. There may be a nice return at the end if it works out accordingly, but there are a lot of variables that could have negative consequences. I agree with you that some deal require vision and guts, and am all for looking at any deal. In addition, I am not saying this is a bad idea or that this won't be a successful pursuit. However, To me the biggest drawback to the deal is the lack of exit strategies and they require too many things to fall into place for it to play out the way you want it to. Just my opinion though. Let me know how it works out for you.

@Matthew Paul I hope he isn't charged for the appraisal.