All Forum Posts by: Ted DeKowzan

Hey bigger pockets community... Here to share my frustrations and hopefully find some direction. I recently purchased a rental property in North Denver. It was a rare Denver MLS listing that I was able to purchase under the appraised value. I bought the property just 2 weeks ago and paid cash. I jumped right on the project and remodeled the whole property in order to prepare for renters and add value. I'm wanting to refinance in order to recover my capital or at least a good portion of it. I'm getting the same answer from most local lenders that they will only loan on 80% of the purchase price at this time. Most lenders I've reached out to require 1 year of seasoning in order to do a cash out refinance. I would rather not wait a year and take advantage of the low interest rates available right now. I would also like to refinance base on the new appraised value rather than the purchase price. I'm certain I can recover more than 80% of the purchase price with the improvements that have been made. Can anyone in the BP community provide a lead to a bank that lends in the Denver area, that would be willing to lend on the new appraised value and without any seasoning requirements?

Thanks,

Ted D.

Roy,

Is the property on Irving St still available? I'm buying properties in the area and would like to take a look at yours. Can you schedule a showing? I'll at least try to do a drive by today.

Thanks,

Ted DeKowzan

DekoVern Investments

(720) 301-2585

Great income potential with this property. Showings reserved for pre-qualified buyers. Please don't bother the tenants. The Main portion of the house is currently rented for $2850/month (+$400/month utilities). Lease is through May of 2016 with great tenants that are willing to stay. The Mother-In-Law apartment could generate an additional $1,600/month in income for a total of $4,850 in rental income (9% Cap rate). Live in one side an rent the other or rent both sides. Please no seller agents. Highly desired area with great schools and close to restaurants and shopping. Rare opportunity to own a horse property in town. Main House: Great room style main floor (family room, living room, kitchen with island, dining room), master suite main floor with walk in closets and sitting area, 2 car over sized garage, corner lot with access on 2 sides,fully remodeled, granite, windows, wood floors, country style front porch. Basement is partially finished with 2 more bedrooms and 3/4 bathroom. All the wiring and framing is in and it wouldn't take much to finish the basement for an additional 1200 sqft. Large back patio with gas outdoor fire pit and great lawn space front and back with automatic sprinklers. Bring your horses or generate additional income from boarding.  rv/truck/car/ toy parking and room for boats toys, nice dog run. Large shed. 2 stall horse barn with hay storage. Mother-In-Law apartment; 1200 sq ft above the garage is accessible by private entrance or through the main home. Fully finished with kitchen, family room 2 bedrooms and full bath. Great views, fully remodeled, Marble counter tops, windows, separate laundry.

On several occasions it has come up that it makes more sense to keep a property for several years rather that flip it right away. I'm looking to connect with a portfolio lender in the Denver area that understands rentals. As I acquire more properties it become more difficult to finance properties with lenders that rely solely on debt to income to qualify you. If anyone has recommendations on asset base or portfolio lender in the Denver area I would greatly appreciate any input or contacts. 

Hello Bigger Pockets Community,

I have a property in Brighton Colorado that I recently completed a full remodel. My original intention was the flip the property but I've decided to keep it. I'm looking to connect with a portfolio lender that works in that area. I would appreciate any lender that would like to reach out to me or any suggestions from other BP members.

Thanks in advance,

Ted

Sold the big custom house on 10 acres this week!! I was excited to do the project but the new buyers insisted on finishing the house themselves. On to the next deal.

Purchase Price: $425,000

Total Costs: $5,251.68

Final Sale price: $575,000

THIS IS A REAL DEAL!!!

Great investment opportunity in prime highlands location. Halfway between Sloans lake and 32nd/Lowell restaurants. Right next to Brown Elementary ( highly sought after k-6 school). It is a 993 sqft main level and full basement with tall ceilings. Nice brick exterior, foundation in great shape. Primed for pop-top addition. Great investment potential or dream home for primary residence for steep discount if you are willing to put in the time to remodel. 

Purchase price $415K

Est. Pop-top cost $225k (main floor remodel, add pop top w/roof patio, basement remodel, add 2 car garage, currently there is a 1 car garage)

After repaired Value with Pop Top $800K++

Comparable Properties in the area have sold over $900K with the pop top addition

Est Remodel of existing house cost $45K (new kitchen, floors, bathrooms, paint)

After Repaired Value with remodel of existing house $575K++

Great house with a lot of opportunity. I'll do the project myself if nobody takes it. I just have a few too many on my hands right now and I'm willing to let this one go. Contact me with questions or if you would like to schedule a showing.

Ted

Hello Bigger Pockets Community,

I've recently run across an interesting deal near Dallas Texas. I'm looking to connect with a few hard money and portfolio lenders in that area. I currently have several fix and flips going right now near Denver and looking to expand. If you are a lender or have had success working with a lender in that area I would love to hear from you.

 Sincerely,

Ted DeKowzan

DJ,

I'm interested in the 3/2 house in Highlands Ranch you posted. I have experience with higher end flips and grew up in Douglas County. Could you please send me any information on the property. Feel free to email or call me direct.

Thanks,

Ted DeKowzan

720-301-2585 cell

[email protected]

Purchase Price - $425,000

Cost of Construction - $325,000

ARV- $1,200,000

This is a new custom 7,000 square foot house on 10 acres that's 60% complete. There's also a new custom 42' X 60' Morton building that includes an apartment and extra tall doors that's 90% complete. All of this is within 30 Minutes of Downtown Denver near Barr Lake State Park. The original owners foreclosed on the property due to a divorce and are giving up a lot of cash they had invested. 

The house has most of the exterior work complete including; Roof, Stucco, Doors, Stone, Grading, Windows, ect. The interior of the house has been framed with some of the rough plumbing, HVAC and geothermal heating system in place. The remaining work would include finishing the plumbing, electrical, HVAC, drywall, texture, flooring, bathrooms, kitchen, deck, landscaping, ect. Due to the size of the house and the added cost of higher end finishes we are estimating approximately $325,000 to complete the construction within a 12 month period.  

This is a unique opportunity to be involved in a high end flip. I'm looking for financial partners with the ability to lend on the project. For this project I'm offering two different lending options. Either option provides a 1st position lien position on the property to protect the lenders interest in the property. 

Option 1 - In exchange for your involvement I would offer a 50% percent split of the profit upon sale of the property. Total profit amounts will be calculated by subtracting the cost of construction, real estate agent commissions, utility costs, and taxes from the sales price of the property. The purchase price will be due at closing and the construction costs will be dispersed by monthly draws based on the percent complete. 

Option 2 - With this option I'm requesting a 8% interest only loan with a 3 year term. The loan amount would cover the purchase price and cost of construction. Payments for construction cost will be dispersed by monthly draws. Interest payments will be paid in arrears upon the sale of the property. 

I have experience with higher end flips and have several other deals on the horizon. I'm looking to build a relationship not only on this deal but for future deals as well. If you're interested email me and I will send you the information on the property.