All Forum Posts by: Terre B.

I got part way and walked away.  Several reasons.  
1. Check out their reviews in California.  Maybe I'm cynical but the positive ones smack of boiler plate "get $5 for writing reviews".  And their negative ones are serious.

2. They have one property in Denver on their website.  One.  Their answers to questions are very sparse in information.  When I asked how many properties in the Denver metro they managed, I was told they are expanding to the Denver market.  Not an answer. 

3. The final straw was when I first spoke to them the price per task was $30.  By the time I was asking questions, they dropped it to $20. 

Seems shady at best.  I can make more on Amazon prime.

I've been sending out resumes for a month with no luck.  I started looking at gig type jobs, and stumbled across onerent.   They accepted me immediately.
This job:

https://jobs.lever.co/onerent/...

Their website is polished and professional, but their reviews seem to be horrible. Most of what I've seen are Calif.  

Does anyone know anything about them in Denver? Are they new here? I was kind of hoping maybe the bad reviews were start up or growing pain issues.  I'm also concerned that some of the tasks they list for me to do should be done by a licensed pm? 

Thoughts?

Thanks

@Mindy Jensen

I lurk a lot more than i talk but my day job is as a certified meeting planner.  If I can be of assistance for the next conference, let me know. Ive done dozens of events in Nashville for the liquor industry. (The Gaylord is amazing)

I'm not an investor...yet.  I was house hunting for myself, but just sharing the massive frustrations of trying to find something in this market on a single income.  I searched for 3 months.  Houses are out of reach for me.  Apartments are so....deceptive in their advertising I found it very frustrating. Their advertised price does not include fees that increase the price by up to $150 per month. I explored every single potential avenue.  I chased down garage and estate sales to ask if they were moving!!.  I drew the line at haunting the obituaries. 

From that search, and from postings I've seen for wanted to rent, I've come up with a slightly different idea of what I want to do for an investment property, now I just have to get out of debt from the move, to start looking at how to accomplish it.

Having just gone through the procedure of hunting for someplace, I can tell you my opinion.

Craigslist sucks for houses.  Sooo many fakes.  
Craigslist is moderately better for apts, since you can, at least, sort out dupes.

Zillow.  Nothing gets removed.  

Personally, I found facebook to be full of scams as well.  A 3 bed/2 bath ranch for $1K a month?  Not in Denver.

Signage is awesome.  At least it's a real house.

One thing no one else suggested you might explore, is Next Door app.  I found real people on there.  No scammers.

From someone who has spent the last two months hunting for a place to rent/live, it's not.  One  month is average, and if your applicant has poor credit, many are asking for first/last and deposit.  

The alternative is apartments.  I've spent the last 7 years in my place, so I got a real rude culture shock when looking at apartments.   They love to proclaim small or no deposits.  No deposit means an increase in the rent of $25 - 100, to cover "damage/deposit insurance"  Then you have pet deposits.  $250 and up.  Pet fees.  $250 and up.   Pet rents.  $20-35 per pet.   Application fees ranging from $60 -$100 per person.  Gas/Water/Sewer/Trash for each building is divided by square footage and # of residents.   Administration fees of $150-450.  Community fees.  CAM fees.  Parking fees. $10 per vehicle.  $40 if you want a carport, $125 for a garage.  GUEST parking fees. $3 per guest per visit.  monthly pest fees. $5.   (Im assuming this is the rodent type of pest, rather than management...)  Real estate tax fees.  $10 per month.  Pool use fee. Business Center Fee. Gym fee.  (whether you use these  or not.

I'm probably forgetting some.  But the average for a 1 bed/1 bath apt of under 500 sq ft was an additional $158 per month in fees before you even got to the utilities.  

$2000 deposit doesn't look half bad. My kids basement is looking better and better.

LOL.  You're obviously no in Denver metro.   Its cheap for here, and its condition.

How do I present an offer for an owner carry? There is a mobile home, not on land, so it cannot go FHA. Owner wants $50K. I asked if he'd consider owner carry, and he indicated it would depend on the down. I mentioned 20%, and he wasn't excited. Mobile home financing I can find is 12% for 23 years, so I'm wondering if there is a better way. I'd like to go 10% down, 10% interest, with maybe a balloon?

I bought for $135K, 1997. 1998, I did my own version of BRRR for $175K. (Bought, rehabbed, refi'd) somewhere in early 2000's , I refied again for $250k or so. (Memory sucks.)

Current value, est on zillow is ~$500K.  

Its probably in a C class area.  its a flagpole lot, with one side on a major thoroughfare.  Its next to excel right of way with huge towers.  To be honest, I question zillow, but what do I know? My point was, its not a trailer that will depreciate in value.  I had big plans of converting from a 3500 sq ft SF, to a triplex.  Before I met up with the City of Lakewood.  

Another lesson learned.

I have not used CHFA.  My daughter used it, and yes, it comes with a higher % interest.  Each different program comes with a variety of conditionals.

"Would a FHA 3.5% loan allow me to accept a "gift" for a down payment from a RE partner to purchase a property as an owner occupier." This comment was confusing. If you want the partner to do the 20% down, then it's not a FHA 3.5%. If it's FHA 3.5% you are going to have to live with PMI.

From someone who has beat the bushes here, there are several things you might explore.

Bank of America has a 3% no PMI program.  They also told me recently when I was exploring purchasing a cashflowing MF that while they didn't have a product that fit what I needed at that time, they would by mid March. 

NASA FCU has a program.  

There is a program called NACA. I attended one of their seminars and was seriously underimpressed with their presenter who didn't know their product, but the program may well be solid.

There are ways.  Mortgage fraud will get you a room, but you have no choice about the roommate.