All Forum Posts by: Terre B.

I was looking at something in that regard.  A duplex, but both sides have basements that are unnecessary to the upper, and potentailly have a way to separate.  I sincerely doubt I could get it legally converted to a 4 plex, but was wondering how nasty the city can get.  

Yeah, I've looked at the Springs too.  It's about equidistant from the grandkids, but wayyy to far to commute to work, and so far, I'm not seeing a job there, especially when you look at staying in the "same field".   I don't know the areas, but still didn't see anything that looked like I could make it work.

Still looking.

Bret.  This is a real estate group.  Car loans and dental work are not something you will find help with here.  What I find interesting is at no point do you mention your employment, or how you plan to repay a loan.  

Forget the car.  Walk or bus.  Get on credit karma and credit sesame and follow their recommendations to improve credit.  

You do have one thing in your favor.  Sounds like you have a willing seller.  You need to talk to your landlord, and see if he will owner finance the duplex.  You would take the burden of renting the place, and doing maintenance off his shoulders.  Work out terms so that you can afford it, but put a balloon on it, so you have to refinance in say 5 years, and buy him out.  You move into his office, live there, and rent your place.  Then you bust your *** to make improvements on the place to make it bring in more rent and increase its value. 

Good luck.

yeah I can't qualify for $350K on W2.  I would need something that I could use the rental as income.  I found one duplex in Sheridan, I might be close to, but the numbers are tight.  I'm looking at lenders that do LPMI now.

I am hoping for ideas here. My situation is, I currently rent, through next March. I have an option to buy on the townhome I'm in, for about $20K under current sales, but by the time I get HOA and PMI on it, I can't qualify. And it really doesn't fit my needs.

I'd like to house hack a MF.  Ideally, further SW than Aurora, but I'm open.  I know that in Denver metro I'm not going to house hack and get to live free.  I'd like to do it, and keep my payments close to what I pay in rent.  I'm good with a dump that needs work.  My husband has done MF maintenance, and I have contacts in maintenance for anything we can't handle.  I'm good with something that has problem tenants. Handled quite a few of those.  I'm willing to take on considerable risk.  I have very good to excellent credit, but not a lot of cash.  I've seen a lot of people here say "save up a down" and "have a good cushion."  I dont have those options.  I'm surviving on a single income in a dual income town. 

I'm hoping maybe someone sees an opportunity that doesnt fit their goals, but might work for me.   Or someone who is moving out of the small MF category into something else.  Or something someone is just tired of.   Or any other ideas someone with more experience has.  

I'd also like to talk to someone who invests in the downtown area. I have a friend who is looking to retire out of the country within the next year. She owns a lovely large home in the down town area, that is zoned for a duplex. It will need some work but from my inexperienced eyes, it would BRRR. I can't touch it, but someone else might be able to.

Booting them might be a consideration, but it would depend on how difficult to re rent.

Large dogs + sod = No sod.   I'd send her a letter stating that there was grass, albeit not great, but grass, when they took possession, and now it's a muddy mess. Per their lease, they are responsible for the lawn, and if not rectified, they will be held responsible and damage will be deducted from their deposit. 

Demanding tenants get nowhere.

 ^^^^ THIS.  I looked at the front and thought the color was ugly.  (didn't think to call it mustard, but she's right).  If it were me, I'd paint above the windows and the garage to more closely match the roof.  

From a former landscaper perspective, that front yard makes the place look like a fixer upper. And the back isn't any better.   Neglected, bedraggled, and sad.  No sprinkler system?  It drives me nuts, to see a flipper who thinks the yard doesn't count.   At the LEAST, the front needs that awful big middle shrub removed.  Its overgrown, in a horrible location, and throws the symetry of the front totally off.

If the cost of water is prohibitive, do a small circular area in the front with sod, and a perimeter of mulch.  (NOT the dyed junk, it fades too fast).  Mulch is fairly cheap and totally makes the place look finished.  A couple of small shrubs as foundation plantings to replace those yellowish ones that look dead are cheap at Home Depot, and if they die, HD replaces them.  

Rent to own and Owner finance are great terms.  Anyone who has been turned down for a mortgage, will get their attention.  I think the down is a bit high but that's just me.  

The headline, Owner finance ONLY is scary.  You present that as a threat not an enticement.   Rephrase.

"Self employed?"  Can't qualify?  THIS is the home for you!   Owner will carry the loan for the right family!"  

Everyone thinks they are the right family.

 Sounds like your are an older gentlemen.   The old Vegas rooms were a loss leader.   Now a days room revenue, food n beverage, all count.  Pool parties......oh and you can throw in some gambling to add to the bottom line.

Complimentaries have been squuezed to the bone.

 Well, you're about half right.  It's not a major leap to conclude "older" when I stated i'd been a travel agent for 30 some years.  You're a bit off on gender, but I don't see what that has to do with the price of tea in China.

You mentioned the Palms to start, not me.  Its a 3 star at best, and not where I normally put a group. Trainees, yes.  CEOs?  Not hardly.  They probably don't offer any freebies to Mr and Mrs John Smith from Bumsuck who go once a year.   For my groups?  They fall all over themselves giving us "complimentaries" because they know very well that if corporate is footing the bill for the room,  the meals and booze, the happier they can make the guests, the more those same guests spend.  I've got news for you, dear.  They ALL have "loss leader" rooms, still.  Especially on Mondays.  "throw in some gambling" ???  We cut people checks for "incidentals" on these trips that run in the thousands so, yeah there is a little gambling.  And $1200 a plate dinners, and spa treatments, and, and and...   The more we spend, the more "complimentaries" are out there.  

I sincerely hope you are better at real estate than you are at travel.

Personally, even though we are only two people, I wouldnt rent without a DW.  They SAVE water, rather than use extra, actually, if you research you will find that people washing dishes by hand leave faucet running, and waste a tremendous amount of water.  Plus, IMO, a dishwasher is more efficient in killing germs.