All Forum Posts by: Tim Shin

Hello everyone. 

Let me start by excusing myself if I make and grammatical errors, but I am typing fast because I am a little POA.

Okay, so today I was supposed to close on my first wholesale deal. Got the property under contract with my seller and got my buyer to sign his assignable contract. Title company called me a hour before closing to schedule a time for me to pick up my check, everything good (or so I thought). An 1 hour later, I get a call again from the Title company pretty much warning me of what was taking place in the closing room. The seller and end buyer went behind my back and closed on the deal with paying me. I get an email from the buyer and a text from the seller telling me what they did. The sellers reasoning was because "she thought I was purchasing the property myself " and I "misrepresented " her. I told her, she signed a contract that states, I can assign it to another buyer and that she was still getting the price she agreed upon when she signed the contract. I think her real reason is she saw how much I was making off the deal (which was just $4000) and wanted more. My question to you guys is should I pursue legal matters or just move on to the next deal?

Tim Shin currently the property owners son is in the middle of trying to get the property but after talking to the lawyer on the probate case and the mother of the property owner it looks like he may not get the property because there are doubts that he's the owners actual son. I'm going to keep my eye on the property and see how the court case plays out. I'm in full communication with the lawyer on the case.

Tim,

I bought my first rental in western CO two years ago. It doesn't fit the usual mold as it includes some acreage for growing hay and grazing cattle. It is not quite cash flow positive, but with rent, hay, grazing, appreciation and principal paydown, it is profitable. Buying land for hay/cattle alone won't pay. This property has a manufactured home on it and it has been rented continuously. The Ridgeway area is nice, but consider the entire western corridor from Grand Junction south. Delta, then east to Hotchkiss, Cedaredge, Paonia and Crawford. My place is in Crawford and I love it here because it sits at about 6500' elevation, so the summers are much milder than Delta, Montrose etc. This also makes Crawford more desirable than some of the surrounding towns, there is a shortage of rentals here. There is also much less traffic in and around these towns east of Delta, so it has that real country feel to it. Views of Grand Mesa and the West Elk mountains are everywhere out here. 

These are mostly farming communities except that they are being discovered by telecomuters, retirees etc. Prices have gone up, but you can find lower cost properties that would work as a rental. Buying an empty lot and setting up a used manufactured home on it might be a good strategy. I recently looked at a few of these opportunities but passed for personal reasons. 

There are still opportunities to buy acreage and subdivide into mini ranches. 

Send me a PM if you want to talk about this area.

The west slope of CO is a real jewel and is a great place to live, if you can make a living. (I trade the financial markets when not irrigating, mending fences etc).

If you are looking for some great guidance or looking to work together/ partner, ask @Charles Nguyen or attend Houston Real Deal - Real Estate Investors of Houston. He usually has a meeting/event every month.