All Forum Posts by: Tom S.

I second what Dan said, Redfin is pretty darn quick and accurate. Also, Zillow, Trulia, Realtor.com leave old listings in place to generate traffic through their websites. I've also noticed that some unscrupulous builder/developers and agents leave outdated listings up to generate foot traffic and leads.

I recently finished a multi year renovation on a 4 plex that I bought in 2016. What an absolute nightmare. It seemed like everything that could go wrong, did go wrong. It was not my first time do reno work, but first time on a multi family. At times it stressed me out so bad that I wanted to just say **** it and list it. I knew when I bought it, it was going to be tough, but it was ridiculous. I mean, asbestos, mold, rodent infestation, animal feces, human waste, a hoarder, illegal aliens, bad plumbing, the electrical was shot, drainage problems, warrants for tenants, regular police contact, found stolen property stashed, drugs, needles, tenants on the run from the police and not paying rent, one died while on the run, domestic disputes with another tenant, a illegal grow room, permitting issues, contractor problems. Cost overruns were really one of the least of my problems. I could go on. I stuck it out, finished up finally and rented the last unit a few weeks ago. My situation does differ a bit from yours, I knew that I had an ok property based on the appreciation we were seeing. The cash flow is absolutely amazing on this unit. Without a bit more info on your property, ie location, costs, rents, and types of work needed, it is really hard to give an opinion. I can just give you some insight on what I ended up doing. It was hard, but worth it in the long run. I realized early on that real estate investing isn't always about the short game, this isn't HGTV, its about the long game. You may have a gem and not even know it because of the hassle. I thought my gem was a big ole steaming pile at first. One caveat. Sometimes cutting losses is the best route. If by dumping it now you lose, lets just say, 5k as opposed to 15k, then yeah. Dump it. Its surprising to hear that a multifamily in the Denver or even metro area won't give you a return. Tearing it down and sub dividing sounds extreme. I would be happy to share my experience with you. 

edit: spelling

I typically use 1% when I'm figuring out my numbers, or 1.25 to be safe.  The fees are more to do with what Stephanie said, not the state so much. Also, the type of loan you are getting plays a big role. Try out Colorado State Bank and Trust, I've used them a few times and have had good luck. Easy to work with.

Seems reasonable, I'm curious what their reply was. And what the hell the rest of agency contract said?! 6 pages? I've never heard of one that long, longest I've seen was from a realtor we used in Alaska, was 3 pages I believe. 

Nathan, thanks! Yeah, I've been looking at the schools and such as well. Some of the newer homes by Sheep Draw are in the Windsor school district, prices are a bit high though. Matthew and Joshua mentioned kind of the same I've heard from others outside of this site when it comes to Greeley. Loveland is tough to find multifam at a decent price. I've gone after a couple and got beat by cash offers each time. Lots of crazy money out there. Anyways, I've actually gotten an off market property in Loveland that I'm taking a look at, not sure if I wanna tackle it. If not I'll get a hold of you and put you in touch with the owner. 

Thanks everyone! As always I appreciate your time. Most of my units are in Loveland and I don't venture to Greeley often. Seems to have some opportunities, but I've been warned of certain areas. I've driven some of the city and it has really changed since my first visit in 08. Its nice to see the perception changing. 

Hey everyone, I was hoping to get some opinions and insight on neighborhoods in Greeley. Which ones do you like? Which ones do you avoid? Anyone have any thoughts on Kelly Farms as far as being desirable for rentals?

thanks for the responses!

Judy, I picked my RE lawyer in CO using AVVO. Also used it to help my SO find a custody lawyer, both times the lawyers worked out great. Jbp Legal is who I used for RE in Colorado. Good luck.

I know I'm a bit late to the game here. I've used the Jeld-Wen 2500 series for a few remodels. I've had good luck with them. You can get them right off the shelf, if they are standard size. Of course they are just a basic window, you can special order the 4500 series and get them in a couple weeks. I've done that for a few replacements here and there. No issues with them. If you're looking at a premium type, a friend of mine that did installs says that Andersen and Pella are the best, but you pay. He liked the fibrex, even though it is made from saw dust. His opinion of Amerimax from CO is that they are ****, don't believe their hype about being manufactured in CO. I talked to a distributor from Loveland about the Amerimax, it was a terrible conversation. Very pushy and over the top like a used car salesmen. I haven't actually used any of their product, so I can't speak to that personally. From what I've found, you can't really beat the big box stores on price. Quality yes. What did you end up doing?