All Forum Posts by: Travis Sperr

Not a bad time to sell some dog properties, I sold one earlier this year that performed fine but just wasn't something I wanted to have long term. If you 1031 I can see doing it, if you just cash out it makes it hard to get a simular return in a different vehicle especially after taxes. 

I know the market here isn't easy but a $330k property likely doesn't perform real well even with 20% down. 

@Oscar Brooks I hope you enjoy it - shoot me a note with some feedback. Hard to cover so much in an hour but I hope it adds some value to you.

@Chris Adams - Welcome to the site - the Twin Cities is still a great place to find deals.

You should consider attending this event next weekend - great content and networking:

https://www.biggerpockets.com/forums/521/topics/37...

@Tori Smith - you mentioned multiple offers - is the property off market? 

Very challenging to close a seller financed deal in our market if you are not speaking to the seller directly on an off market deal. I would be happy to talk through it with you if you want to give me a call or send an email.

@Carl Olsen all the details are at the top of the page.

11/10/2016 at 06:00PM
The Ritz Grill 15 S Tejon St, Colorado Springs, CO 80903

Hope you can make it.

Well this sucks. All a part of due diligence, but unfortunately you are beyond that. So now what...

When you say utilities are you referring to water, gas, electric? In most places the water bill sticks to the property even after they move so you might keep that in mind. Also important to note that tenants can be full of crap with a new owner. So they are responsible for the lease they signed, but you have to judge how this problem is going to become yours. I would push the tenants to pay the utilities as stated in the signed lease you have. If they don't pay the utilities that is really their problem. At the same time I wouldn't want them to take it out on your property. The good news is your exposure is somewhat limited in that your leases are coming up.

What is your plan when the leases come up? Increase rents, new leases that clearly state utilities are paid by tenant, repair units and rerent at market rent?

That would also play into how sensitive I would be to the situation - like consider paying a portion or being prepared to if I knew I would have them out and higher rent in a few months.

Do you know how to purchase and finance rental properties?

Travis Green, Loan Officer at Castle & Cooke Mortgage will be joining us at this month's happy hour and will be providing an informative presentation that you don't want to miss!

Travis will discuss three ways to accomplish purchasing and financing rental properties: cash, permanent financing, and hard money financing refinancing to permanent. He will cover how each scenario works, the risk and benefits of each, and what works best for different investors.

About Travis: Travis grew up in Southern Colorado and started his lending career in 2010 in Colorado Springs. He joined Castle & Cooke Mortgage, LLC in 2015 as a loan officer specializing in residential lending. For Travis, the best parts of being a loan officer are the opportunity to help clients navigate through what is often the biggest financial decision they make in their lives, and the relationships that develop in the process.

Travis takes a lot of pride in providing an exceptional lending experience and developing a lasting relationship with his clients. What sets Travis apart from other loan officers is his unique ability to get "tough loans" approved and his understanding of how to get loans approved quickly and easily.

I hope to you see you there!

no limit to rent increase amount so long as your lease doesn't limit you. I do agree with giving a 30 day notice  as courtesy. 

Before going for full market rent you might consider what a turnover is going to cost you, but if you don't want to deal with the fella anymore a rent increase is a good way to do it. 

If your under lying intent is to get rid of the tenant than just donor with a 30 day or longer notice and turn it over. If he is a pain now, it will probably be worse at a higher rent. 

Good luck!

The ability to read and respond to BP messages over email would be fantastic. 

Call John Booth at Associate Agents in Lakewood - I have been using him for years for everything from car, to umbrella, fix and flips, new construction, etc.