All Forum Posts by: Travis Sperr

Selling and not reinvesting will result in capital gains - paying taxes is never fun, but it means you made money! If it is a lifestyle decision than the math doesn't really matter. 

Testing is only required if you are disturbing potential asbestos. Asbestos tests are relatively inexpensive depending on the extent, but they require materials in question are disrupted to test- chipping, walls, floors, etc. 

If I had a tenant giving me a hard time I would let them know that I will let them out of their lease with no penalty and return the deposit as long at the property is left in as good or better shape than when they moved in. I have a pretty small tolerance for tenants making ridiculous demands. Pretty quickly they will either be quiet or move out.

The more rentals and experience you have managing tenants the more cynical and less tolerant you become.

Good Luck!

@Mike Warder unfortunately that is real in this market with some lenders. Pay for a rush appraisal, might cost you $500 more but you should get it back in 2 weeks. If your lender doesn't offer it, shoot me a message, my guy can get in done a couple/few weeks and he is Fannie Mae direct. 

@Todd Hannebaum thank you for the feedback! I look forward to seeing you there again. 

@Kit Dumph I hope a few others will jump in. This event doesn't have a huge presence on BP but is very popular among local investors. If you have any questions I am happy to answer.

I invite everyone from BiggerPockets to attend the 2016 Fall Real Estate Investor Success Summit. 

This event is all content and no sales pitches - no better value in the state. We have been hosting this event for 6 years, consistently bringing out more than 350 local investors. All of the speakers are local and doing deals in our market. There will be investors from the Denver area as well as those traveling from up and down the front range Fort Collins to Colorado Springs. More than 20 vendors to help you grow your business. 

$19 to attend all day - including a happy hour at the end of the day 

Some of the topics covered include:

• What type of deals are working in this market
• How to make money with vacation homes
• What resort towns are poised for growth
• How to manage your rentals for huge profits
• How to systemitize your real estate business to live the life of your dreams
• Tons of great advice on how to be competitive in todays crazy market
• How to raise money so you never have to worry about financing again

www.denveriss.com 

I look forward to seeing you there - any questions on the event? ask below

If you have attended let everyone know what you thought below.

I am pretty confident that the landscaping is not going to make a difference on the need of flood insurance. The flood maps are created and managed by FEMA, not a local municipality that could take look at your landscaping and provide an exemption. A fair amount of old Colorado Springs, especially near down town and east of I25 is in a flood plain and unfortunately it is crazy expensive as you are experiencing. I think there is a valid argument that properties in a flood plain should be worth less because they cost more to own, but I could never get the appraiser to buy into that.

You can buy a lien that is already in the foreclosure process and continue the foreclosure. There is a notification process required that your attorney or the foreclosing attorney can help with but buying the lien does not delay the process more than a couple days or week. 

Banks are slow normally but as you can see too slow for today's market. Happy to discuss further, closing deals in 2-3 weeks is exactly what we do - priced higher than banks for the opportunity. 

Assuming you can qualify for a conventional mortgage this should be a pretty easy refi with a direct lender. Happy to share the lender I work with if you send me an email. 

Local banks require seasoning for cash out above the cash in (I believe an FDIC requirement), Fannie does not.

@Jerome Depner thank you for the mention.

You mentioned seasoning - I am able to refinance with direct lenders (fannie/freddie) with no title seasoning - one I did was only in the hard money for 45 days and refinanced based on the new value immediately. If you need some refi recommendations please let me know.