All Forum Posts by: Trevor Kolb

If your handyman is injured on the job and isn't self-insured, you could expect to receive a large medical bill. Let me just say, that is not always part of your Liability coverage depending on your insurer. That's typically Guest Medical coverage and unless you've attained the right policy, you could watch your hard work disappear. Unless they file a lawsuit, your liability coverage doesn't always kick in for this sort of stuff. Just imagine your handyman is trying to repair a broken window, cuts himself, goes to the hospital and get stitches, then hands you a $10k medical bill (your his employer, so of course you get stuck with the bill). Most homeowners don't have an extensive Medical  Coverage for this cost, so you could still eat a $5k med bill cost. Add in, the moment you pay for it, you accept the liability of the work completed. Some shady people may use this as their opening to filing the lawsuit against you and add on to the headaches.

My opinion here, pay for someone who is in the actual business of doing repairs and property maintenance. If they are insured professionals, you know they will get the work done right and if not, you have an avenue to pursue as a customer by filing suit against them. Sure, you can sue the uninsured handyman. But do you think you're going to get anything? Likely not, since they couldn't even afford the insurance.

@Susan Pompea: Personally, I'm not too worried about my neighbors. Its not under HOA so they have no right to tell me what I can or can't do with my property and whom I allow to live in my residence. Not that I don't take my neighbors feelings into consideration, but I didn't just spend $195k for them to have an opinion on what I do with my house.

As for the Homeowners Insurance coverage, I am a licensed insurance agent by profession. My home will be properly covered and my tenants will be required to carry Renters Insurance. No riders, but the lease will clarify this requirement and the penalties for not carrying the proper coverage.

@Norberto Villanueva: Thank you! Once I've closed and settled in, you may have to schedule a visit to see the house and discuss the final numbers. Wish I could have made the recent meet up, but I hope all is well!

@Michael David: As far as recommendations, I tried to stay away from the Security/Widefield/Fountain areas or pretty much anything on the south side of Colorado Springs as the neighborhoods are (in my own opinion) a little worse for wear. The reality is, you could still buy a home in any of these areas and find something that works perfectly depending on what you're looking for in a home. For me, the first home wasn't something I could afford to fix up right away so an updated home was definitely a must have and I got lucky with a pretty great view of the Mountains (except the darn neighbors large tree blocking my favorite peak, pikes peak). Feel free to message me anytime if you want to know more or have any questions. 

@Colin Smith: Thank you! I believe it will as well!

Hey all, 

First off, let me start by saying thank you for reading my little snippet about my first home purchase. As of today, my 1st offer was accepted on my first home after searching for what seems like forever! Though I know the number's weren't structured towards a high equity property, I wasn't intending for my first home to be an immediate cash cow, but a long term rental property with little overhead repairs. 

To finance the deal, I am using a VA loan for $195k. My bid on the property was $195k w/$6,000 in concessions based on the advice of my Buyers Agent @Colin Smith. Shout out to Colin for helping me with this purchase!

A little about the house: 4 bed, 1-3/4 bath, ranch style home with a great view of those wonderful Mountains from the back yard. With this home, I hope to rent the upstairs rooms (3) to tenants while maintaining the basement as my own private sanctuary. 

To make the most out of the limited space that is available, the 2 larger rooms will likely be rented to leased tenants and the smaller room will become an Air BnB/Guest room. At this moment, I believe $550 p/mo for each larger room is a reasonable expectation and likely will have a portion of utilities added. Assuming I can also keep a guest in the 3rd room, I hope to earn about $600 p/mo from this room. 

Estimated monthly rent: $1,700 p/mo

Estimated Mortgage Payment: $1,200 p/mo

Potential Cash Flow: $200 - $500 p/mo 

Although these numbers are not completely accurate, just knowing the house will likely be a positive cash flow situation has me filled with excitement! My intention is to save any additional income from the home and build a 3-6 month Emergency Fund right away. As the home is expected to have a positive cash flow, I'll also be adding my own monthly "rent" payment into this account.

Well, although I would love to share more about this deal, unfortunately I don't have much further info at the moment. Please feel free to post any questions, comments or concerns as I really love reading everyone's opinions and conversing. As the deal progresses, I will be keeping updates posted.

In the meantime, have a great day everyone!

@Shannon Vanderweide I would highly recommend seeking other investors in the area and ask around as to who has spoken with an Attorney (may be surprised to find some haven't) for a referral. If not Investors, call all the Realtors in the area. Someone has had to go to an attorney at some point for a RE problem, so I'm positive they are out there! Having lived in Sioux Falls for a couple years, I would recommend contacting Lloyd Properties to see if they have any legal referrals, since I know they've probably been sued a number of times as one of the larger developers. Don't feel intimidated because your portfolio is small, business is business and good business practices can make long time friends. Good luck!

@Michael S. I think you missed the fact that it was a 2 part post. The tagging/mentions info was in relation to using Google Chrome to surf the site and the App comment was related to posting a reply on the forums which its NOT letting me do all

After fiddling with BP on Google Chrome, I think I've figured out why sometimes the @tagging doesn't work. When responding to a post, I tried typing the @Nname and I typed the name incorrectly so I backspaced to correct my spelling error. When that was done, I notice the name did not generate for tagging. When I completed erased the whole tag (@ included), and spelled the @Firstname correctly and without mistake, after a brief moment I discovered the tag system functioned just fine. Feel free to try it out and let me know if anyone else experiences the same when tagging.

Also, while using the BP mobile app I've noticed that I can't post any replies to the forum posts. Unsure if its because I am not a "pro" member yet or not. Does anyone else experience this issue with the app? 

Just to be clear (in case of diagnostic inquiry) I have a Samsung Galaxy S6 Edge+ on the Verizon network and the most up-to-date BP app installed while experiencing this issue.

Thank you both, @Aaron Moore & @Max Grenader for dropping a comment and connecting! I look forward to our meetings and hearing all about your experiences. 

In this business, it's both who you know and what you know that will get you far. Though I've only been in CO a year and studied REI for 6 months, I know in my heart of hearts that this is where I want to be. Looking forward to expanding my knowledge and network with all of you.

@Pinaki M. In regards to your question, I am working on investing in CS at the moment. I am also a beginner, so I haven't had a deal yet but I know this is the market I want to work in for now. You're absolutely right in the assumption that most of the cities are close together, but once you've entered the mountain range, the distance and travel time can start to add up quick.

The bottom line is what YOU want to invest in. As you'll see in BP, if you have the right attitude and knowledge to succeed, you can thrive in almost any market. Even the war zones find investors willing to risk it to get the biscuit! Just find enjoyment in what you're doing, learn something new every day, and work hard for what you want. :)

I live in Colorado Springs and have just put an offer in on my own first home here. The lower end market (Under $200k) is a hot sellers market here and quality homes disappear about as fast as they are listed. Rental rates are high enough to make good cash flow, and with 4 military bases surrounding the area, there are plenty of potential tenants here. Mountain views are amazing but I've heard people from the coast comment about missing the ocean. :) Feel free to drop a line and pay a visit sometime. If you're going to invest somewhere, I recommend visiting and just getting a clear sense of which market you would like to work in. Maybe find meet-ups in each city you feel is competitive and ask some of the local investors in each place to show you the town. Nothing beats a hands on experience.