All Forum Posts by: Tony SanFilippo

With the Political outlook in Denver/Littleton, I would look to other markets that would net more profit with less risk of changing restrictions.  

I would check out the long term strategy as well (But have a clause that you can terminate the lease if you sell the house).  Then watch the market as many people feel we may have a large real estate correction, if that happens you can exit if you need to and quickly if the dip in prices goes as low as Robert Kiyosaki Predicts.

Quote from @Kim LeJeune:

It’s not deemed a sale.  It’s a lease with the option to purchase at the end of the term. 

Kim, Can I ask what happened with your lease option and how the taxes worked out for you?

Quote from @John Warren:

@Meir Greenblatt I purchased my 19 unit in 2017, not 2007. I started investing post crash, and have been investing ever since with at least one significant purchase per year. I will continue investing whenever things make sense!

@John Warren I know you have been adding each year as you have said in this Forum post, but with current economic  changes are you still adding or selling to free up some cash for the crash?

I understand that Westminster is air bnb friendly, but if that changes, would the city allow a long term rental, is it Zoned R2 to have a duplex?  How hard was it to get a permit for a 2nd kitchen and or egress window in Westminster?

Okay, times have changed and finding good tenants is not just posting to Craigslist and maybe Turbo Tenant.  Is facebook working for you?  I find Facebook brings below average interest and quality. I am in Colorado.

Landlords, please give your opinion on the best places to advertise for new Tenants!

Thanks in advance!

@Kim Penn

Zumper.com had my ad, so it must also get populated from turbo tenant or Zillow.  My price is competitive for the southwest Littleton market, It is a gated community and large for a 2 bed 2 bath condo that is 1307 Sq. ft., so at $,1890 / mo. it is at the top of the rental range.

Hey wanted to see what other investors have been successful using for advertising their rentals. 10 years ago Craigslist did it all, now almost no one is using it for rentals. I use Turbo tenant (who syndicates to apartments.dom, realtor.com, facebook and others), Zillow and the MLS. Response has been slow the last few weeks and wondering if there are some new locations for rental ads? I did increase my rent, so I understand I may need to drop the price to get more action, but thought I would see what everyone says.
Thanks

I would say no brainer, put the larger manufactured, as long as it is NOT a HUD. IRC homes are appreciating assets in my market (verify yours), but See below:

There is a big difference with mobile home (HUD) homes and Manufactured homes that meet the
International Residential Code (IRC) building standard. Manufactured IRC mod home sand are just like a stick built home. They also don't have the same financing issues as HUD Mobile homes and can use conventional financing. Many people say that the manufactured home are build better because they are build indoors in a controlled environment. They are not getting rained on or snowed on during the building process and you can drug test your employees at the factory, vs. a job site contractor. Below is a picture of a manufactured home, it was set on a foundation in one day, back in 2004. Sold in 2017 for $490K $250/sq.ft.

Here is a stick build "brick" home within just a couple blocks in the same neighborhood with a 3 car gar. that sold for $460K $247 cost per sq. ft. (5 months after the above home sold). The brick house about 15% less Square ft., but the basement was finished, the Manufactured home had an unfinished basement.

So I would say the manufactured home on owned land has kept it's value comparable with a stick build Brick house.

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Sarah,

I think it is a great idea as long as you use the manufactured homes build to conform to the IRC standards.  I know in Colorado, these manufactured homes bring as much as stick Built property.  I like the idea so much, I am now a reseller of Champion homes and would be glad to help you through the process, if you would like help.  I am doing a duplex on a lot in Brighton, CO right now to hold as a rental.