Sam Dangremond
@DangremondSam
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I own some real estate. Would like to own more real estate. Am also a Patent Attorney. I love investing in Pueblo CO.
Pueblo, CO
Joined September 2020
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Lots of new followers lately!
I mostly post about SFH investing using the BRRRR method. (Buy, renovate, rent, refinance, repeat.) Have done ~20 BRRRRs thus far, focused on Pueblo CO.
Also doing my very first value add apartment syndication as co-GP with an amazing partner.
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I've had this quote taped to my office wall for the past two years.
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Quick fun BRRRR renovation cost control tip: create a spec sheet of your favorite fixtures, and then put an eBay alert on the model numbers.
20 LED lights for $3 each instead of $35.
Not bad for 3 mins of effort.
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It’s the greatest feeling in the world.
If you know, you know.
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Today, the man who makes these hardwood floors possible in my BRRRR projects called me.
He's having eye surgery, and asked if one of the guys on my crew could give him a ride to and from the hospital.
I said I'd drive him myself.
Every business is a people business.
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One of my favorite little touches when renovating is to add rockwool sound dampening insulation in key interior walls.
Between adjacent bedrooms, between a bedroom and a bathroom, etc.
The sound difference is VERY noticeable to tenants!
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Today I completed the BRRR process on this little 3/1 750 sq SFH here in Pueblo CO.
Acquisition at $87k. But collected $14k in back rent. So really $73k. Reno at $24k. So all in at $97k.
Appraised at $160k. 75% LTV so $120k minus fees puts $118k cash in my pocket!
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Excited to finally be done with BRRRR project
#19
.
Acquisition at $20k.
Renovation (including 2 bd 800 sq ft addition) at $215k.
Should rent for $1,600 and appraise at around $300k.
Cap rate / SYOC of right around 6.9%.
Construction costs definitely up 😢.
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Made it to the halfway point on BRRRR renovation project
#21
.
Lumber prices did add up, but also the labor to re-frame the layout of this 1955 home.
Should rent for $1,300 when done, and should just hit 7% cap rate / SYOC.
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Have gained lots (for me) of followers lately, thanks to
@mstillwell8
... so here's a quick re-introduction:
I am a small time real estate investor in Pueblo Colorado.
I use the BRRRR method. (Buy, renovation, rent, refinance, repeat.) Have done this some 20 times thus far.
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Today I'm meeting with the appraiser for BRRRR project
#19
.
One of the best tools for providing the appraiser all relevant information is a "project overview" packet.
So, I figured I'd share mine:
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Right now is the absolute best time to acquire distressed SFH in Pueblo CO.
Pueblo passed a “vacant homes tax” a bit ago, and the first notices just went out.
There are thousands of vacant homes in Pueblo - I can’t buy them all myself!
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I closed on a deal!
Acquisition price: uh, more than I was expecting.
Debt: 7.8% on 30 year.
Going in cap rate, and SYOC: nada.
It's a personal residence with 5 acres of hobby farm land, nestled in the foothills of the Pike National Forest.
I may be moving slightly north,
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Finished the cash-out refi today on BRRRR
#20
here in Pueblo, CO.
Purchase price: $80k.
Reno total: $74k.
Appraised value: $216k.
Loan amount: $148k, cash in pocket ~$146k.
So, by my math...
Cap rate / SYOC = 8.33%
CoC = 41.8%.
Not bad!
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Today I closed on the cash-out refi loan for BRRRR project
#19
.
Local lender, 75% loan to *cost*.
Total cost = $~235k
Appraised value = $320k.
Total loan = $176,250.
P/I = $1,166.
Rent = $1,595.
CoC return pretty low, but cap rate of almost 7%. LTV of only 55%.
I'm happy!
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Been dealing with my biggest loss as a real estate investor thus far: tenant with pet hoarding situation.
Cat urine soaked into all the floors, smell is knocking people out.
Like $18k in all new floors and various repairs.
Anyone else dealt with something like this?
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Amusing tenant drama... long term tenant sent these pictures upon move in, demanding $500 off.
Had cleaned this one personally, guess I'm not the greatest cleaner!
Told him he could definitely get an attorney and show these to a judge.
Is this how AirBnB operators feel?
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Today I taught 7th graders about the BRRRR method and toured an abandoned burned out crackhouse offered at $59k.
So, just another fun day here in Pueblo!
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Broker: “If you want to make an offer, I need a phone call by noon Saturday.”
Broker, 4:30 pm Monday: “So, just checking in if you wanted to make an offer?”
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Lately I've been working hard on a big renovation of a 20 unit complex, in my first syndication.
The day the granite countertops get installed is always a big milestone!
Paid about $64 / sq - but looking to drive that cost down. What are other folks paying lately?
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Finished my renovation on BRRRR
#21
!
Full gut rehab, with garage conversion to 3rd master bedroom. My contractors + prop manager even got it across the finish line and rented while I was on vacation.
Purchase = $35k
Reno = ~$160k
Rent = $1,495
SYOC / "Cap rate" = 7.4%.
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I’ve been trying to play catch-up on my BRRRR renovation pipeline… but when my property manager brought me a lead on a fire damaged four-plex for under $50k I couldn’t pass it up!
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My new property manager in Albuquerque makes the most beautiful repair tracking spreadsheets I've ever done seen.
Do other prop managers do this, and I've just been missing out?
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The day the hardwood goes in is always one of my favorite days in the renovation process.
This is BRRRR project number 20 for me.
Paying about $7.50 / sq for no. 2 red oak with stain and three coats of poly.
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Yesterday, I closed on my first real estate syndication deal.
In partnership with the amazing
@gabebodhi
.
This complex had sat vacant and blighted for many years, so we're excited to thoroughly renovate and make these housing units available to the fine people of Pueblo CO!
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I recently fired my property manager (down in Albuquerque), and I learned a few lessons about dealing with property managers that I thought I’d humbly share…
1. make sure all fees are disclosed up front, and are in the management contract. This PM surprised me with a 15% (then
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Today I filed two property tax valuation protests.
I reduced my assessed value by 63% and 83%, in about an hour.
Total estimated tax savings next year: ~$4,000.
Apparently the key is to take pictures that look like this!
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Finished reno
#20
on another SFH here in Pueblo, CO.
House was built in 1998, so not a full gut like in my 1920s renos.
New bathrooms, full kitchen update, new hardwood floors, and lots of landscaping.
Purchase price: $80k.
Reno total: $65k.
Monthly rent: $1,400.
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My BRRRR
#21
debt and deal numbers:
Loan = 5.69% 10 yr note on 20 yr am at 75% LTC, $1,035 monthly. Local bank. (DSCR lenders quoting 8.5%!)
Rent = $1,495.
UYOC = 7.4%.
Total cost = $195k
Appraised value = $244k
I'm happy with all that!
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My BRRRR renovation
#21
is almost done, so here's a fun before-and-after pic.
Real oak hardwood floors for about $8 / sq ft all in, cabinets off-the-shelf from Lowe's for about $2,500 total.
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@RobertMSterling
If I had a nickel for every time influencers tried to drive traffic by telling the world they shit their pants, I'd have two nickels.
Which isn't a lot, but it's weird that it happened twice.
Right?
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Happy 4/20 to my fellow Colorado housing providers - and guess what... you're now subject to a type of rent control!
Yesterday,
@jaredpolis
signed into law HB24-1098, the "For Cause Evictions" bill sponsored by (among others) Pueblo's
@NickForCO
.
This law make it so that
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Today I closed on the cash-out refinancing step of the BRRRR process on project
#18
.
Purchase: $55k
Reno: $180k.
Cash out at 4.3% at 75% LTV, 10 yr note on 20 yr am, with a local bank here in Pueblo.
Time to shuffle some money around, and then roll it on into the next one!
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This past week, I hire a major foundation company to install helical piers on a property of mine that was sinking.
Very expensive, hope I never need to do this again!
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Another big Colorado law change for real estate investors... every single multi-family owner (15-100 units) has to let your local government make a first offer before you bring it to market for sale.
You don't have to accept the local government's offer, but you have to jump
The Denver Post writes that Gov. Jared Polis has signed a law to help local governments preserve affordable housing.
#housing
#coloradohousing
#affordablehousing
#rentalhousing
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@rohindhar
I deal with this kind of language all the time.
Granted, it's on deals with a purchase price of $30,000...
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Finally making some progress on BRRRR
#22
.
This exterior includes...
- new stucco for $11k
- new roof for $12k
- concrete work for $3k
- new columns for $3k
- Anderson A100 windows for $6k.
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Just had probably my most challenging week of construction management ever. 20 unit complex full gut.
Got insulation started the day of electrical rough-in inspection pass and framing inspection pass.
And drywall was hanging an hour after insulation inspection pass.
Phew!
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While many of y'all are enjoying
#reconvene
@REconveneLA
... I got a great lead on a fire damaged crackhouse for $20k!
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Real estate investors when your homie causally drops that he has a $1M unsecured personal line of credit with Goldman at 3.5%... and maybe wants to do something.
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I love a straight shot line on the hardwood floors install.
Red oak
#2
, with stain, is costing me about $8.50 a square these days. Still worth it IMO!
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@moseskagan
Yup, totally agree Moses.
I offered to let them out of the lease with no lease break fee.
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@shawngorham
Watching wholesalers self-destruct lately has brought me schadenfreude, too.
Three months ago: "Please create a login to see the property address."
Today: "Pls bro, can you take this off my hands?"
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Today I was honored (and relieved) to close on a cash-out refi that completed the redevelopment cycle of my first syndication deal - a 20 unit apartment complex here in Pueblo Colorado… done in conjunction with amazing partners both General and Limited.
Got incredible debt
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Breaking up with a property manager is hard.
Had to dump my New Mexico prop mgmt after too many mistakes.
Latest drama: they got one tenant to prepay six months, and took their 10%... so my new prop mgmt can't take their 10% fee for that time.
1 - 10, how sketchy is this?
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@jameskelly_se
> let's do a really good job, because they paid us first
I will hire these kids, right now - for anything
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I love the shine of self-leveling concrete in the morning!
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I recently joined my local home builders association.
Surprised more real estate investors don't do this.
Excellent contractor leads, and also an extra 2% discount at
@Lowes
!
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On BRRRR renovation project
#21
I’m reframing a cookie cutter 3/2 to modern standards.
Had to add not one… but two… beams, to get to that open concept kitchen.
(Lumber prices back up again!)
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Seen at a piece of distressed real estate I toured today.
What are y'all building into your reno budgets for exorcisms these days?
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@SMB_Attorney
Lived in CO for 10 years now, when I go back east I feel like the air is trying to drown me!
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Today I closed the final renovation permit on my first syndication deal.
Two years of construction management doing a full gut rehab.
Utmost gratitude to the many partners, general and limited, that have made this possible.
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Halfway through a reno. The day the windows go in is always a big transformation...
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Met with Dept Public Works
@CityofPueblo
this week.
Turns out, I'm one of only 2-3 people in past 5 years to have successfully saved a blighted property on the city's "dangerous buildings / tear down" list. 👇
And they're eager for me to do it again.
Work with your local gov!
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Today I’m listing for sale my best ever real estate investment.
PP $15k in 2013, rent $500 / month ever since, zero repairs.
Why sell?
Inherited tenant finally had to move out, don’t want to re-rent in its current condition - but it also isn’t rough ENOUGH to gut rehab.
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My first project that adds new square footage. A ~500 sq 1/1 into a 1,200 sq 4/2.
A whole new world of paperwork and construction management - excited to be learning!
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This week, I converted one of my SFH rentals to a medium-term fully-furnished rental specializing in traveling nurses.
Rent went from $1,795 to $2,500 all inclusive of utilities. Cap rate from 8.1% to 9.6%.
A little worried about vacancies down the line though!
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I recently finally stabilized a set of 4 SFHs using the BRRRR method in a general partnership with a $ partner.
We turned $280k capital + sweat +loans into a $1.12 total valuation with $592k equity at 7.05% SYOC.
First time doing this model - anyone else done this? Tips?
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Probably the single most frustrating piece of paperwork I received in real estate is...
... a Notice of Cancellation from my insurance company, because the loan escrow never paid the bill.
You have one job loan escrow departments, one job!
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Nothing warms my heart like a job site so full of contractors that we run out of space to park!
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He’s going to expose me for saying I buy crack houses when in fact they’re usually meth and heroin instead. 😂
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Me, on the phone with contractors: “… just rip the tongue and slide it in!”
Customer next to me in the checkout line at Lowe’s: 😳
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This SFH in Albuquerque was the first property I ever bought.
Had to fire a property manager for letting a non-paying tenant situation get wildly out of hand - but new property manager got it rented for 70% more.
When using property management, always manage your managers!
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My GC
@sea_willey
just joined twitter!
She was the first GC to build a ground-up new construction fourplex in the city of Pueblo since forever - and is now starting development on a 300+ unit active adult community.
Help her find some friends here in
#RETwit
!
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Today I spent 5 hours sitting around my jobsite waiting for three different building inspectors.
Waste of time? No!
By being there and chatting with them, all three inspections passed - even with some gray zone issues.
Saved me ~three weeks of fail-and-reinspections!
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One of the easiest way to add value on a single family home BRRRR renovation is a garage conversion.
When there's no crawl space, it's usually still worth it to add a master bath by doing in-ground plumbing.
Just have to be accurate in the measurements!
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Them: “You should rent to traveling nurses. They’re amazing tenants and will happily pay a premium.”
Me, then: “Eh, there’s probably not even that many of them in my area.”
Me, now: “I’m gonna be the premier landlord for traveling nurses, with whole buildings full of them!”
😂
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When Lowes delivers your entire lumber package... except for the LVL beams that would allow you to actually start framing the project... so now you have five figures of lumber in sitting your personal driveway.
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The time period when the electrical rough-in gets done is always one of my favorites during a gut renovation:
- electrical rough-in inspection ✅
- framing inspection ✅
- insulation inspection ✅
- start to hang drywall ✅
This can take a week if done right, or a month if not!
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@dig_deeper1
oh ya, the backstory here is that Albuquerque is out-of-state for me... and my property manager has now been fired.
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Yesterday Gov.
@jaredpolis
was here in Pueblo to give the "Fuel & Iron" project an award for historic preservation of the Holmes Hardware building - into a food hall with five restaurants and two floors of affordable workforce housing.
Huge congrats to Nathan and Zack!
Governor Polis visited Pueblo’s “Fuel and Iron” to present them with the “Historic Preservation Award!” To learn more Tune in on
@KOAA
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The other week, my electrician had a baby.
For the reasonable sum of $299, I was honored to send him and his wife one of these 👇gift baskets.
Def recommend this to fellow RE investors: when contractors like you... they find room on their schedule to fix your urgent problems!
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Tomorrow I’m going to try to purchase 100 acres of swamp and woods in New Hampshire.
Since I know nothing about ground-up development, I guess I’m going to “land bank” it until I either learn… or another developer buys it from me?
Um, suggestions/articles/tips appreciated!
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A lot of dunking on this 👇lately.
My own portfolio is not wildly different, somewhat stronger but not hugely.
BUT I would never describe myself as FI!
IMO this type of personal portfolio is great if you have day jobs as an attorney and a Doctor.
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I'd like to give a shout out to my local
@SherwinWilliams
store manager Brent for donating over $1,000 worth of paint to my children's school to fix this!
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Peeling the film off of new install windows is one of my favorite things to do on a job site.
Not only because of that satisfying feeling.
But also because it means you’ve passed the final building inspection, and your permit is closed.
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One quick before-and-after pic from my BRRRR renovation project
#21
.
Stucco materials costs significantly up.
Also, went with Simonton Windows this time (instead of Anderson) due to lead times. 6 weeks vs. 20 weeks.
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@hgtv
House decorations that are single word commands.
“Laugh”
“Eat”
“Enjoy”
Don’t tell me what to do!
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My flooring guy gave me an early Christmas present: being able to bang out one more job before the holidays.
Paying about $8.50 per square foot all inclusive labor and materials for new install 3/4 inch red oak
#2
with dark walnut stain and three coats of poly these days.
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POV: it’s October but you’re out on the jet skis because you live in Pueblo CO and it’s still 90 ° out.
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A new one for me: bought a fourplex in a rough neighborhood for $10k a door… and today I discovered an abandoned stripped BMW on my property, with bonus Molotov cocktail!
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@nebraskabryce
Absolutely. This PM kept all the pet fees and late fees. This incentivized them to place tenants with pets, but I’m paying for the additional wear and tear.
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@shawngorham
My standards...
Fixtures - Moen only, due to the cartridge being easy to swap on showers and faucets.
Toilets - any Kohler
Tubs - acrylic, Sterling "vikrell" material.
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It’s good for real estate investors to have a solid understand of demographics.
Fascinating, counterintuitive pint here 👇
News that the U.S. population barely grew in 2021, together with ever-falling birthrates and the decline in immigration, raises the possibility the nation will be shrinking in the not-so-distant future.
That won't necessarily make housing more affordable
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@excel_ranger
cheaper up front in exchange for *much* worse look, but will need to be replaced every ~5 years... vs. real tile surround with >20 year life
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I decided to try "welcome baskets" as a little extra inducement to land tenants.
Anyone had any luck doing this sort of thing?
Recommendations of what to include?
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