All Forum Posts by: Brittany Guimond

I left each property in my own name because there is a risk of transferring into the LLC via quit claim deed and the bank could call the note due. I've never heard of it happening to anyone I know IRL but it's too big of a risk for me to take on. All my properties are residential/primary loans, not commercial, because I've been able to live in them or partially own them with another investor who lives in them. You can ABSOLUTELY get a residential loan for an investment property! My CPA owns rental properties himself so he's got that going for him! I'm not sure where he's licensed outside colorado or where you live, but I'm happy to make an intro!

Ha, how funny that the market in Denver is shifting yet again... I thoroughly enjoyed taking advantaging of steep discounts, rate buy-downs, inspection items, etc. over the fall/winter, but alas, I think we're headed back to the days of yore. Anywho, do you plan to live in the property or purchase it as an investment? Lately I've found the #s on a SFR and duplex are much more do-able than the #s on a tri/quadplex, and if you house-hack, they are far more digestable if you house-hack as it's the lowest cost of entry. I personally liked starting small with a SFR we lived in, it gave us time + space to make mistakes and learn from them. I'm happy to set you up on an MLS search if you're interested, I've got a couple going right now looking exclusively at SFRs w/house-hack-ability (i.e ADU, lock-off, etc.).

@Troy P. I set up individual LLCs for each property per the advice of my CPA and managing broker. I also needed individual EIN #s for each property's checking/savings accounts, and this helps keep all expenses straight so I'm not commingling funds.

What an informative thread this! I own all of my properties in my own name, and have each property financials flow through individual LLC checking/saving accounts. I use 1 credit card for everything (biz + personal), and keep track of all expenses for each property. If I have a property expense, I pay for the expense with my CC and then pay my CC bill out of the property account. I think as long as you have a system in place, you can make anything work, as long as you're not co-mingling funds between properties.

On the separate LLC discussion, my CPA advised me to keep properties in my own name (not LLC) and to consider an umbrella policy with my insurance provider for added liability protection.

Very cool idea! I agree with Nicholas, I think you can build a very basic query that collects info from submitters, and then returns results based on one data set, like geo. I'm sure there are plenty of back-end devs out there ready to take this challenge on, though! I used to be part of the Drupal community and would be happy to point you in the right direction of a back-end dev.

I did a bunch of research a few months ago on the greenest communities in Denver metro, attaching that list w/links here. I find most boutique builders (Lokal, Toll Brothers, Meritage, Thrive) are using sustainable products in their new builds. With incentives coming out of the recently passed IRA (inflation reduction act), there's going to be a bunch of new practices coming out of it, but it's still too early to tell exactly what it'll look like. Lots of tax credits is what it's looking like, but I should know more over the next year when the bill starts to take shape in the real world and we can make sense of it all.

Hi all! I'm looking for a property manager reco in Kankakee IL. Anyone have someone they know and love? 

I have my Colorado license and take some courses through https://cox-education.com/ and they're pretty good!

Hi Jason — I have a vacant condo in Berkeley you could inspect! Lots of issues with it (we're about to start a rehab project) but I'm happy to let you in and use it if you'd like!

Investment Info:

Condo fix & flip investment.

Purchase price: $225,000
Cash invested: $60,000

Contributors:
Grant Guimond

Purchased an off-market condo 2 blocks from desirable Tennyson Street shops and restaurants. Property was distressed due to tenant-caused damages, so we are actively adding value to the unit by giving it a total makeover. Plan is to use it as a primary residence for an aging family member, and then mid/long-term rent it once it's vacant. "Before" photos attached, will upload rehabbed photos when complete in spring 2023. If you've experienced a similar situation — please share any tips/tricks!

What made you interested in investing in this type of deal?

Location and price. Because we were able to buy this condo significantly under market value due to its condition, we are hopeful in its likelihood to cash-flow when it's available for rent.

How did you find this deal and how did you negotiate it?

A real estate colleague knew about my investments and thought I might be interested.

How did you finance this deal?

10% down on a conventional primary with 2-1 interest rate buy-down.

How did you add value to the deal?

Will be gutting the bathroom, adding more cabinets to kitchen, replacing countertop, refinishing floors, replacing appliances, and having the whole home professionally cleaned for tobacco smoke stains and odor.

What was the outcome?

TBD!

Lessons learned? Challenges?

We inherited the tenant for a week between closing and before they were out. We played really nice with the tenant and even gave them more time to move out in hopes they wouldn't squat or damage the property further.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm a licensed Colorado agent myself, and I worked with a local lender (shoutout to the amazing Austin Beger at Spire Financial). The seller was represented by an unlicensed agent, which helped us (the buyers) negotiate the best deal, while it did not help the sellers make the highest profit possible.