All Forum Posts by: Bryan Cork

@Ryan McKelvey thank you for your advice. I just noticed this is the second time I've mentioned you in is as many posts! Do you have some specific steps i should take to make this arrangement legal? And when you say "license", do you mean becoming a licensed real estate agent?

@Ryan McKelvey i guess I'm not clear why BP's lease would be good for my own rental but not for another..........in my mind its either a strong contract or its not. What am i missing there? Also, I am in agreement with you in terms of doing things as legally as possible, we are working on that.

my wife and I have managed our own rental since 2015. At the time we obtained the SFR we knew nothing, but our agent had some rental properties so she let us use her lease. Now as we have learned more, and have been educating ourselves more, we understand that having a fantastic and rock solid lease behind you is crucial as a landlord, but what we have now just does not cut it. So, we are wanting to take the step of spending the money to get a solid lease in place. I'm interested in the package that BP has available, but there is one caveat that I'm unsure about. We will be acting as the property manager for my parents who just purchased a townhome as an investment. So we are actually in need of 2 leases, i want one for the SFR that covers specific items like the tenants responsibility to maintain the landscaping, and one for the Townhome that covers things like "abide by the HOA rules or you are violating the lease". these are relatively minor differences but very important. so my question is........should i look to buy the package from BP and go to a lawyer to tweak that lease? Or, do you get one directly from a lawyer so they are already familiar with it. advice is appreciated! thanks!

@Nathan Platter, @Mark Bosworth, thank you for the great advice!

@Jenna Coddington, @Account Closed, thank you for the great info!

I would like to know what is the equation, or metric that I should use to judge one potential project vs another in terms of cost and the potential increase in revenue that money should create. For example I have a 3/2 SFR that has an unfinished basement, if I spent 15k to finish it and added a bedroom and a full bath to bring in another $250 a month in rent. Or if I added A/C to the same unit for 4K and that got me $50 which is better? Now I know that that equation is pretty easy and it’s just a ratio of income/dollars spent, but the harder question is......should I do either? What I’m having real trouble with is if my property has a 5.0% cap rate now, how do I factor the cost of these projects into that? And if either of these don’t improve the existing cap rate then maybe they are not the right project for this specific project? Help me wrap my head around this a little more, thanks!

I should have mentioned that the reason to make it “legit” is to make the money they pay us to manage it a legitimate business expense. If it were just a favor situation I wouldn’t want to make it complicated at all. Thanks!

Hello all! My wife and I own a SFR that we manage ourselves, and have for the better part of 3 years. That makes me know just enough to be dangerous :) So now my parents want to buy a rental property and they want us to manage it for them, and I’m not sure where to start digging into what we need to do to make that legal and legit. First, we are in Colorado Second I know it needs to be done under someone with a brokers license, and my wife works for a friend of ours who is a real estate agent and is willing to put the property management under his license. Third.....that’s all I have so far. Any suggestions on how to move forward? Thank you!

If those purchase, rehab, and arv numbers are correct, why not just flip it?

I’ve got the same strategy going forward. Makes no sense to me to take a lump sum out and begin paying interest while looking for a deal, but the end game will definitely be to refi the cash out of the heloc.