All Forum Posts by: Christy Browning

Thanks for posting the wonderful summary of this deal - it is really helpful! I also have found your comment replies on such a wide variety of topics here just as helpful. Congratulations and thanks for the inspiration!

I love BP!! The resources and expertise through this site, podcast, and the meet ups have been instrumental in my husband and I creating our REI company and purchasing our first buy and hold rental this year! Thank you does not even begin to convey how grateful I am.

Hi @Andrew Bertram, 

Take my thoughts on PM resources with a grain of salt, I am new at this. I have one SFH rented out so far, and have started my REI path with self managing as part of this first deal. Here are the resources I have delved into and found helpful. I will do my best to incorporate legal aspects since that was a big part of your inquiry.

1. NOLO has some good books on property management. My favorite is "Every Landlords Legal Guide". It's got great summaries of different areas of legality in owning and managing investment properties. I think it's also a good read for those who hire PMs as an FYI.

2. Your lease. I worked with a real estate attorney to review our lease, which I put a lot of work into. That work included reading NOLO and reaching out to local folks here who have properties. In asking about their experiences I got some great pointers to be sure to include based on their difficult situations. At the end of the day I highly recommend having an attorney review to be sure you are in compliance with state and local laws.

3. Asset protection and liability. My investment property is owned in the name of an LLC, with an attorney reviewed Operating Agreement in place. Be sure your documents are in good order, because if they are flawed they can be invalidated in court and you could lose your intended asset protection. Also, umbrella liability insurance policy coverage.

4. Tenant screening. I also use TransUnion Smartmove and recommend it. The report was thorough and easy to review. I also really liked that I never collect applicant birth dates or SSNs - they put those in directly to the site. That eases my risk of being accused of identity theft or something down the road. I was upfront with applicants that I would be reviewing criminal and eviction histories, that weeded some folks out at the front end. I also stuck to my requirement that the income be at least 3x the rent. It took a little longer (3weeks), but I found amazing tenants for the property.

I also introduced myself to the neighbors and gave them my contact info in case they ever had concerns, along with some nice potted plants. They seemed to appreciate the gesture. While that could increase my phone calls I would rather know early on if there was something fishy going on.

Best of luck to you on this next chapter!

Congratulations, this is awesome! Good for you. This type of investment is what I am looking to make next. Any tips on your experience obtaining owner financing?

Thanks, @Adam M., I appreciate the advice. It is a tough investment market here for sure. I will keep your advice in mind and proceed with caution!

Hi @Chris Lopez, that sounds awesome. I will message you, let's talk. We have an amazing small residential real estate agent, who helped us get our SFH, but she doesn't do much in the multifamily realm. Looking forward to speaking with you!

Hi @Brandy Morineau, thanks so much for posting this question! I am in a similar circumstance and very curious to see other responses come through on this. My SFH has appreciated around 15K since I bought earlier this summer - I had initially planned to keep a close eye on the market and likely wait around a year to refinance and pay off the HELOC if it keeps at this pace. Looking forward to hearing other advice. Congrats on your purchase as well!

Thank you, @Kevin Grinstead! 

This was a helpful post to read as a fellow Denver newbie. Welcome, @Account Closed! I have been to the Denver and Erie meet ups so far that Linda recommended and really enjoyed both.

Thank you for the warm welcome! 

@Ian Godfrey thank you for the excellent advice. I agree with your recommendation to keep moving forward and learning as I go. Analysis paralysis can be very real! As a nurse as well, I like to have things planned out and calculated just like I would in providing care. But moving forward while taking calculated risks can lead to great success... which is what I am working toward!

@Scott Trench wow thank you! I really appreciate the encouragement and kind offer to support my network growth. Many congratulations to you on your successful book which I will begin reading shortly, Set For Life! I also have really enjoyed hearing you on the podcast - you have solid recommendations and I relate to your style of planning and goals.

@Don Spafford @Dave Visaya thank you for the kind words and wishes! I am also an avid reader and can't wait to delve into more learning.

Hello, everyone!

I am Christy Browning, a newbie real estate investor from the Denver, CO area. My husband and I have purchased, fixed up, and rented out our first SFH here. We are cash flowing on the positive side with this property, and are very excited to keep moving forward with our investing. The next steps we are researching and getting into is learning about small multifamily investing as our next step. Also, I am a nurse and love the work I do. Many thank yous to the BP team and members - I have learned so much already from you all and really appreciate everything you do.

I am looking forward to delving even further into the BP content, attending more of the Denver area meet ups, and am making my way through Josh and Brandon's amazing podcast episodes. I also look forward to contributing back to the community as I gain experience and knowledge!