All Forum Posts by: Daniel Luedtke

Thanks Patrick Liska, this is great advice. I didn't think about some of the safety concerns. Appreciate the help!

I have an inspection on a triplex I'm under contract on(my first multi-unit). Any tips? Questions to ask or things to look for during the inspection? Thanks!

Thanks for the info! I was just going to do it online as well, but wasn't sure if a better route would be an attorney.

Looking to setup an LLC for a property I have under contract, and for future properties. One main reason is due that my father in law is helping on this purchase. Suggestions for good attorney in Northern Colorado would be greatly appreciated. I assume it would be best to setup an LLC with an attorney, as opposed to doing it myself online (legal zoom, etc), correct? Thanks! Dan

Thank you everyone! I am very excited to jump into real estate investing! I appreciate all the warm welcomes.

I am trying to make an offer on a triplex, however, I need a pre-approval letter to make the offer? Is this typical? I am having issues with my DTI, as I have a seasonal rental already, on top of our primary residence mortgage. Our tax accountant did not include our rental property on a Schedule E on our returns, so I cannot use that as income to offset our rental. I believe he filed it as a second home? Trying to get my father-in-law to help out with getting pre-approved, using an LLC, with my wife and I and father-in-law, at least for this property. So, I guess I have some questions. Making offers in the future, will I always need a pre-approval letter? On portfolio loans, do they consider my personal DTI as well, or solely on the cash flow of the property? And, going forward, would you recommend taking my taxes to an accountant(a new one!) to amend them, creating a Schedule E for our rental income, so we do not have issues like this in the future. Thanks in advance!

Hello all! I am so excited to have found the BP site and podcasts! I was born in raised in Wisconsin. Moved to Colorado in 1999 (after my wife graduated college). We got married in 2001, and currently have 3 amazing children. I currently work in the sub-prime auto financing industry, where I am a branch manager. I have been in this industry for 14+ years, and have been through a couple lay-offs in the industry. I have been researching and dreaming of getting into real estate for a long time! Finally, a little over a year ago, my wife and I bought her grandparents beach house(on Lake Superior) that had come back on the market. Not only had it been a vacation rental for the last 4 yrs, but it also had the sentimental value as well. It is a summer rental, and currently pays for itself and expenses, with a little extra per year in just 4 mos of yearly rentals (shut down in the harsh Upper Michigan winters). Wanting to get into the real estate game, this just happened to be a perfect stepping stone. Ideally, I would like to build a portfolio of buy and hold properties, as well as get my hands dirty in some fix and flip properties, and eventually into larger units/buildings. My goal is to be able to quit my current job in the next 2-3 years, and become a full time real estate investor. I want the freedom to spend more time with my kids as they enter into high school. I want to be able to be there for them as the participate in sports and activities, as well as be able to do what I want, when I want, without having to worry about vacation time from my corporate job. Finally, I want to build a multi-million dollar portfolio (and net worth) to give us the financial freedom we want now, and for a very comfortable retirement. Thanks for reading a little about me and my goals. I look forward to the abundance of information on BP to help propel my investing adventure! I look forward to connecting with you on BP!  And, I look forward to the possible friendships and/or partnerships that I may forge along the way!  Dan