All Forum Posts by: Adrian Tilley

@Kyle Lopez you've gotten some good advice.  The one thing I would disagree with is to start cold calling attorneys.  As an attorney, if someone called me and said "I want to buy your client's houses" I would more or less hang up on them.

@Jon Pool As @Bill S. said, you need to speak with an attorney ASAP.  As an attorney myself in Colorado, that is exactly what I would do if I were you.  If you need a name PM me and I can refer you.  Also, as @Jean Bolger states, all the answers should be in your documents.  From personal knowledge (not legal advice) I am aware that sometimes being in default on one loan can cause you to be in default on others.  However, you need to gather all your docs and get to a qualified attorney.

Nice.  I'm going to try to make this one.

Hey @Elizabeth Wilson thanks for contributing. I guess the question is not really should I sell it, but rather should I leave tenants in place and sell as a rental/investment or sell on MLS. I think Matt answered my question. The only other option I was considering was whether to hold for a year to minimize taxes.

@Matt M. Thanks for the input.  How much fix up would you do?  Sell as a "sweat equity/fixer" type property or do it up and extract every penny?

Hi all,

I've been at the "education" part of this game for a while, got some marketing capital together, and now am on the cusp of closing on my first real investment property.  A friend's mother passed away and he's unloading her rentals.  I'm under contract on a condo that's currently being used as a rental.  I'm hoping some of you might have some thoughts on what the best way to handle it.

ARV is $150-$160k. Here in the Denver market that's really low - it's in a good part of town in Westminster, Colorado. It's a 2 bed/2 bath in decent shape (could use some updating, but it's ok as is). Would probably need $10k of fix up.

Currently rented for $1025/month, but the lease is up at the end of May, tenants want to stay (they've been good so far), and I think it could be rented at $1150-1200 easily, with significant cash flow.  

Would I be better off kicking the tenants and selling on the MLS (or the BP marketplace :) or keeping the tenants in place, bringing rents up to market, and selling?

I've thought of just keeping it as a rental - the numbers are pretty good - but I think at this point I'd rather have the money to use for marketing.

Thanks for any help!

Adrian

@Pratik P.

Thanks!  Have you had pretty good results with those parameters?

@Christopher Reid still working on it.  I'm waiting for @Tucker Merrihew's driving for dollars app to make it to android (come on tucker!) to make my d4d easier, then I'm going to do a combination of that and probate.

@Christopher Reid

listsource.com

@Mike Nelson

I agree to a certain extent, but if you read the articles by Schwartz, Trump didn't write the book, or even co-author.  It was ghost-written.  Regarding Trump's honesty, I've had a hard time finding anything he's said that's true rather than the other way around.

@Dee M.

You should really consult the CPA first to see what types of entities you want to set up, then consult with an entity formation attorney (probably more so than RE attorney) to set up what you need.  An attorney who also does estate planning would be helpful so that they can ensure that the whole system is set up properly.  It's going to be tough to find a CPA attorney combo.  You don't necessarily need a Colorado CPA, but you do need an attorney who is licensed to practice in Colorado.  Good luck!