All Forum Posts by: Grace Porritt

Hello Ryan,  Why not do a combination?  I worked in retail for most of my younger adult life.  I really enjoyed my business but my big mistake was paying rent and not owning the building.  I could have bought the building 10 times over.  Why not buy a commercial building, rent out part of it and run a retail business or restaurant in a portion of it.  Win - Win. 

Hi Kourtney,  What equity do you have in your home for a Heloc?  How is the real estate market in your area?  If the market is good, I wouldn't blink to borrow against your home.  Sometimes the "selling" market goes down, but the "rental" market stays hot.  In my area, both markets have been solid for the last 25 years of investing.  When I have equity, I like to use it.  Being closer to retirement,  my strategy will need to change.  I am doing a lot of reading and researching right now for the best way to work with my 3 rental properties.  At your age.....I would go for it!! 

My number #1 rule is to:  Use other people's money!  (that would be a bank)

I

Sounds like he was well-intended to me.  I would ask for the full rent and then reimburse him back for the receipts that he has immediately.  This would be better tracking for your purposes.  I typically do not pay my tenants for the "labor".  If he feels that he should be paid for labor, ask for a bill for his work. If your cash flow is tight, perhaps you can pay him over a couple of months.  Make it clear about the hourly you are willing to pay for in the future.  No more improvements without prior approval if they want to get paid back.

Hey Dan,

     I will try to make it.  I have wanted to start something myself.  May as well jump in on something that is already going on.  Do you have a meetup that I should respond on as well?

I have had this discussion with another BP investor in Colorado.  I think there is a bigger need for the Active Adults 55-75 that are divorced, single or just down-sizing.  I feel that a home with 3-4 BR/Bath would be ideal with a nice common area.  I think it would be nice to have one couple (managers) and the other single in the home.  Shared common areas and amenities that apply to the group. 

I am trying to figure out the best way to take money out of my rental properties with the least amount of tax impact. I was thinking about paying myself 10% manager fee for each of my STR rentals and 5%/month on my longer term rental. Is this wise? Would it be better to just take an owner draw? FYI, I have an LLC.

Anyone interested in putting together a networking group with me here in Colorado?

Hey Jacob,  I am familiar with the area.  I went to Toms River South.  My mother lived in Whiting.  Is this to the West of Walmart or more to the East. 

1) Buy a couple of those Whiskey barrels and put them on either side of the front entry with some flowers in them. 

Fix the back fencing because it looks shabby.

The yard also could use some attention if you want to sell it to a homeowner.  Since it is so huge, I would just landscape a small area around the patio.  The rest you could just mulch.  Spray some roundup to get rid of the weeds on the patio. 

I personally like to see houses when they are empty.  It is a great starter house and I would advertise it that way.  First time home buyers can just put 3% down right now.  That is a steal!

(I cannot believe how cheap homes are there.  This house would be double/triple in Colorado)

Good luck!

Hey Matt,  I was pleased to pay under the asking price.  It also appraised $3000 over my purchase price.  This was much more attractive than the bidding war I was getting in Boulder County.  I placed an ad on Craigslist to Pre-Lease as a corporate rental and have a signed lease after only 3 days.  I am working on furnishing right now.  They are paying $2600, plus cleaning, plus linen package.  

I am toying with putting together a meet-up in this area for like-minded investors......interested??

Hello Conner,  I just bought a Loft Downtown Denver.  I did a 1031 Exchange from a sale in Boulder.  I am hoping to rent it furnished as I do with another property in Boulder.  I have used VRBO for short-term rentals and also have experience with long term rentals.  I would be happy to meet with you in person and share my knowledge and experiences since you live nearby.  The Denver area market is HOT!!!  Do not fear investing here.