All Forum Posts by: Grant Shipman

@Phillip Bicker and @Rick Thomas

Thanks for the responses!  I have a great agent and title rep too- I guess sometimes I need people to point out the obvious :) Utilize my team!  Thanks again y'all!

Thanks for reading! I'm looking for specific educational resources on step by step completing an offer (Colorado Contract to Buy Residential).  I'd like to know how to do this with transactions using owner financing.  I'm not a licensed agent, so I always use an agent or attorney, but I would still like to know these things inside and out in order to write them with confidence.  Does anyone have resources to recommend?  I'm interested in the same for the closing documents (understanding them- I do not feel the need to be able to write them).  Basically I want to understand the whole purchase transaction inside and out start to finish.  Sounds like an obvious question to me, so I'm great with obvious answers.  I've read the top 40ish real estate books I've been able to find, so I'm looking for something more nuts & bolts specific.   Thanks for any help. -Grant

Rent by the room is a good idea, but there's occupancy issues there sometimes.  I'd encourage you to continue to check into your original idea.  See if more could be charged for the studios, and if the numbers work.  My best ideas are: 1) have a parking plan; 2) make a meeting w/the city zoning & planning dept- see if you are doing them a favor and if they can fast/cheap track you; 3) talk it over with a real estate attorney to make sure you're not missing anything before you pull the trigger.  Good luck on searching out your idea!

Great charts!

Rentec Direct customer service blows me away, and my tenants love their app to pay rent /  etc.

Hi @Matt M. I'm sorry I missed your message until now.  Oh wow- did I made an error above. It's $6.6k/year (not per month).  Wow that's embarrassing.  Thanks for catching that mistake.  Reminds me why I'm grateful for my team (lawyer, CPA, etc) for balancing out my weaknesses. 

I am looking into becoming a financial adviser but so far have not found any programs I'm impressed with.  Do you suggest any?  

Lots of great resources. I have found that the most helpful cost at least some money or a library card. Loopholes in real estate will speak directly to the questions you're asking in the later chapters.

Welcome to BP Karrie. I encourage you to run the numbers and they won't lead you astray. Welcome to the fun!

Great job so far. Keep going! I use Rentec Direct and love them. I only collect rent electronically and it auto bills tenants, records their payments, and assigns late fees. My tenants love it as well.

@Richard Heine- have you done with with an encumbered property?  If so, I would like to hear how it went.  If you don't mind sharing. 

@Brian H. Richard is spot on with the General Warranty Deed. I see lots of suggestions for using a quit claim, which cancels title insurance. General Warranty Deed FTL! You can find them online specific to your state. Google can also tell you the two step process to make it happen. Through research I have decided to put each property into an LLC due to the incredibly tiny risk that the title transfer may trigger the due on sale clause and the large risk that a tenant will sue sometime. Using a trust may also be a way you could deal with the due on sale clause. I suggest considering using a separate LLC for each property to minimize asset exposure and making sure that whoever is on the mortgage also be a member of the LLC for a continuous line of responsibility.