All Forum Posts by: Grant Shipman

Due to the nature of fix & flips this might be a very hard question to weight in on.  There are surely good answers for you, but it depends a lot on your time frames among other things.  Maybe someone else can chime in.  Stick with it- it's a great goal!

I've been terribly impressed with RentecDirect so far.  My tenants have been amazing at how easy it was to use their resident portal (browser) or resident app (smart phone) to pay rent, access their ledger, see their lease, and make maintenance requests.  It accepts payments from bank accounts (routing & bank account number that you could collect and set up auto payments for, so you're not banging your head against the wall) or credit cards (for a processing fee). 

Hi Bill- thanks so much. Your posts are always helpful and spot on in my opinion. I have an SEC attorney on my team that I am so great ful for and have my business set up accordingly.  Taking short cuts is not worth it especially if in the long game imo.

Since I do not know your situation, I cannot speak to it on this question. Here's my thoughts on how I look at things: I warranty deed the property into an LLC owned by my partner and I immediately as my main form of asset protection; I have a strong operating agreement to balance risk; deciding who is on the loan and who is on the original title has to do with current needs (what does the bank require to give you the loan) and future needs (what are you and your partner's future plan bc you can each only have 6-10 conforming loans at a time). I hope that helps. Feel free to call.

Build your team build your dream (real estate: agent, attorney, CPA, lender(s), and possibly property manager). Lots of great ones on BP

I'm right with you. I hope someone can help you with this request bc I'd love to see it. you mentioned common area. do you rent by the room?

wow that super blows! the suggestions I had have already been offered. could you share what your old screening service was? good luck with this all!

congrats on all that! Talk with your lender or multiple lenders. I think the lender will give you the green light as long as your debt to income ratio passes, you have the down payment and closing costs, and you have fulfilled your mortgage contract for living in your current place for the min amount of time (if you plan to owner occupy your next place as well). Also, if you do OO your next one, the mortgage contract will often say you have up to 60 days after closing to occupy the property. I hope that helps. I also highly encourage you to put the property in it's own LLC and have a well written lease. sorry for the unsolicited advice, I couldn't help it ;)

If you'd like a confirming loan (i.e. conventional, fha), then here's four ideas 1) have your partner as a cosigner on the deed of trust (mortgage), 2) deposit your partner's money in your bank and let it season for 60 days, 3) document the gift: have your partner give you the money and have your partner sign a document that says the money is a gift and not a loan, 4) secure the money: have your partner loan you the money and write in the promissory note that the loan is secured by something you own of high value (like a car) or secured by taking second position on the property. Talk to your bank and other mortgage brokers about which of these or other options will work ahead of time. then choose the one that works for them that you most like. I hope that helps! keep at it- it's worth it!

I purchase and rent properties in Colorado that turn incredibly great profits. I do this by partnering with those who have money and want a hands off investment. They give me $25k, and I make them $6.6k/month tax free for the rest of their life. I'm focused 100% on giving my investors a great experience bc they deserve it. I've become disgusted with others in the financial world who exploit their investors, and so I'm interested in the fiduciary concept. I'm always acting in my investors best interest, and so I'm curious to know if there is a way to become a licensed fiduciary in Colorado. If so, this license/certification could be another way to make my investors experience even better. I have tried to research this bc I'm very green to the topic. I'm not coming up with much besides options in California which isn't my state. Can anyone inform an ignorant brother on these matters and/or point me in a specific direction. I'm not a licensed real estate agent. if that is helpful.

Hi Brian- I just moved to Loveland (45mins from Estes) from Austin a year ago.  My parents have a rental property there for 3years then retired and moved into it last year. 

Here's the three things I know

1) my relator there says that Estes Park limits there short term rental permits and that I should not count on being able to get one.

2) month to month or anything long term is hard for renters to find bc of a rental shortage.

3) tourists to Estes Park and RM national Park percentage increases are going through the roof each year. 

I wish I had more to tell you. I love Estes it is so beautiful and the people are great.