All Forum Posts by: Katie Lyon

Hi there!

I have a rental portfolio of 4 units that is quickly growing. I'm looking for rec's on a software that I can use to track expenses, bank accounts, etc all in one spot! Anyone have suggestions? There are so many online!

Thanks everyone!

How did you go about finding insurance for your rental? We have a rental property property that used to be our primary residence, but need a new insurance company as the existing one does not do rentals! 

We are closing on a property in FL this week that will be used as an investment property (rental). I have a few family members who will be passively investing. 

We will close the property in our name, and then transfer it to an LLC. Here's where I'm a bit stuck:

• Do we need to form an official partnership outside of the LLC, or is the LLC itself sufficient?
• Does the LLC/partnership need to be formed within FL where the property is, or can it be the state where I live? 

This is my first time doing a property with outside investors so I'm unsure of structure!

What rates is everyone finding for an investment property with 20% down? Currently I'm under contract on a property and quoted 6.675% AFTER buying down points. Wondering if that's competitive! 

SO great. Thank you Brian!

Thanks James! Very intriguing thoughts. It would be nice to have something local that I could keep an eye on, I've just been nervous about the state of Denver real estate. Interesting to learn that Denver proper doesn't allow STR but Arvada does...I'm an Arvada native so very comfortable with that area. Any sweet spot with purchase price or considerations when thinking STR in that area?

Looking for thoughts on which option to explore given my current situation. Here's the lowdown:

- Primary residence has about 200k of equity in it. 
- Currently own one rental property (previous primary residence). We owe about 450k on it, it's valued at roughly 780-800k. Rented at $3200, lease coming up. 
- We are in the Denver suburb market (it's wild here!)

I'm looking to use any strategy to MAXIMIZE cash flow. My family needs me to be released from the 9-5! I'm open to any/all options. Things I'm tossing around right now include:

- HELOC the rental to get a couple duplexes in other markets
- Sell the rental and use $$ to purchase duplexes
- Do either of the above but aim for Airbnbs

Long-term gain will be phase 2 of the investment strategy, but for now, the primary focus is cash flow! The Denver market makes me nervous as it's very high right now, which makes me instinctively want to sell the rental, but perhaps another way is best. 

What's your 2 cents?!?!