All Forum Posts by: Robert Herrera

Will F. Raise that rent! I live here I Colorado. Get ready for the flood. You have a most desirable spot. Make them pay what makes you feel comfortable. Hit up the lawyers here and ask for some advice and who to look for in CA. Don't miss the train with all this talk made to run you off from profits. Plenty of people to tell you no. They will site everything in the book to get you to stop making more than them. Trust yourself, make that money. People are doing this ALL day her in Colorado and the property owners are the ones profiting the most... Good luck out there!

Peter Schuyler I think this a great idea. It is very doable. Everyone saying it's not, couldn't figure it out or believe it's not possible, in effect coming on here to tell you how hard and not to do it. I never listen to unsuccessful people. Ask the guys on here that did it. You are completely in the right to do this. Saying your cheating, is a poor persons mentality. Rich people don't say you're cheating, they ask how you did it so they can avoid paying out the nose like all the people afraid of "cheating." These are the same people who get mad when everyone doesn't get a trophy. Same people who think life should be fair... Well it isn't, and the sooner they wake up, the sooner they can realize why others do more, and have more than them. You are on the right path, keep it up! The more people that tell you you can't, the closer you are getting want you want.

I would buy one of those scrubbers for marijuana smell that growers use in their rooms. It's a can can with a carbon filter. Should do nicely to get out smells and dirt, etc from the air. If you think it's a gimmick, post what your outer filter looks like in 6months. You'll be glad that stuffs not in the air. These things cause inflammation in your lungs and are just not healthy to breath in all day long.

Always finding deals in Southern Colorado. Just wanted to point that out. Cashflow available on my properties. I usually sell some cashflow as an Interest Only LOAN backed by the property. It varies by property. Last one we got was $5,000 Loan/ $100 a month to investor. $10,000 loan from his partner for $200 a month. This is a 24% RETURN. This is a performing note that can be sold to another investor later if the investor chooses to do so. There are creative ways to get the returns you want. Keep looking!

@Carey GreenWelcome to BP. We are looking at mobile homes and a starting a PARK as well. Looking to do exactly what you are talking about. Just need land next to utilities. (I mean right up to the land, no trying to get it from near by.) We are looking at the cost of running utilitie lines and slabs for the homes to sit on. Also looking for a county that wouldn't mind a park. I have family out there in Buena Vista as well. Message me if you want to work together on this. 

Lucero Sanchez also, I am not an attorney or paid adviser. This is just my opinion on how it can be done

Lucero Sanchez you need 1 account for your rentals. Money comes in, mortgage payments go out, you get paid. You can hold funds here for repairs, etc. Easy to track easy numbers. Open a separate account for your flipping business. Put your seed money in there, this is not taxed as its not considered income. Buy things for the flipping businesses from this account such as tools and materials, labor, phones, loan payments, everything. All of that is a huge write off. Insure your rental properties with the LLCs as the owners, get landlord specific insurance. Insure your flipping business with business insurance. As well your subcontractors should have their own insurance. This is to protect against being sued for some reason. Yes separate yourself so they can't get your personal assets, money, home.

@Lucero Sanchez When you sell a house, it's sold AS-IS. This is already in the contract when someone wants to buy. That is why they have an inspection period. The property is in the name of the LLC. When you sell it, the property goes in the name of buyer. Now you can flip another property from the same LLC. No one can come back and get you once the sell is final. Hold all of your rentals in different LLC's. When it comes time for taxes, it's easy to put these in line with the rest of your taxes. Cost me about $50 to file taxes for each LLC/ per year, from my CPA.

Jeff NA welcome to BP! I'm an investor in the area as well. If you are looking to put your money to work, we may have some deals coming up. In box me. Are you looking just to put funds in, and have a management partner? Let's talk about your goals

I'll be there, see you all there.