All Forum Posts by: Shiela R.

Welcome @Rose Kennedy. I'm an investor who is also licensed. I did close to 30 deals before I became licensed. I paid a mentor to show me everything about REI. For years I used my license to only with investors - and only on referral. Recently, I stopped accepting new clients and only work for my passed, repeat clients or on my own investments.

I'd highly recommend learning all about the - almost endless ways to invest in RE. That will validate you to serious investors, often those who are full time and pay cash for 1-2 properties a month. But be willing to do the work. I was willing to show these full time investors 30-40 properties a week for fix and flips. And for long term holders, I marketed to FSBOs and outside of the MLS to find off market deals. Which were often, but not always - below market or needed a creative way to finance them.

Best of luck!

@Stephanie Burke you can totally do wholesaling, flipping and long term holds.  Diversify your portfolio!  Some deals are great for cash flow, others provide a ton of equity or the potential to grow equity.  

Just remember wholesaling is a whole strategy. And most wholesalers do it full time.  That means they are looking at 20+ properties a week.  Saying "pass" on the majority.  But if you are patient and get the right property (and seller) one home run can put thousands in your pocket.  That being said, you have to know your market backwards and forwards.  The biggest mistake I see new wholesalers make is not knowing their market.

@Robert Ashton do you have access to credit?  A lot of times big box stores (Home Depot, Lowes) will give favorable financing like no interest or payments for 12 months.

If you can get access to credit and/or pay a licensed contractor with a cc, you could use a land trust where you and grandma are beneficiaries of the Yucca Valley Studio Trust which, essentially, names you both on title. At the same time, you are the trustee of the Yucca Valley Studio Trust in order to oversee the work and scheduling, therefor taking the burden off Grandma but helping her liquidate the asset while splitting the profit (not necessarily 50/50).

People!  This is why when you legalize and regulate you eliminate the risk of additives like fentanyl. In Colorado cannabis is highly regulated so the state knows exactly who the registered growers and dispensers selling/buying are. They have skus from seed to harvest that follows the product through to the sale. When you buy through a legal dispensary you know exactly what you are getting. 

Side note: I realize this topic has gotten away from us a bit.  I don't want to debate the reasons for or opposed to legalization.  But if you do just a small amount of research, you'll learn the federal government owns the patent to use cannabis for medical uses but denies those same uses for federal legalization. SMH.
https://www.denverpost.com/201...

Interesting that this isn't covered with the "masters". SMH.  I've always gotten a signed "authorization to release loan info" from the owner on record.  Then you can talk to the mortgage company or payment processor yourself. You are taking over the payments. 

It really depends on your market and the owner's needs if sub to is even possible.

@John Olu it depends.  In some markets the buyer wouldn't care bc the location or view is spectacular.  In others, 5+ burner gas is an absolute must.  Look at (like actually setup a showing) the relevant comps and see what they have. That will give you your answer;)

@Michael K Gallagher hi there. Interesting question. Especially on today's date 4-20-23;) I'm in Colorado where recreational cannabis is legal. I would talk to an attorney about this as you wouldn't want to provide something (papers, etc) that contributes to say, a fire, in your STR. And from a marketing perspective, you wouldn't want to limit yourself either.

What I've seen and look for is "outside smoking ok" or "420 friendly" - or the equivalent and leave it at that as @Joel Case said. 

Sure thing @Tucker Myers.  I see.  Both Loveland and Greeley are good options.  I used to own a 4 plex in Loveland and it cash flowed rather nicely.  Greeley has UNC and Loveland has so many lakes plus it is close to Ft. Collins. Still, find the best hood in your price range and look for a property that may need some TLC.  Best of Luck! 

@Mark Sacandy hello.  So sorry for your loss. <3

I have inherited through a family trust completely tax free.  I'm not an attorney but I'm pretty sure it matters how assets were held while the deceased was living (IE. A living trust) that will effect your tax base.  Also how much income you have in the year of the inheritance. 

I don't see any benefit to borrow from your 401k.

@Tucker Myers hello:)  I just wanted to ask about your intention to move to Aurora?  I grew up in Loveland and am very familiar with Larimer, Weld and Boulder Counties.  I've also owned property in Adams County.  I started investing right out of college too.  22 years later I'll offer that location is as important as the old saying ("Location, location, location") says it is. Buy the worst property in the best area you can afford.  I'd caution you against Aurora.  Lots of crime in most areas.  The areas that don't have as much crime are valued similar to the homes in Northern Colorado.  They may not be as big but the rents are typically higher. Why commute on 1-25 if you don't have to?