All Forum Posts by: Adam Lendi

I'm starting this thread as a group collaboration. My partner and I are investing in RV parks and constantly running into bad books. Our worst yest had about a $100k annual disparity between P&L and tax returns. This is a fantastic leverage opportunity to get a price reduction or owner carry, as the alternative is admitting to the IRS that they lied. This is a tough angle to pull without totally extorting the person. Who has a strategy which has turned bad books into a win-win?

Thank you all for your input thus far. When I first looked into doing PM work, I found many articles that did not mention a licensure requirement, but which advised taking certification classes like the COS to gain knowledge and credential yourself.

In fact, until I read Drew's response and did some research, I was with Matt's line of thinking. So, Matt, since you too are in Colorado, we do actually have a requirement through DORA to be a licensed broker to be a PM. I'm sure you could probably get away with doing PM, unlicensed, but I'm sure there are ramifications and lability if an incident occurred. 

I'm looking into schools now and I think I'm going to go for it. Thank you all for your comments!

Hi! I'm new to the site and I need some advice from sound property managers who are in the business. I am laying out the framework for a property management LLC I want to start in the Denver area and I hoped some of you could share from your own experiences the things I should consider or shy away from.

I am good at networking and I feel I could quite easily build a base of contractors and real estate agents to help me get my first tenants and services laid out; however, before I sign my first deal, I want to have every contingency planned for.

I am working on purchasing a second home that I will occupy so that I can rent my first. My own home will be the first property I manage and will give me the opportunity to learn from trial and (hopefully not too much) error what I need to account for, before I manage other people's homes.

I plan to take a COS course and get my certification within the next year, but I will already be managing my own property prior to that, as the next course in Denver isn't until September and I plan to buy my next property within the next month. Do I need my COS to manage my own property if I intend to write the management expenses off on my taxes?

The big items I think I need to plan for are as follows, although I haven't filled in the blanks on all of them yet:

-Advertising/Marketing

-Tenant Screening

-Contractor Networking

-Legal Considerations (Liability Coverage, Evictions, Collections)

-Financing (Handling Rent, Disbursments, Emergency Repair Payment)

-Property Management Software (Thanks to the forum, I've found TenantCloud)

These are the big items in my outline which, of course, have several sub-bullets. Can anyone spot any considerations I have left out? Offer any advice on those I have listed? Offer any life lessons learned in your own experiences?

Thank you in advance!

Adam