All Forum Posts by: Anthony Bratina

My wife and I are looking to invest in our first short term rental and I would like to set up an LLC for legal protection. I was considering using a second home/vacation home loan to finance the property and I would like to know how this would work in conjunction with an LLC. I am assuming that this type of loan cannot be given to an LLC but I am not sure. If I were to purchase a property with a vacation home loan would I be able to move it to the LLC without triggering the due-on-sale clause? I hope this question makes sense, I am just trying to figure out how to line up financing and legal protection at the same time. Thanks!

I am starting out and want to set up an LLC to make sure I am protected. I met someone at a meet up who helps set up LLCs so you remain anonymous but he is not a lawyer. He says he will set up the LLC for you and lists his company as the registered agent and as the person setting up the new LLC. He also suggested that I talk to an attorney in Denver about getting all of our other paperwork completed. I have a few questions:

1- Is this a legitimate way to set up a business? I don’t know enough about LLCs in Colorado and I don’t want this man owning my business because he set it up under his business. 

2- Are there other ways to set up an LLC so you remain anonymous so people can't find me and sue me? I have heard of people setting up a holding company in a state like Wyoming where they keep business information private.

I feel like this is really specific and I apologize if it is too much so. I do appreciate any help someone could give me. 

My wife and I are looking into purchasing our first investment property and are interested in a short term rental.  Our primary goal to start is to create cashflow because we are going to have kids soon and the wife will likely stay home to care for them and we will be down to one paycheck.  Short term rentals are appealing because they can cashflow well but I am not sure we can afford to start in the market.  We were going to invest in an area close to us but after talking to our agent the market is so regulated it is hard to get into or cashflow.  I have a few questions about this:

1. What are good STR markets to start in?

2. How much does it typically cost to get a property?  (I haven't done a ton of research but it looks more expensive.)

Thanks!

My wife and I are trying to house hack in Northern Colorado and the inventory for multifamily homes in our price range is zero right now.  We are trying to think of how we can house hack in more creative ways to open up our options.  What kind of home layouts are easy to turn into two different living spaces?  We do not like the idea of a renter having access to all of our property.  If you have any information on zoning and other details that factor in that would be helpful too, thanks!

My wife and I have been looking for a duplex in Northern Colorado to purchase as our first home.  It has been difficult because there is limited inventory and competition is abundant as we all know.  My question is: how do we make competitive offers when there are people out there who can plop down a pile of cash?  

That is really helpful.  Thank you.  I guess now it is just a matter of waiting for the right duplex to pop up.

My wife and I are looking to purchase our first home in Northern Colorado.  We want to purchase a duplex, fix it up, and move out after a year or so and make it a rental.  I have a few questions regarding this:

1. Is it worth it to try and save a little longer to have a higher down payment so it will cash flow or is it better to get in as soon as we can and reduce housing costs?

2. I read that if we do an HSA loan then the only way to get rid of PMI is to refinance. Given that rates are very low currently, is it worth it to gamble and hope that rates are still low when we reach 20% equity?

I hope this makes sense.  Let me know if you need more information! 

My grandmother has a lot of money that is currently being used for her care.  I am not sure how inheritance works but the original plan was for my mother to get the house but she is tired of managing it and my grandmother wouldn't give it up right now because she wants to go back to living in it.  

My mother is power of attorney and can make decisions regarding the estate.  Like you said, I am thinking it to be a win-win situation since my grandmother gives her house to someone she knows and trusts and I get an investment property.  

Another thing that didn't make it into the original post: is it possible for her to gift me the house or sell it at a reduced price?  I don't know how taxes and other things work.  I heard the term "fair market value" thrown around in a few conversations.

My family is in a weird spot right now with my grandmother and her estate.  She is not in good health and needed to go to an assisted living facility.  My mother has been managing her estate and is getting tired of managing the home.  She is still figuring out all of her legal options but it is difficult because my grandmother did not want to leave her home to go to assisted living.  She is still insisting that she go back home but she is not able to take care of herself there.  I talked briefly with my mother about potentially purchasing the home because it would probably be a more acceptable to my grandmother than selling it to a stranger.

My question is: would it be appropriate to purchase the home?  There is a lot of nuance that goes into this that I don't need to dump on you guys but in a way it is the kind of sale a lot of people look for.  My wife and I are also looking at buying our first home (we live in Fort Collins and my grandmother lives in Pueblo).  I know there are a lot of details we need to consider in terms of numbers but I was hoping for some sage wisdom from all of you.  I am cranking this post out pretty quick on a break at work so I apologize for any missing details.  Thanks!