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All Forum Posts by: Brandon Elliott-Pandey

Brandon Elliott-Pandey has started 41 posts and replied 185 times.

Post: How long does it take to find a Colorado house hack?

Brandon Elliott-PandeyPosted
  • Realtor
  • Erie
  • Posts 188
  • Votes 86
Quote from @Brandon C.:

Hey everyone, I'm fairly new to all of this so I'm looking for some advice. My 60 day notice for my apartment is a few days away and I'm wondering if I submit the notice to move out, is that enough time to find/close/move into a house hack? I have been budgeting and saving but I don't have an agent so it's been difficult to find listings. I'm mainly looking in the Denver area but am open to expanding to The Springs, Fort Collins, etc. TIA!


 How exciting! Good on you for being diligent and making this happen in the first place! I sent you a private message and would love to assist you here in your house hacking search.

I am very familiar with all three of those markets and feel confident I could assist you in finding a great opportunity in the next 60 days! 

Looking forward to connecting! 

This is great! 

Post: Hello BiggerPockets! New PRO here

Brandon Elliott-PandeyPosted
  • Realtor
  • Erie
  • Posts 188
  • Votes 86
Quote from @Lisa Cervantes-Glynn:

Hello BiggerPockets community! I'm Lisa Cervantes-Glynn from Denver passionate about real estate investing for over 15 years. I'm particularly passionate about multi-family rentals, BRRR opportunities and fix and flips. I've also recently become interested in college town rentals.

Excited to learn and connect with you all!


 Welcome welcome! This is going to be very fun and exciting for you! 
Let me know if I can be of any assistance narrowing down your next search! Multi fam is harder to cash flow here but we can surely find some deals. Similarly to multi fam fix and flips and BRRR's come along in the Denver metro and surrounding areas! And lastly College towns are an easy bet since there are three large colleges in the Three biggest cites in CO! :-)

Post: LLC's or Trusts?

Brandon Elliott-PandeyPosted
  • Realtor
  • Erie
  • Posts 188
  • Votes 86
Quote from @Benjamin Weinhart:

You want an LLC for ease of administration, trusts are kind of annoying as they can act as their own taxable vehicles as opposed to single-member or pass-through entities that an LLC can provide. A trust is a more expensive route to go administratively (mostly amount of headache), but there's a good chance you don't really need an LLC anyway as you may not get the limited liability aspect depending on how you operate the properties. For many folks in your position, the only real advantage to an LLC is if you want the pass through entity with a partnership/S-corp or the anonymity aspect. This may be more of a question for a lawyer, but from a tax perspective, that's my input.

It's also worth looking at the sec. 121 home sale gain exclusion to see if it might be something you qualify for in order to take advantage of the exclusion amount since you mentioned it was a previous primary residence.


 Thanks for your thoughts Ben!

Quote from @Beth Johnson:

I completely agree with what Chris and Jeff said. It's not the right time to arbitrage borrowed capital to lend out, IMHO. If you want to learn more about the practice (and art) of safely and securely finding and funding a PML to see if it's for you, check out my book on BiggerPockets called Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending. 

As others have mentioned, 100K in some markets is doable but in most coastal, appreciation markets, it will not be sufficient to lend in a safe manner, i.e. with a large equity buffer to protect your principal investment. PML is for capital preservation and more predictable passive cashflow so you will want to ensure you do it properly so that your principal amount is returned to you, first and foremost. 


 Love this! Thanks Beth for your book recommendation as a resource as well! 

Quote from @Dee D.:

I keep seeing posts about HB 24-1098 which severely restricts a landlords ability to evict non paying tenants or restricting folks on rental assistance from the government.  

Are you all still investing in Colorado long term rentals?


 This is a great highlight video. Sounds like the legislatures are just trying to make being a landlord or PM that much harder. 

I will continue to buy in CO due to the overwhelming positive factors that come with owning homes in CO; Appreciation, strong demand, location preferences, long term trends of CO housing market and strong rent increases. To say a small handful... but will be more cautious of the tenants since they may be staying much longer than a 12 month lease... 

Post: LLC's or Trusts?

Brandon Elliott-PandeyPosted
  • Realtor
  • Erie
  • Posts 188
  • Votes 86
Quote from @Doug Smith:

I wouldn't seek legal advice like this on here. A mentor once told me "pay your attorneys and the IRS." He was right. That being said, if you do plan on financing the property, I would talk to an experience, knowledgable lender. Lenders won't lend on properties owned by some types of trusts. Also, do you own anything on the subject property? You'll want to have you or your attorney broach the subject with that lender. The transfer of title could trigger negative covenants in the loan (eg: Due on Sale Clause). You wouldn't want that to happen. Good luck to you. 


 Thanks for your thoughts Doug! 

Post: Insanely hot market

Brandon Elliott-PandeyPosted
  • Realtor
  • Erie
  • Posts 188
  • Votes 86

Well done Markkus! 

After your sale did you end up buying again?

Post: LLC's or Trusts?

Brandon Elliott-PandeyPosted
  • Realtor
  • Erie
  • Posts 188
  • Votes 86

Okay...

Finally making the plunge and putting my old primary into a LLC or Trust. Curious about what you all think for pros and cons? I am getting very conflicting information online and am actively seeking a Real Estate Attorney to tell me more accurate information but still would love to hear outside opinions and thoughts.

The property in question is SFR 4bd 2.5ba. My wife and I plan on buying another property at the end of this year and will probably move that property into the LLC or Trust as well.

Quote from @Mike Klarman:

Depends on the kind of private lending they want to do.  100k isn't really enough to back a deal.  For example, let's say someone is buying a house for 90k and it needs 60k in work.  You are going to privately lend an investor on this deal and you will offer them 85%/100% at 10.99%.  That means you'll fund 85% of the 90k plus supply the 60k in rehab.  That's a loan amount of 136,500.  More than the 100k your client has and that's a small deal.  To do real private lending you'd need at least 500k liquid unless you just lay out all you have in every loan 1 at a time.

Then there is Gap funding. In this same deal, the investor would need to come with 15% plus closing costs and let's call it 17k. They are looking for gap funding and you offer them the 17k at a 12% APR with interest only payments. That would be about 180/month coming back to the gap funder until the 17k is paid back at the exit - either sale or refi. That's more affordable for someone who has 100k for lending.


 Interesting thoughts here Mike! Thanks for sharing!