All Forum Posts by: Brittany Guimond

Hi Andrew! Welcome to the community. I just started investing last year (bought my first duplex and currently house-hacking) and still consider myself new at this, and have already learned lots of lessons. I also learn by doing, so as much as the podcasts and forums have been helpful, nothing has helped me as much as actually doing the thing. I'm in NW Denver — want to meet for coffee? Happy to chat about lessons learned, getting started, etc. If so, shoot me a DM and we'll sync up!

Getting back to the original question in this post, would you recommend having a biz credit card for each property, 1 biz credit card for all properties, or no biz credit card at all? @Drew Sygit @Troy P. @Steve Vaughan @Ponni Carlin

Love the xeriscape idea. Grass is the largest omni-crop in our country, it takes all the water and only has aesthetic appeal. There are so many good ideas out there. I attended a few virtual zooms through https://resourcecentral.org/se... and got ideas from the folks who live/work in my climate. Not sure of any BP landscaping podcasts per se, but I agree with what everyone has said here. High-value, low-maintenance and low-cost is the magic trifecta. Renters want low maintenance too. Find out what plants are native to your climate and start there. Mulch is good filler, but don't go all mulch. Ground covers like creeping jenny are good and low maintenance. If you allow for pets, be prepared for them to tear up whatever you put down. I think you're on the right track!

@Courtney Walker benefit for us is liability protection with our tenants. Since every payment flows through the LLC, if they ever came after us, they wouldn't be able to come after our personal or other biz assets. And if it ever came down to going after the property in question, my CPA tells me the umbrella insurance policy we have should protect us 🤷🏼‍♀️

@Courtney Walker no real estate assets in the LLC, but I run all the finances through the LLCs. Is this weird? I'm a newbie, so please tell me if I'm doing this wrong 🙈

I bought a condo from a wholesaler in December. Wholesaler held for $210K and sold to me for $225K. ARV ~$290-$300K.

@Ponni Carlin ahh, that makes sense since yours are commercial. I don't have any commercial yet. But yes, totally doable to own a rental property in your personal name on a residential loan (if it's a SFR or multi 1-4 unit property).

@Ponni Carlin correct! If I could do it over again, I would have created the LLCs first, and then wrote offers as the LLC, but we had to act fast when these deals came up so we decided to offer in our personal names. I want to explore opening a single LLC with several DBAs under it and then putting future properties in those DBA names instead, but I need to chat with my CPA about that first — no idea if that's a good strategy, so if anyone has any insight I'd love to hear it!

I left each property in my own name because there is a risk of transferring into the LLC via quit claim deed and the bank could call the note due. I've never heard of it happening to anyone I know IRL but it's too big of a risk for me to take on. All my properties are residential/primary loans, not commercial, because I've been able to live in them or partially own them with another investor who lives in them. You can ABSOLUTELY get a residential loan for an investment property! My CPA owns rental properties himself so he's got that going for him! I'm not sure where he's licensed outside colorado or where you live, but I'm happy to make an intro!

Ha, how funny that the market in Denver is shifting yet again... I thoroughly enjoyed taking advantaging of steep discounts, rate buy-downs, inspection items, etc. over the fall/winter, but alas, I think we're headed back to the days of yore. Anywho, do you plan to live in the property or purchase it as an investment? Lately I've found the #s on a SFR and duplex are much more do-able than the #s on a tri/quadplex, and if you house-hack, they are far more digestable if you house-hack as it's the lowest cost of entry. I personally liked starting small with a SFR we lived in, it gave us time + space to make mistakes and learn from them. I'm happy to set you up on an MLS search if you're interested, I've got a couple going right now looking exclusively at SFRs w/house-hack-ability (i.e ADU, lock-off, etc.).