All Forum Posts by: Chris Lopez

I've heard other people speculate as @Chris Mason mentioned that loan servicers are just waiting until rates go up a couple of points and then will start enforcing the clause. It's all just speculation.

I don't understand the obsession that many people have with putting their properties into LLC's. Until you have a lot of properties and equity, why put up the expense and hassle? Concerned about liability - just pay a few extra bucks to up the insurance limits.

@Jamaal Gibbs, I agree with @Mike Olson reach out to Your Castle. Go to their website and look up Jeremy Lambert. He's the guy to talk with.

I just got my CO Broker's license a couple of months ago. Back in January, I met with 4 different brokerages (Your Castle was on of them) that had some investing focus. One of the brokerages I met with was a two person shop. They are too small to have their own training classes. Guess who they go to? Your Castle!

They've built a very good organization. 

All of this is fresh in my mind, feel free to reach out if you'd like to talk.

@James Carlson thanks for taking the time to write a detailed analysis. Great info.

@Evan Miller I would stay away from Puerto Rico just because of their debt crisis. That's a macro level issue that you have no control over and no local insight. Why take the risk?

@James Carlson - about an extra room in a condo such as Evan's. 

I don't want to hijack the thread, but @James Carlson , any idea the average nightly income? Any back of the napkin math for monthly income taking vacancy into consideration?

@Evan Miller For living in a great area, those are good numbers. I wouldn't worry about having the one room cover your mortgage, the fact that you were smart enough to do it and have a roommate covering 50%, is great. 

If you wanted to increase your rental income, you could put the extra room on Airbnb. Of course, that involves a lot more day to day work.

I'm fairly new to the REI, as I just transitioned out of some previous businesses. When I'm starting a new business or want to learn about a topic, I make it a goal to find mentors, get networked in, and "deconstruct" what other successful people have done. That was the formula I used in college and it allowed me to graduate not needing a job! I'm applying the same formula to RE investing.

I've had the great fortune of getting connected with people at the top of their game, like @Charles Roberts  @Joe Massey  @Justin Cooper (to name a few). I'll shoot you a private message on here with some resources. 

@Nicholas Pelham-Clarke are you moving all of your capital and properties out of Denver? Or just part of your portfolio?

If you're seeking more cash flow, perhaps just move some of your assets out of state? It would seem risky to me to move all of your properties and capital of out an area that you know, treated you well, and has good long term prospects.

Have you considered the option of refinancing your SFH's and taking the cash to buy more properties?

I had a couple months of experience working commercial (MF 15-100 units) in SoCal. The apartment investors out there stopped selling and doing 1031's because the market appreciated so much, they could refinance, pull out cash and put 35-40% down on another apartment building.

@Evan Miller welcome to BP!

If you haven't read the Ultimate Beginner's Guide, you should. It has great info and also does a nice job of linked to content around the site. www.biggerpockets.com/ubg

The fact that you're already renting out one room in your condo, puts you ahead of many starting out. Nice job on that. I wish I did more of that when I was younger and single.

Are you doing airbnb or a long term rental?

You mind sharing the basic numbers?

Chris

@Paul Parker , yes, I would. if it's money you're paying, it's going to impact your overall return. What calculator are you using? BP's?

Depending on your desire, consider building your own in Excel or Google Sheets that calculate items specific to your state and market. I got tired of using generic calculators for the national level, because I was always having to fiddle with the numbers to take into account state specific and HML specific rules.

I spent a few hours building one in Google. Completely worth the time investment on my part. Now I put in my purchase date and can adjust the sale date accordingly. Then all the carrying costs and prepaid items are calculated correctly. 

I normally don't recommend people doing that, but if you've spent a couple of months on the calculator, obviously you're serious about it and would have already saved time.  Plus I like building it because it makes me understand everything.

Chris