All Forum Posts by: Adrian Tilley

@Matt HiltnerDepends on what you want to learn.  I'm with a "low cost" brokerage - Broker's Guild.  It fits my needs fine in that it doesn't cost anything unless you do a transaction, then it's a small flat fee.  I didn't feel I needed that much "training".  I'm not sure what there would be honestly, but maybe I'm missing out.  I've referred several people from BP there.  I've found the support to be great, but if you need hand-holding, or want to learn about how to "market to your sphere" as an agent, one of the other brokerages might be a better fit.

PM or call if you want more info.

@Kevin T.What kind of margins to you require? How are the numbers for ARV and reairs calculated? What is the typical price range of properties you find?

@Brian Bellew Crystal ball is a little fuzzy =/

I think anyone who tells you they know anything with any reliable degree of certainty 5 years out is selling something.

Generally, it seems the new rules in place will prevent a major depression like the one we just had.  Beyond that, prices could keep climbing or they could level off.  Isn't that helpful?  =)

 Sorry, but this is completely incorrect.  You are misusing the terms, and providing a legal analysis that is nonsense.  I understand everyone's need to give their prospective/advice/etc, but please refrain from taking on a legal analysis of someone's situation (which I wouldn't even do as a licensed attorney without having them come into the office).  Comingling has nothing to do with who is on the mortgage, or frankly even who owns the property.

This is good advice. There are a lot of ways to avoid issues with the DOS clause. One would be to buy the property in the LLC and guarantee the loan personally. Whatever you do, don't do it yourself - use an attorney. You're looking at a few hundred dollars to ensure that it's done right. At least that way there's someone to sue if it gets screwed up!

 Not to be too harsh, but literally none of this is correct.

@Lindsay VanSomerenWelcome to Colorado and BP.  Feel free to reach out anytime for help - there are a lot of great Colorado folks on here.

Regarding your rental, you'll want to to a search on "the 50% rule" - might open your eyes a bit.

@Shawn LoftisIf you're going to make an appreciation play, you need to be very, very sure about the appreciation.  That probably means having information that the general public does not.  It's a personal decision, but given the risks and potential rewards you've laid out, I personally wouldn't do it.  I have to imagine there are more productive uses for your equity that involve less risk.

Here's the story: 

I've been marketing to probates in Colorado.  I got a lead for this property, and was set to see it this weekend.  However, this morning I get an email from the seller stating that she has an offer she has to decide on by tonight.  Being new at this, I don't have the cash to close on this right now - I'm mainly focused on wholesaling.

Terms:

I would need a serious cash offer, with no contingencies.  You would need to go see the property TODAY, and would not be able to get inside.  If you're interested, please reply here or give me a call at 720-987-7472 and we'll see if we can work something out.  Instead of taking a wholesale fee (the price above includes my fee, and it's not exorbitant), I might be willing to partner with the right person and split the back end.

Numbers:

Price: $120,000.00

Flip costs: estimated at $40,000.00

Estimated ARV: $200k-250k

There are a few pictures on zillow: http://www.zillow.com/homedetails/601-Gold-Run-St-...

Let's do a deal!

@Forest Cannon You don't need 20% down for a primary residence.  You can generally get away with 3.5%.  Talk with a good mortgage broker.  I have a couple I have used in the past.  PM me if you want names and numbers.