All Forum Posts by: Michael Wentzel

Hello BP,

We have 19 properties in Colorado, many of which we purchased with private lenders putting up the cash. As we learned a bit, we started to use a promissory note with a deed of trust (recorded with the county) to put the lenders in a safe position.

Now we are buying our first property in Ohio with a private lender putting up the cash. Can I use the same promissory note and deed of trust as Colorado? If not, does some one have a template for a these two documents that have been used in Ohio? Or is there a RE lawyer in Ohio you could recommend to review and revise my promissory note and deed of trust?

Thanks for the help.

Mike

@Erich Martinez

Hello Erich. I'm working with Legacy Bank in Pueblo and have been really happy with them. Let me know if you'd like to contact my banker. I'm not sure about their reserve requirements exactly.

Mike

@Jeff V.

Thank you for the recommendation. 

I can see that this project would be quite a lot of data entry, plus the initial work to setup the system. Paying a trained accountant overseas to do that seems like a better idea than doing it myself.

But it is definitely important to have a system you understand and that tells you whether you are making money or not.

Mike

@Leo B.

I would be interested in what you have found. I have one property management company I am very not happy with. I am in the in process of looking at other companies.

Mike

Hello friends,

I'm beginning my search for an accountant/ bookkeeper on Upwork. I'm just wondering if anyone is using someone from Upwork for a similar job. 

The task I have will probably just take a few hours a month. It is no complicated. My properties are all managed my property management companies. So I have my owner reports each month. But I need those numbers dropped into an accounting program along with my other expenses so I can so the overall picture.

So is there someone from Upwork that you can recommend? Or do you have another solution?

Mike

@James Wise

Good morning James. I just sent your office an email and your a PM about this property. I look forward to hearing from you.

Mike

@Ronda R.

That is a difficult one. I would usually not make that kind of expensive upgrade for a tenant. But I would get another bid or two on the HVAC to know that you are at the right price point. And I might do it since a couple months of vacancy and flipping the property might easily eat $3500 in income. Plus you are adding value to the property if you want to sell it in the future or next time you bring new tenants into the property.

Mike

@Mitzmichael Sumilang

I would be happy to share the bit that I have been learning.

Mike

It is nice that there is a little Pueblo group growing here on BP. I'm very active in the market in love it. Unfortunately, I live overseas and couldn't join a meet-up. I'll be back for a few weeks in July if we want to pull off an informal meet-up in Pueblo over a meal or coffee or drinks.

Mike

Here is the link to the article on BP that lists Pueblo as #15 on a list of US markets with best growth in 2017. It is referencing data from an outside source, but it is very interesting.

Mike