All Forum Posts by: Timothy Smith

Thank you @Bill S..

@Cody Hyman Feel free to give me a call anytime next week or in the new year!

@Cody Hyman Great suggestions from Bruce and Laticia. I'm a Property Manager in Colorado Springs. I try to attend investor meetups as frequently as I can. They are a great opportunity to learn and network with other professionals. 

You might also try to search/Google for Property Management companies in COS. Most will have a site with contact details. You would likely have better success making contact by calling vs sending an email. In my opinion, a phone conversation is usually more impactful than an email for an initial introduction. 

Most PMs have their go-to, preferred contractors/companies for each speciality who they've built relationships with over time, but are usually looking to add reliable contractors to their list as backups. As Laticia said, doing as you say will do, on time and professionally goes a long way.

Cheers,

Tim

@Laura Murrill Online courses are a good option for those with a tight schedule. It allows you to fit your study time in when and wherever you can. 

I think in-person training can be more valuable as you get to participate in conversations with the class and hear anecdotal stories from the instructor, which all help cement important points. If it were an option for me at the time, I would have attended an in-person class.

I used an online training program for my license in CO.  I used Real Estate Express. They were a bit less expensive than the other options but the training did not come without its frustrations. I did not love it, but it got the job done. I passed the exams on the first attempt so it they at least prepared me well enough.

@Colin Smith Would you mind PM'ing those contacts to me as well please? We have one guy who we use regularly but I'd like to have a couple more quality contacts to call when our primary is busy. Thank you!

@Holly Baum my property manager uses rentals.com to advertise our own rentals in Colorado Springs. We have good success in filling our properties through this site so it seems to get good traffic from renters in the area.

@Rahul Mittal

I'm also from the US and based in Singapore for the last several years. I refinanced two US properties in 2013 and secured one new loan this year all through Wells Fargo.  As you've discovered, many traditional lenders won't work with US borrowers who have only foreign earned income. Wells Fargo doesn't have the best rates on the market, but they will work expatriates who have foreign earned income.  Let me know if you're still pursuing this and I can connect you with the loan officer with whom I recently worked with on my last loan. Finding someone familiar with the process even within Wells Fargo is tricky, so you can benefit from this agent's recent experience working with me.

Tim

Thank you for the response @Chad U.

Correct! I've already run in to roadblocks with conventional loans for an LLC. This will be a cash purchase.

Hello BP Community,

I'm preparing to purchase an out of state turnkey rental property. I realize the merits of this strategy has potential to spark a lively debate on this forum but that is not the focus of this post. I intend to purchase this property under an LLC. My question is, should the LLC be established in my state of residence or in the state of the property itself? Will the location in which the LLC is established have tax implications for the rental income?