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All Forum Posts by: Matthew Rutledge

Matthew Rutledge has started 8 posts and replied 78 times.

Post: First intentional investment

Matthew Rutledge
Pro Member
Posted
  • Investor
  • Golden, CO
  • Posts 80
  • Votes 23

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $170,000
Sale price: $170,000

Met a flipper and landlord on a plane. Next thing you know I’m buying a duplex off him.

What made you interested in investing in this type of deal?

The calculators showed numbers not easily doable in my home area.

How did you find this deal and how did you negotiate it?

Met the seller on a plane.

How did you finance this deal?

HELOC on my primary residence

How did you add value to the deal?

I didn’t. Turnkey.

What was the outcome?

16 months in, demonstrating good cash flow. One good tenant. One move out, one eviction (pending)

Lessons learned? Challenges?

Trust your gut. Trust the numbers. If the one thing not updated was the furnace, that furnace is probably going to die. Verify the title company did ALL their work. And always buy your property manager a Christmas present.

Post: Newbie From Denver, Co.....

Matthew Rutledge
Pro Member
Posted
  • Investor
  • Golden, CO
  • Posts 80
  • Votes 23
Welcome Jose! Where in Denver are you? Where do you like to work? (How far would you travel for a job?)

Post: Rental Property: Denver or Mountains

Matthew Rutledge
Pro Member
Posted
  • Investor
  • Golden, CO
  • Posts 80
  • Votes 23
Matt M said what I was thinking. Where in the mountains? Bailey is different than Evergreen is different than Winter Park is different from Vail. And Fairplay is just plain different. I think it depends what you are looking for. Vacation rentals, summit county is probably good. Flips, evergreen/conifer can be good. The small towns have their own challenges.

Post: No power for a tenant for tree removal

Matthew Rutledge
Pro Member
Posted
  • Investor
  • Golden, CO
  • Posts 80
  • Votes 23
This is a noble act. I don't think it matters a whole lot how you address it as long as you address it in a way you are ok with. The tenants will either think it's a great gesture, or it won't be enough. I've been known to throw a steak dinner to people for things of this nature. One tenant I got to know well and he and his wife got some time at the shooting range.

Post: LLC operating out of state

Matthew Rutledge
Pro Member
Posted
  • Investor
  • Golden, CO
  • Posts 80
  • Votes 23

I have an LLC that I started with my now ex-wife. I got the LLC in the divorce. I plan to use this LLC to hold/manage rental properties long term, and basically take care of all my real estate dealings that are not for personal use. My next business move is to buy properties out of state.

I'm at a point where I don't know what I don't know.

Do I need to register with the state in which I plan to be doing business?  Do I need to file a tax return there?

I'm going through the bookkeeping threads.  I'll try to hold those questions until I'm up to speed, but at what point can I start considering my trips up there to be a tax write off?  Scouting, networking, team building trips?  Trips to close on properties?  Trips to sign leases?  Trips to check on properties and talk with tenants? 

What else don't I know to ask?

Thanks all!

Post: An American Nightmare

Matthew Rutledge
Pro Member
Posted
  • Investor
  • Golden, CO
  • Posts 80
  • Votes 23
Your plan is only crap if you can't follow it. So, if you need to relax timelines in order to better follow the plan, that's fine. I was also going to suggest researching the HELOC option. Not only is the interest lower, most people can use it as an income tax reduction. As for the lease, there are tons of ways out of the lease that don't damage your credit. You'll have to read your paperwork to figure out how. I know how harsh the wake up call can be. I've heard it myself. Better late than never, right?

Post: ​30 Y/O – 33 Deals – 14 in 2017. Success AND Failure Story

Matthew Rutledge
Pro Member
Posted
  • Investor
  • Golden, CO
  • Posts 80
  • Votes 23
Well done sir!

Post: I want to become a builder

Matthew Rutledge
Pro Member
Posted
  • Investor
  • Golden, CO
  • Posts 80
  • Votes 23
Check your local regulations. (Start with the county billing department.) Here, anyone can be a builder or general contractor if you meet the requirements. I don't remember all the requirements off hand but I seem to recall there was a net worth clause unless the home is intended to your personal residence. There is also an insurance requirement. (Net worth is intended to cover costs not covered by insurance.) And here there is no real training required. Just go and apply for the license. After that it's a matter of building your subcontractors network and finding the work/deals.

Post: Milwaukee REI Club - First Meeting Meet UP

Matthew Rutledge
Pro Member
Posted
  • Investor
  • Golden, CO
  • Posts 80
  • Votes 23
I'm in MKE about once a month and I'm looking to start building a network in the area. Looks like I planned my trips poorly for this month as I just got home and I'm headed back next week.

Post: First BRRR completed in Milwaukee, WI - NO MONEY DOWN

Matthew Rutledge
Pro Member
Posted
  • Investor
  • Golden, CO
  • Posts 80
  • Votes 23
Well done Kyle Mack! I'm in MKE frequently. Would you be interested in meeting for lunch to walk through a few things about the market there?