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All Forum Posts by: Dan P.

Dan P. has started 7 posts and replied 22 times.

Post: Turnkey Rent-By-Room Property Managers Recommendations

Dan P.Posted
  • Investor & Private Money Lender
  • Fort Collins, CO
  • Posts 26
  • Votes 2

I am interested in converting one of my traditional rental properties into a rent-by-room property. I've seen companies that will convert your home to maximize it for rent by room and then manage it. However, I haven't been able to find any operating in Birmingham / Alabama. I'm wondering if there are companies that are doing this that I could connect with. Anyone have any recommendations of companies to connect with? 

Thank you!
Dan

Post: Asset Protection for 10+ properties in multiple states

Dan P.Posted
  • Investor & Private Money Lender
  • Fort Collins, CO
  • Posts 26
  • Votes 2

I'm wondering how others have structured their LLC's as they hit 10+ properties to maintain anonymity, have asset protection, but keep it simple and limit costs. Properties are in multiple states and isolated in an LLC, but the cost to maintain RA's, register the LLC domestic and foreign, and pay taxes related to operating in each state per entity is fairly expensive. I know it's kind of a balance between how involved your structure is for asset protection and the cost & burden to maintain it and wanted to hear what others are doing and if they've found good options to balance that. Thanks for your input!

Post: Loaning on a Commercial Building

Dan P.Posted
  • Investor & Private Money Lender
  • Fort Collins, CO
  • Posts 26
  • Votes 2

@Carl Olsen Thank you for the response! I appreciate your thoughts. I'm only providing the funds for acquisition so our loan amount should be covered by the building in a worst-case scenario. They have the money for the renovation, at least what the initial ball park bids are for. Assuming they can get in to the building for around that price, we should be set. My main concern is setting up the deal for success and as long the bids come in close, I think we are doing that. They are negotiating with the seller to allow a 45 day due diligence period that allows them to get a few contractors in to more thoroughly bid the building and give us the numbers we need to move forward. 

Post: Loaning on a Commercial Building

Dan P.Posted
  • Investor & Private Money Lender
  • Fort Collins, CO
  • Posts 26
  • Votes 2

Thanks Bill & Paul! I figured it was the same for commercial as residential, but wanted to make sure. I really appreciate the feedback/advice on the renovations. The biggest concern regarding renovations is determining the price of renovations to make it functional. We want to get it under contract, but to have the ability to back out if our quotes come in significantly more than what the initial ball parks are at. 

Post: Loaning on a Commercial Building

Dan P.Posted
  • Investor & Private Money Lender
  • Fort Collins, CO
  • Posts 26
  • Votes 2

Thanks for the response Roy!!

Post: Loaning on a Commercial Building

Dan P.Posted
  • Investor & Private Money Lender
  • Fort Collins, CO
  • Posts 26
  • Votes 2

I have a situation where I will be providing the funds for an organization to purchase a commercial building in Loveland, CO. I will loan them the money for 3 years and then they will refinance. I have done deals structured similarly for residential properties (filed a Deed of Trust at closing to secure). Are there differences when dealing with a commercial property? Do we still file a Deed of Trust or is there a different instrument that is used? What other things do we need to watch out for on this?

Also, the borrower will be renovating the building - I need assurance that they have access to enough money to complete the renovations to make the property usable for their purpose (of course they are mutually interested in this being the case). How do we allow for enough due diligence to limit the potential of a giant "whoopsie-daisy" when it comes to renovation costs (or project delays due to zoning, permitting, etc) without making the seller reject our offer? Are there some customs here? We know the building needs work, but want to make sure we are confident of coming in close to the renovation budget and not twice the cost. The borrower is using an agent so we will have experienced representation, but looking for advice from others who have been successful here. 

Thanks!! Dan

Post: Electrician recommendation for Pueblo

Dan P.Posted
  • Investor & Private Money Lender
  • Fort Collins, CO
  • Posts 26
  • Votes 2

We've worked with Arno's Electric before and they did a good job for us. I got an error trying to post their phone number, I'll PM you with it. 

Post: Good Affordable Roofer Recommendations For Boulder?

Dan P.Posted
  • Investor & Private Money Lender
  • Fort Collins, CO
  • Posts 26
  • Votes 2

Looking for a recommendation for a good roofer for a rental property in Boulder. Thanks!!

Post: Grand Junction Property Manager Referral

Dan P.Posted
  • Investor & Private Money Lender
  • Fort Collins, CO
  • Posts 26
  • Votes 2

Does anyone have a referral for a good property managers Grand Junction (for Single Family - 4plex)? Thanks!

Post: Buying a Negative Cash Flow Duplex vs. SFR

Dan P.Posted
  • Investor & Private Money Lender
  • Fort Collins, CO
  • Posts 26
  • Votes 2

Luke, If you don't mind living near Fort Collins, you might find a duplex in nearby areas (Evans, LaPorte, Wellington) that has more attractive numbers. I have a friend who bought a duplex, lives in one side and rents the other side for more than half his mortgage/costs - he lives a little cheaper now, someone is paying a chunk of his mortgage, and he can move out, rent both and cashflow. But, he had to go outside of FC to make that happen.