All Forum Posts by: Riley Jordan

Thanks Michael!  Can you do all of your tenant screening through Buildium?

What info do you put in the rental property advertisements to help with pre-screening?  Do you state that they must provide proof of income 3 times the monthly rent, no convicted felons, no sex registered offenders, non-refundable application fee, must provide references...?  What else?  Also, what are people charging for the application fee?  Also interested in what info/questions you put on your tenant applications.  Thanks! 

What are people using for tenant screening, electronic lease signing, online rent payments and general property management tools?  Is there 1 software that does it all or do you use multiple?  What do you like and why?  Thanks in advance! 

-Riley 

Any tricks for finding what a house has sold for? The selling price is not listed on MLS, Zillow or the county GIS site (that I could find).

@Don Spafford Yes, please PM me with the MACU lender's contact info.  Thank you!

@Don Spafford Thanks for the advice! What lenders in IF do you use and like?

Recently, I purchased a couple properties in Idaho Falls, ID using 1031 funds and I am planning to short term rent those units. I have more money that I need to spend to avoid capital gains taxes and would like to purchase multiple units, only putting down 20-25%. The only problem is, my debt to income ratio is now skewed. My lender wants to see rental leases for proof of income but since I'm doing short term rentals, I don't have leases. So it seems to me that I'm either going to have to pay cash (and could probably only purchase 1 more unit now and refi that money out in 1 year) or figure out a way to partner with someone (and I could buy several units now).  The unit I sold to get the 1031 funds was purchased before I was married and I never thought to add my wife to the title.  So, my understanding is that my name is the only one that can be on the title of the units that I'm now purchasing with 1031 funds.  Is that true?  If so, is there a work around?  Awhile back I was listening to a BP podcast (can't remember who the guest was or the title of the podcast) and they mentioned doing a 50-50 split in the contract where each party only owns 50% instead of both parties owning the entire property.  It's been awhile and my memory is a bit foggy about the details of that precess but could that be a 1031 work around?  Other thoughts on how to get around my debt to income ratio with a 1031 E? @Dave Foster, thoughts? 

Thanks a ton, 

Riley 

My main market is in Idaho and List Source doesn't have any information on that state.  Does anyone know why that is and if there is an alternative for ID?

Hey all,

My wife and I have full-time jobs in Jackson, WY but we're looking to put more focus on our RE investing. We are currently in the process of moving our RE investments form Denver to more local markets. Our vision is to build a team with reliable contractors, brokers, agents and property managers in western Wyoming and eastern Idaho. Commercial, single family and multi-family buy and holds are of the greatest interests to us but will entertain other opportunities. We're new to BP and are excited to use this platform to expand our network. I just wanted to reach out to say hey and hopefully create some connections, we're always interested in investment opportunities.

Cheers, 

Riley & Lisa

Hey all,

I just created an LLC and I am about to 1031 a rental in Denver, CO (it'll be listed in a couple days). I want to purchase properties in eastern ID/western WY and put them under my newly formed LLC (the Denver title is under my legal name). I understand that due to the 1031, that I have to be the sole owner/organizer of the LLC.

-Now that I have my LLC entity name, ID no. and other business info, what do I do with it? Do I need to file it somewhere? Is it automatically filed?

-Since I won't have time to put the Denver prop under the LLC before it sales, what is the best method/process for moving the new investments to under the LLC?

-Any other problems/loopholes I should know about?

I'm new to BP and the RE investment game and welcome any advice you can offer.  

Thanks in advance, cheers!

-Riley