All Forum Posts by: Andy J.

I received an email earlier today about a proposed change to the Colorado statutes concerning hard money lenders. If this passes it will require all hard money lenders to be licensed. Link below.

http://www.dora.state.co.us/real-estate/rulemaking/MB/NOH_1_1_6_021611.pdf

Of course I'm completely against this. I'm disappointed that anyone would promote such nonsense and propose such a change.

A second vote for annualized ROI, although I use a non-compounding approach.

Bill, I believe they're giving an opinion on condition, not value.

You may be confusing Trustee with Beneficiary. From what I know (I'm not a lawyer) you can use an idividual or an entity as the beneficiary in any state. I believe some states restrict having an entity as the Trustee. Here in Colorado it is very common to have an LLC as the beneficiary of a trust.

The LLC will actually give you more liability protection than the trust. The trust is more useful for hiding assets i.e. if you hold every property you own in the same LLC it looks like the LLC would be an easy target for assets in a lawsuit, but if you have a different trust for every property (each with the same beneficiary which is not public information) it appears as though you have no intrerest in the other properties.

If you wait for the good deals it's usually only $200-$300 more to upgrade to stainless from black or white appliances.

When I hear faux stainless I think of two different finishes. One is called "silver mist" and it's a plastic feeling surface that has a matte finish. There is also a product line called "clean steel" where it holds a magnet and has a different sheen than true stainless. I haven't seen anything cheap in the clean steel so I'm assuming the faux stainless you guys are referring to is the silver mist.

I just bought 3 packages of stainless appliances (fridge, microwave, stove, and dishwasher) from Best Buy last weekend for $1,596 They go on sale every few months and I try to stock up when I can. It's real stainless (black sides though) and looks fantastic compared to the silver mist. For that price you're crazy not to buy them. I believe the sale is good through Saturday but it may vary based on location. Link below

http://www.bestbuy.com/site/Frigidaire+Side-By-Side+Refrigerator%2C+Electric+Range%2C+Dishwasher+%26+Microwave/9999146300050004.p?id=pcmprd146300050004&skuId=9999146300050004

Steve - I know it sounds weird, but it is indeed sanded caulk. Find it in the tile aisle at Home Depot, it's colored to match the grout they offer. Interesting stuff :-) If you're looking to save a few bucks you can skip on bull-nose tile around the perimeter of backsplash/shower/tub tile and rub a 45 degree bead of sanded caulk. Good enough for rentals and cheaper rehabs. I usually buy tile by the pallet when it's a good sale, but when the normal tiles go on sale it's still 5 or 6 times the price for the bull-nose.

As per J Scott's recommendation, I usually purchase the big easy stuff if there's a lot of it (dry wall, hardie backer, grout, thinset, etc...) along with finish items. I give them the excel sheet and they fill out how much they want, then the whole order is bid out (Home Depot or Lowes). Saves a few bucks and it's usually delivered for free which keeps the contractor doing things they're good at instead of driving back and forth all the time.

Coincidentally I just started on a project last week very similar to this. Everything down to the studs inside. I went through my material list (200+ line items) and here's just a taste for you:

Paint, primer, windows, doors, dry wall, mud, tape, screws, corner bead, door knobs, door stops, closet shelves, closet hanger rods, baseboard, door casing, ceiling fans, ceiling lights, switches, outlets, cover plates, CO & smoke detectors, underlayment, underlayment screws, thin-set, grout, tile spacers, tile, grout sealer, sanded caulk, cabinets, vanities, faucets, sinks, toe kick, filler boards, counter tops, garbage disposal, water lines, plumbing lines, drain kits, valves, mirrors, towel rods, tp holders, bathtub, shower pan, tub/shower faucets/valves, toilets, wax rings for toilets, dryer vent, floor/ceiling vents, tack strips, carpet

It is indeed a check they send out. National REIA members also have other pretty enticing benefits, rentals.com discounts, and roto-rooter discounts are among my favorites.

Thought a few of you might enjoy this article on investing in Yuan with Chinese bank accounts:

http://online.wsj.com/article/SB10001424052748704307404576080222812076888.html

Try mfssupply.com I purchase half a dozen at a time of the Vault locks and they seem pretty decent, had a few duds here and there but for $10 compared to $30 master lock at home depot (been through a lot of those too, probably more) it's a good deal.