Legally Ever After: Real Estate: Recent Episodes
Pamela Maass Garrett
Do you want to understand how to better protect your real estate portfolio, minimize taxes, and create generational wealth? On the Legally Ever After Podcast, Attorney Pamela Maass Garrett interviews real estate investors, legal strategists, and tax planners about successes, failures, and strategies to grow and protect your assets. Tune in every week for a new episode.
“You can quickly be in a position where you've got multiple rental properties where you have cash flow and rental income at the same time those properties are appreciating,” shares Ryan Campagnola with Synergy One Lending. Today, Ryan talks about different ways to create generational wealth with real estate.
Most Americans’ wealth is in their home, but that equity is not liquid. In order to tap into that source of wealth, there are a few avenues depending on your ultimate goal. Refinancing your mortgage is a great way to take advantage of lower rates. There’s also the option to take out a HELOC or home equity line of credit against your home. This can be a great method for acquiring another property which you can then improve and rent out and use as a way to generate passive income. You could even use the credit to consolidate debts that have higher interest rates.
There are many methods for creating generational wealth through real estate, whether your goal is to pass down physical properties to your children, pay for their college education, or build an emergency fund. While your equity is tied up in the house you buy, there are still ways to access that wealth and even use it to generate additional income and reduce debts.
Quotes
- “The majority of Americans' wealth is typically in their home.” (2:49-2:51 | Ryan)
- “Most people don't realize you don't have to put down 20% to buy a home. You can do much less.” (16:59-17:03 | Ryan)
- “You can quickly be in a position where you've got multiple rental properties where you have cash flow and rental income at the same time those properties are appreciating.” (18:19-18:26 | Ryan)
- “Go buy that primary. Live in it, build that equity and improve it.” (21:02-21:05 | Ryan)
- “If you're thinking about buying this year or next year, how you file today matters.” (23:08-23:12 | Ryan)
Links
Connect with Ryan Campagnola:
Website: https://s1l.com/loanofficer/ryan-campagnola/
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“Once you sell the asset, you're selling the golden goose,” explains Raina Bayas, real estate investor with The Bayas Firm. Today, Raina talks about how to use the BRRRR method to build equity and generate passive income.
The BRRR method refers to purchasing a low-cost home that needs a lot of work, investing in improvements, and then renting it out. At times, you may have to look outside your state for lower cost investment opportunities. Lenders will loan out 75% of the appraised value for the house, and you can use that money to invest in your next property and just keep doing that. When you flip a house, you will have higher taxes and a loss of long term equity. Instead of flipping and getting rid of that asset, get more out of your investment through renting out the property.
You have to be more careful investing in real estate when the interest rates are high. Even so, the BRRRR method is still a great way to achieve success and build long-term wealth.
Quotes
- “As a new person going into a new market that is very popular, Nashville or whatever, you cannot compete because there's already people there. It’s already saturated with real estate investors and investors that have been there for a long time that have already established relationships.” (7:14-7:31 | Raina)
- “You have to create equity in the house.” (14:09-14:11 | Raina)
- “Lenders will lend 75% of the appraised value of the house.” (15:23-15:29 | Raina)
- “Once you sell the asset, you're selling the golden goose.” (18:33-18:38 | Raina)
- “By doing a flip you're capitalizing on the equity that you can make right now, but then that's it. That's all you have.” (18:54-19:01 | Raina)
- “A lot of people will buy a house looking at the current tax bill, not realizing that next year when it hits that you've bought this house for $20,000 more than what it is appraised at for the tax assessor that they're going to be raising your taxes.” (20:41-20:57 | Raina)
- “A good BRRRR with the monthly cash flow, minus taking out maintenance and property management fees, is about a hundred dollars.” (25:41-25:49 | Raina)
Links
Connect with Raina Baya:
Website: https://www.thebayasfirm.com
Phone: (720) 619-3522
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
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“While they may be able to make the area look restored and brand new, what's behind the walls could still be very harmful, and worse, potentially cause issues in some kind of a construction defect down the line,” explains Kyle Chiasson, owner of Best Option Restoration. Today, Kyle reveals what you need to know about damage control for real estate investments.
If you are a real estate investor, it is important to build a good relationship with a restoration provider before any signs of trouble. That way if anything goes wrong, you can get it taken care of quickly. Speed is extremely important in dealing with issues like water damage. When hiring a professional restoration provider, make sure they are certified by the IIRC, the Institute of Inspection, Cleaning, and Restoration, check their ratings and references, and make sure they are properly insured.
Water damage can quickly become a very expensive problem, especially if it causes mold to grow. Having a qualified, reliable restoration provider who can get to the property quickly is vital for stopping issues before they get worse.
Quotes
- “While they may be able to make the area look restored and brand new, what's behind the walls could still be very harmful, and worse, potentially cause issues in some kind of a construction defect down the line.” (1:12-1:25 | Kyle)
- “If you are having your renovation project take place on a house that's on the market or that you're flipping or prepping to rent out, ensure that you're keeping eyes on it and keep that HVAC temp turned up to at least 65 degrees during the winter to make sure that those pipes aren't going to have additional pressure on them when it gets cold.” (4:19-4:38 | Kyle)
- “Speed is the number one thing. So don't hesitate to call a restoration provider.” (15:02-15:08 | Kyle)
- “You don't have to be certified to do the work that we do. However, the only way to ensure that they've had the proper training is to understand are they certified with the IICRC, which is a mouthful, but it's the Institute of Inspection, Cleaning and Restoration certification.” (16:39-16:58 | Kyle)
Links
Connect with Kyle Chiasson:
Phone: (720) 204-2095
Website: https://www.borestoration.com/
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“There's a lot more people open to seller financing in commercial because right now, it's a very viable option and it's a way for them to still yield additional capital off of a sales price,” shares commercial real estate broker Lance Somerville. Lance draws on his 22 years of experience to give commercial real estate investing tips and a trend prediction for the Colorado real estate market in the coming years.
If you are considering investing in real estate, first you must decide if you want to be an active or passive investor. Think about whether you plan to manage the properties yourself or if you want to hire someone. If you choose to live in your first property, buy a fourplex and rent out the other units. This can help you expand incrementally while you build more capital instead of tying up all your funds in larger projects.
Investing in commercial real estate can be a fantastic way to build wealth. Whether you choose to invest by acquiring your own properties or going in with a group as a non-accredited investor, there are many avenues for getting started.
Quotes
- “When you purchase a property and you get your first tax bill, and they're trying to increase it, protest it. You need to protest it.” (26:30-26:40 | Lance)
- “There is a huge difference in performers and actuals.” (28:42-28:46 | Lance)
- “You have to be proactive and just don't make any assumptions that they've given you numbers that are 100% real.” (28:56-29:08 | Lance)
- “Know what the zoning is depending on what you're trying to invest in, and know what the city will allow, and then look at maybe reports on what's coming out of the ground, and then you can make better educated decisions.” (36:11-36:26 | Lance)
- “There's a lot more people open to seller financing in commercial, because right now it's a very viable option and it's a way for them to still yield additional capital off of a sales price.” (37:20-37:33 | Lance)
Links
Connect with Lance Somerville:
Lance Somerville
REMAX Commercial Alliance
303-968-7047
https://www.remax.com/real-estate-agents/lance-somerville-arvada-co/100029501
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“Depending on how you're acquiring real estate, whether you're in an LLC or you're working for your own companies and do some sort of joint venture agreement, I really highly recommend you reach out to an attorney that could help you draft up the right documents,” explains Chad Johnson, attorney with Johnson Law. There is a lot to know about real estate law when it comes to investing. Chad shares his tips for how to protect yourself and your investment.
If you are just getting started in real estate investing, it is best to work with a real estate or construction attorney who can help you draft the right contracts. Under Colorado law, investors who are involved in the process of fixing a property are viewed as developers and can be held liable for non-disclosure or negligence when making those decisions. Additionally, when investing in new construction that is under 8 years old, there is a greater risk of finding a construction defect.
Cover your legal tracks from the start when getting involved with real estate investing. You can save money on the back end by being more prepared on the front end. Learn more about how to protect yourself and what to do when your property has a construction defect.
Quotes
- “Depending on how you're acquiring real estate, whether you're in an LLC or you're working for your own companies and do some sort of joint venture agreement, I really highly recommend you reach out to an attorney that could help you draft up the right documents.” (3:12-3:28 | Chad)
- “You may just be an investor, but under Colorado laws, if you're making any decisions on what is getting fixed and what is not getting fixed, then you are more of a developer, and you can be held liable for either negligence or non disclosure in making those types of decisions.” (8:49-9:07 | Chad)
- “There's definitely nothing wrong with over disclosure. There's certainly something wrong and even illegal under disclosure.” (14:14-14:20 | Chad)
- “If you're buying a home that's under eight years old, and you do start to see signs of VAT or major water intrusion or other major defects, you talk to a defect lawyer right away.” (19:47-19:56 | Chad)
Links
Connect with Chad Johnson:
JOHNSON LAW
1825 York Street, Suite 100
Denver, CO 80206
(office) 303.586.4829
www.chadjohnsonlaw.com
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“If you know you're going to move quickly, hard money can be a great option,” explains Justin Cooper, Pine Financial Group. If you are new to investing, you may have heard of “hard money.” To break down this term and how it’s useful, Justin shares his top hard money tips.
The definition of hard money is a short-term, high-leverage loan. Unlike conventional loans, which can last years, hard money is a much quicker process, but you can buy the property faster with less money down. Whether you plan on doing a fixer-upper project or selling the property as a rental, you can benefit greatly from this strategy if you have the right advice and resources.
Hard money is not the only way, but it is effective. Learn more about the benefits of working with hard money lenders, the differences with conventional loans, and ensuring a high return on investment.
Quotes
- “Hard money is certainly a tool. It's not the end-all-be-all, but it can be an amazing tool for real estate investors.” (1:08-1:17 | Justin)
- “One of the things you can get when you're working with a hard money lender is someone looking over your shoulder, making sure you're doing the right things or thinking about the right stuff.” (7:07-7:15 | Justin)
- “If you know you're going to move quickly, hard money can be a great option.” (20:11-20:15 | Justin)
- “There's no one size fits all when it comes to the things that happen in real estate.”(25:29-25:33 | Justin)
- “I wouldn't be where I am without countless people helping me out, whether through paid mentors, coaches, networking groups, or just somebody I meet in real estate, and we just have conversations, and they offer advice, thoughts, and feedback.” (32:43-32:59 | Justin)
Links
Connect with Justin Cooper:
Email | justin@pinefinancialgroup.com
YouTube | https://www.youtube.com/user/pinefinancial
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“One of the biggest reasons to have your real estate in an LLC as opposed to your personal name is that limited liability that you get with the LLC,” explains Spiro Hristopoulos, Real Estate & Business Law Attorney. As real estate investors, it’s crucial to understand leases and LLCs. Today, Spiro joins Pam to demystify these processes to protect our assets.
One of the biggest issues with an LLC is adhering to the proper maintenance of an LLC, including co-mingling funds from your personal bank account with an investment property or having just one bank account that has money coming in from various properties into just one bank account.
If you’re an investor, you must know the lease and LLC dos and don’ts. Learn more about Spiro’s commercial and residential tips, what to consider when evaluating lease provisions, and what to look for in an attorney.
Quotes
- “I always recommend separate entities for each asset, whether that's real estate or business.” (2:09 | Spiro )
- “The first tip for investors is make sure you have a good application process and thorough credit background, financial checks on your tenants, whether it’s residential or commercial, making sure you're doing the due diligence on your end.” (9:06 | Spiro)
- “On the tenant side for commercial leases, consider trying to get some type of exclusivity for your industry. Typically landlords are willing to provide that, with some exceptions.” (13:18 | Spiro)
- “I recommend anyone that's looking for assistance on real estate transactions or lease review, one easy way is look at the attorney’s website to see if they have the purchase of real estate, entity formation or lease review listed on there. And also be sure to ask questions specifically about those areas during your consult call.” (15:47 | Spiro)
Links
Connect with Spiro Hristopoulos:
Website: https://www.hristopouloslaw.com
LinkedIn: https://www.linkedin.com/company/hristopoulos-law/
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“While renters still live on the property, we're managing a short-term rental program on their property, and that revenue stream is so robust, it pays for the entire property,” explains Bryan Looney, Franchise Owner of iTrip Vacations, Denver. If you’re looking into purchasing an investment property, you may be interested in managing short-term rentals. Today, Bryan shares the best practices for navigating this market with long-term success.
Short-term rentals typically bring in 2-3x more revenue than long-term rentals. With more people traveling than ever in a post-pandemic world, having a high-quality home is an excellent way to gain consistent passive income. As long as you employ the right people to maintain the property and preface what renters can or can’t do to keep the home safe, you can see a high return on investment while paying the property off.
There are a lot of financial advantages to investing in short-term rentals. Learn more about short-term versus long-term rentals, why you should have a robust contractor list, and deciding your terms and conditions.
Quotes
- “The home is actually safer with a short-term rental program than a long-term rental program because after every stay, the home is inspected.” (3:29-3:37 | Bryan)
- “You must have a good group of vendors to maintain the home.” (7:19-7:23 | Bryan)
- “While renters still live on the property, we're managing a short-term rental program on their property, and that revenue stream is so robust, it pays for the entire property.” (11:54-12:03 | Bryan)
- “You want budget maintenance. If you're not budgeting any maintenance, we want you to start doing that today.” (16:24-16:29 | Bryan)
- “Make sure you have the right contractors, the right accounting, and the right amount of platforms to market your home, and you'll have a successful program.” (26:08-26:22 | Bryan)
Links
Connect with Bryan Looney:
Website: https://www.itrip.net/property-management/denver/about
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“If you have young kids, one of the best things you can do for them is to purchase a property now,” explains Michelle Oddo, Lender with the Oddo Group - Luminate Home Loan. If you are a parent, it’s natural to want to set your children up for success. With this in mind, Michelle discusses leveraging real estate to take care of your family for future generations.
There are multiple strategies for levering real estate to benefit your children. You can use the equity from your home to pay off your kids’ tuition or simply buy an investment property that you can purchase with them. Ultimately, if you have the resources to invest in real estate, you should do it because, no matter what, it can benefit your family down the road.
If you have the resources, investing in real estate should be a priority in family planning. Learn more about how homes appreciate over time, leveraging real estate equity to pay for college, and why you should monitor your kids’ credit.
Quotes
- “If you have young kids, one of the best things you can do for them is to purchase a property now.” (1:04-1:10 | Michelle)
- “If you have a young kiddo, and you've been investing, or you have a 401k and some equity in a home, it's a good strategy.” (14:24-14:33 | Michelle)
- “If you can buy and afford it, do it. Refinance down the road, and then you get the best of everything.” (20:05-20:10 | Michelle)
- “I feel it is important today to teach my kids to think critically, ask questions, and not take everything at face value.” (28:58-29:07 | Michelle)
- “The best wisdom you can give somebody is not to be afraid to ask questions, advocate for themselves, and understand why they're doing what they're doing, so they can make good decisions.” (30:02-30:13 | Michelle)
Links
Connect with Michelle Oddo:
Website: https://oddogroup.com
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“If you want to go out and raise private equity from other people who will not actively participate in your deal, there are certain ways you have to craft that deal,” explains Byron Elliott, Attorney From 3 Pillars Law. With an extensive legal background in the real estate market, Byron shares the best practices for syndication. If you’re an investor, tune in to learn the typical pipeline of syndication and private equity raising.
If you look into the typical lifestyle of an investor, you will see people pull together a deal as a sponsor, leading to becoming a passive investor. You can effectively gain passive income by generating cash on a property and investing that money into other sponsorship deals. Although this strategy is just one syndication example, Byron recommends looking into this tactic to gain good returns and enjoy the benefits of real estate investing.
To raise your equity, you must think about syndication. Learn more about the real estate journey, raising capital, and how to get into passive investing.
Quotes
- “90% of our work is helping real estate investors and developers raise private equity legally and ethically.” (0:57-1:03 | Byron)
- “If you want to go out and raise private equity from other people who will not actively participate in your deal, there are certain ways you have to craft that deal.” (3:15-3:25 | Byron)
- “The big thing about real estate is not making more of it. And the tax benefits are just amazing.” (31:36-31:42 | Byron)
- “We like to counsel, coach and mentor, and remove the barriers to entry into real estate syndication with the assumption that if that sponsor grows and gets bigger over time, our firm will help them along the way.” (36:19-36:36 | Byron)
- “Unfortunately, the cost of building houses now is such that it can get pretty cost-prohibitive for homeownership.” (38:39-38:45 | Byron)
Links
Connect with Byron Elliott:
Website: https://www.3pillarslaw.com
Podcast: https://podcasts.apple.com/us/podcast/best-real-estate-investing-advice-ever/id904025246
YouTube: https://www.youtube.com/playlist?list=PL--PuqNFXYlPyh08FxkhcKuYP8ZFaYxJF
Book: https://www.amazon.com/Hands-Off-Investor-Insiders-Investing-Syndications/dp/1947200275/ref=asc_df_1947200275/?tag=hyprod-20&linkCode=df0&hvadid=459680637280&hvpos=&hvnetw=g&hvrand=812118182471299483&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9028744&hvtargid=pla-923685322795&psc=1
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“What makes real estate so attractive is that there is the opportunity to apply methods and strategies to earn extraordinary returns,” explains Chris Lopez, Podcaster, Author, and Software Influencer. With an established system for helping real estate investors, Chris understands how to navigate the industry. In today’s episode, he provides the wealth-building mechanics to help investors get to the next level.
Although there are many ways to accumulate wealth through real estate, Chris recommends re-leveraging. Taking equity from an existing property and investing into another asset can lead to a higher return on investment. Whether you choose a cash out refinance or utilize a 1031 exchange, you can use your capital as a leverage into a higher performing portfolio.
If you want to build wealth, there are opportunities available. Learn more about determining your investment strategy, how ROIs in real estate work, and why you should raise your rents to keep up with the market.
Quotes
- “What makes real estate so attractive is that there is the opportunity to apply methods and strategies to earn extraordinary returns.” (1:43-1:56 | Chris)
- “Be true to yourself because the square peg/round hole is not a great recipe for success. Plus, that's what causes friction.” (3:04-3:12 | Chris)
- “If you want more returns, you have to re-leverage. Re-leveraging is the biggest return factor in real estate.” (19:34-19:41 | Chris)
- “It's very powerful to bring people together so they can network, learn from others, while also seeing how their portfolio is doing and exploring potential opportunities.” (25:43-25:52 | Chris)
- “I want to leave the world a slightly better place than I came into it.” (30:33-30:36 | Chris)
Links
Connect with Chris Lopez:
Website: https://www.denverinvestmentrealestate.com/
Propertyllama: https://www.denverinvestmentrealestate.com/say-goodbye-to-spreadsheets-with-propertyllama-our-new-real-estate-analysis-software/
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“It's important to review your policy every year because things change, codes change, and policies change,” explains Aaron Beckman, Madison Insurance Group. An insurance professional, Aaron understands the tricks of the trade. Today, he shares his insight to help investors navigate the insurance process and determine their best practices.
If you’re an investor, it’s likely you have tenants. It may seem obvious, but having different insurance for different tenant relationships is crucial. If you have long-term tenants, your policy must reflect that, and vice versa with short-term rentals. Ultimately, you should ensure that all your bases are covered to gain ultimate protection.
If you’re an investor, navigating the complications of insurance is critical. Learn more about listing your insurance under your LLC, the importance of having a clear rental agreement, and what to look for in an insurance advisor.
Quotes
- “If you're going to move your investment properties into another entity outside your name, whether a trust or an LLC, make sure your policy has the name of who owns that property listed on the policy.” (00:54-1:11 | Aaron)
- “An insurance contract is the most sold and least read contract that people buy and enter into.” (6:11-6:16 | Aaron)
- “It's important to review your policy every year because things change, codes change, and policies change.” (7:34-7:40 | Aaron)
- “If you're an investor getting into development, sit down and have a lengthy conversation with your insurance broker and lawyer and put good controls in place to protect yourself.” (9:29-9:46 | Aaron)
- “If it's too easy to get insurance, it's probably not the right insurance.” (12:40-12:46 | Aaron)
- “A legacy is something that lives on when you stop working.” (18:08-18:12 | Aaron)
Links
Connect with Aaron Beckman:
Website: www.madisoninsurance.net
Email: abeckman@madisoninsurance.net
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“By default, real estate investment is considered a passive activity, meaning you're going to get taxed if you make money,” explains Adam Laarsen, CPA. With his expertise, Adam shares the best tax strategies for real estate investors. Whether you are a residential or commercial investor, tune in today for invaluable tips before tax season.
If you have an investment property, it’s essential to keep track of potential deductions. Anything you do to maintain your household could qualify. Whether you are paying for cleaning services, repair maintenance, or even an HOA cost, keeping track of your receipts will come in handy. Although you will always have to pay taxes, you can make the most of your financial benefits as an investor.
Make sure you know all the information before filing your real estate taxes. Learn more about the different strategies for commercial and residential investors, common tax mistakes, and demystifying the 1031 exchange.
Quotes
- “Real estate investment is probably one of the best strategies outside of getting more money for your property.” (2:57-3:02 | Adam)
- “I would advise everybody to talk to their own tax professional about what basis is.” (8:11-8:17 | Adam)
- “By default, real estate investment is considered a passive activity, meaning you're going to get taxed if you make money.” (13:39-13:48 | Adam)
- “I don't want people to be scared of taxes. I find it unfortunate that in today's education system, people aren't necessarily taught how to prepare taxes.” (31:15-31:28 | Adam)
Links
Connect with Adam Laarsen:
Website: https://laarsenandassociates.com
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“As a wealth manager, I'm a big believer in leverage,” explains Caleb Collier, Vice President & Investment Adviser. Caleb understands how real estate investors can leverage their capital as the market changes. Although there are always challenges, tune in today to learn unique tips to bolster your equity and build your portfolio.
Unlike many investment advisers, Caleb, and his firm, have always been real estate friendly. With his extensive knowledge in mind, Caleb recommends advanced planning. When you start investing early, it’s easier to see how you can leverage your capital into another income stream. Although many people focus on the active management of their properties, there are ways to transition into passive investing, which can lead to a healthy retirement.
Accumulating working capital is critical if you’re a real estate investor. Learn more about the benefits of a properly structured life insurance contract, finding the right wealth manager, and the truth about interest rates.
Quotes
- “There are some unique strategies we can use to help clients capture the working capital they're accumulating with their real estate business while they're not using it.” (1:34-1:45 | Caleb)
- “As a wealth manager, I'm a big believer in leverage.” (2:53-2:56 | Caleb)
- “Life insurance, as an investment and a place to store value and earn interest, has to be set up properly.” (6:26-6:35 | Caleb)
- “Keep an eye on that working capital. It's just amazing how quickly it can accumulate.” (18:24-18:30 | Caleb)
- “For people who have saved a lot of value and working capital, the interest opportunities now have increased 200, 300, 400% for safe investments that don't have principal risks.” (23:01-23:14 | Caleb)
Links
Connect with Caleb Collier:
Website: https://www.collierfinancial.com/team/caleb-collier
Email: info@collierfinancial.com
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“When you've got something as complex as real estate investments, it can be overwhelming for many people,” explains Ryan Kalamaya, Family Law Attorney. Many couples do not know how to protect their real estate in case of divorce. Today, Ryan educates the listeners on the legal steps needed to ensure that no matter what happens, your properties remain yours.
Before getting married, Ryan recommends negotiating a premarital and post-marital agreement. Without these contracts, it may add further complications to an already taxing divorce process, especially when significant wealth is at risk. By hiring a trustworthy attorney, you can determine what you want from your divorce and ensure that all parties get what they need.
You can’t always predict if a marriage will last, but you should always be able to protect your assets. Learn more about handling inherited properties, martial agreement tips, and common real estate mistakes people make during divorce.
Quotes
- “Real estate is great for the long term, but it is not the most liquid asset.” (13:14-14:19 | Ryan)
- “When you've got something as complex as real estate investments, it can be overwhelming for many people. It's a real challenge.” (15:54-16:12 | Ryan)
- “If someone tries to extract every single cent, and they're not speaking, and the kids are in therapy because the parents can't get along, that seems to be a failure, in part, by the lawyers to help people move on to better places.” (25:52-26:10 | Ryan)
- “My practice, even though I deal with divorce, is to try to lead by example. One of the things I enjoy most about my practice is being able to help people become better parents, business owners, and real estate investors.” (33:23-33:42 | Ryan)
Links
Connect with Ryan Kalamaya:
Website | www.kalamaya.law
Ryan | https://kalamaya.law/our-team/ryan-kalamaya/
LinkedIn | https://www.linkedin.com/in/kalamaya/
Podcast | https://divorceataltitude.buzzsprout.com
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
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“I think my legacy really is trying to give people financial advice,” explains Holly Gallegos, Senior Vice President of First Bank. With her background in finance, Holly understands the tips and tricks for securing money to invest in real estate. If you’re an investor looking to increase your portfolio, gaining insight from Holly’s advice will be invaluable.
For first-time investors, taking equity out of your primary residence is a way to find the money for outside investing. With many people not realizing how much equity is in their property, Holly recommends exploring if this path is a viable option for you. However, home equity is not the only way to break into the real estate industry. Whether you try a 1031 Exchange or use your IRA, there are many ways to gain the funds to purchase real estate.
Although it may seem challenging, it is possible to break into real estate investing. Learn more about leveraging your home equity, building up a fix-flip business, and common mistakes to avoid when seeking investment funding.
Quotes
- “One thing that a lot of people don't know is you don't always have to do the same type of real estate. If you're selling a one to four-family property, you don't necessarily have to go buy another one to four-family property. You could sell several one-to-four families and 1031, into an apartment building, for example. Or you could sell an apartment building and put that money into an office condo.” (2:44-3:10 | Holly)
- “We at First Bank can do self-directed IRA loans, which is a product that almost no other banks can do.” (8:49-8:55 | Holly)
- “We're able to do what I would call common sense underwriting. So we can look at your global net worth, cash flow, repayment history, all of those things, and just be a little more flexible.” (11:34-11:49 | Holly)
- “I think one unique thing about us is that we can help you with everything from a HELOC to an apartment building or development loans. So it's kind of a one-stop shop.” (20:17-20:28 | Holly)
- “I think my legacy really is just trying to give people financial advice.” (20:56-21:03 | Holly)
Links
Connect with Holly Gallegos:
Phone | 303.347.5950
Website | efirstbank.com
Email | Holly.Gallegos@efirstbank.com
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“If you’re buying something as an investment, you want to make sure you know what you're buying,” explains Carin Ramirez, Attorney. With her expertise in construction defect litigation, Carin provides helpful tips on handling this process. If you’re an investor considering purchasing a new property or starting construction, tune in today to learn about the potential red flags you should keep in mind to make the best choice possible.
When leading construction on a real estate investment, the main thing to consider is ensuring that you have adequate insurance. You may think your coverage is enough, but if you find out later that you’re underinsured when a building issue arises, you may have to pay more than expected. To avoid this dilemma, Carin recommends finding a quality insurance broker who understands your situation and can protect you and your assets.
If you’re buying an investment property, you need as many construction defect tips as possible. Learn more about the benefits of newer construction, how to evaluate the insurance you need, and why you should pass on buying a stucco building.
Quotes
- “If you’re buying something as an investment, you want to make sure you know what you're buying.” (4:54-4:59 | Carin)
- “If the foundation of a building moves and things start cracking, sometimes you have to tear the building down. Sometimes you can fix it, and sometimes, you can't. It can be a devastating problem for a building.” (13:50-14:00 | Carin)
- “No one wants to pay extra for more insurance, but you also don't want to get into a situation where you're underinsured because someone can come after you personally.” (15:20-15:30 | Carin)
- “Building science is always developing and changing. The way things are built changes, and then new problems arise.” (22:03-22:09 | Carin)
- “I think we should all help each other get through problems. And that's what I try to do for folks I work with, live with, or are friends with.” (24:30-24:38 | Carin)
Links
Connect with Carin Ramirez:
LinkedIn | https://www.linkedin.com/in/carin-ramirez-3154417/
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com
“Getting the right property at the right price is pivotally important,” explains Greg Bacheller, Owner of Real Property Management Colorado. After growing up, studying, and building his business in Colorado, Greg understands this market and what investors need to do to manage their properties. In fact, Greg started his business with no properties and one employee and has since then hired 30 amazing employees to help manage their 1,400+ properties. With his expertise in the industry, Greg joins host Pamela Mass Garrett on today’s first-ever episode of Legally Ever After to chat about practical property management tips for investors.
One of the most crucial aspects of real estate investing is the expertise needed to manage the property effectively. With tenants to screen, insurance to purchase, and never-ending home issues, it may be difficult for investors to be available full-time. Unless you are a landlord who truly enjoys the property management process, Greg suggests hiring someone full-time to stay on top of the day-to-day operations and solve the problems that arise.
With Greg’s valuable insight into the field, property management can become more accessible for investors to navigate. Learn more about the importance of buying the right property, how Greg’s business assists landlords with inevitable challenges, and the common mistakes of investors.
Quotes:
- “Getting the right property at the right price is pivotally important. And investors need to make sure that whatever that property is, and whatever that price point is, you've got the right property on your hands.” (2:11-2:26 | Greg)
- “The more due diligence we take up front, the better our chances are of not having problems on the back end.” (11:22-11:30 | Greg)
- “We can never eliminate the risk of a renter living in your investment property, but we're trying to do everything we can by screening processes and site visits to mitigate those risks as best we can.” (15:29-15:42 | Greg)
- “I'm very optimistic that the investor community will have some great opportunities. I'm still very bullish on the whole front range.” (29:15-29:24 | Greg)
Links
Get in contact with Greg Bacheller:
Real Property Management Colorado, LLC
3600 S. Yosemite Street, Suite 120
Denver, CO 80237
(303) 873-RENT (7368) | Phone
www.303rent.com
Download a Free Chapter of Legally Ever After at LawMother.com/Lea
Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go
Learn more about Law Mother at LawMother.com