Legally Ever After: Real Estate

Pamela Maass Garrett
  • 5.0 (1)
  • Investing
  • Updated Weekly

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.

  1. 03/03/2023

    Generational Wealth with Real Estate

    “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/   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

  2. 02/23/2023

    BRRRR Method Success Story with Raina Bayas

    “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 Learn more about Law Mother at LawMother.com

  3. 02/01/2023

    Damage Control for Real Estate Investments

    “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

  4. 01/31/2023

    Commercial Real Estate Investing Tips

    “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

  5. 01/25/2023

    Legal Tips: Real Estate & Construction Defect Litigation

    “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

  6. 12/20/2022

    Hard Money Tips for Investors

    “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

  7. 12/13/2022

    Lease and LLC Dos and Don’ts for Real Estate Investors

    “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

  8. 12/06/2022

    Best Practices for Short-Term Rentals

    “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

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About

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.

Information

  • Creator
    Pamela Maass Garrett
  • Years Active
    2022 - 2023
  • Episodes
    18
  • Rating
    Clean
  • Copyright
    © Copyright 2022 All rights reserved.
  • Show Website
    Legally Ever After: Real Estate