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FA L L 2 0 1 5

SUMMER 2013

PEAK

possibilities PUBLISHED BY THE INVESTMENT COMMUNITY OF THE ROCKIES: COLORADO’S REIA

Every Landlord & Investor’s Legal Guide MR. AND MRS. SMITH Colorado's Real Estate Investor Association

Colorado Short Term Vacation Rentals 18 Fair Housing Laws are CHANGING! 8

16-17

LIFESPAN & VALUE ADD OF APPLIANCES

6

HOW TO TAKE AN EMAIL SABBATICAL 12 1


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Fall 2015

TABLE OF CONTENTS FALL 2015

Every Landlord & Investor’s Legal Guide

features

 COTUS OKS LIABILITY FOR S UNINTENTIONAL HOUSING DISCRIMINATION 6  Lifespan & Value-Add of Appliances 8 SCOTUS OKs Liability for Unintentional Housing Discrimination 10 The #1 Question Investors & Landlord Ask about Setting Up a Business Entity

8

THE #1 QUESTION INVESTORS & LANDLORD ASK ABOUT SETTING UP A BUSINESS ENTITY 10

 OPULAR ONLINE SHORT-TERM P VACATION RENTAL SITES CAN MEAN TAX, NEIGHBORHOOD ISSUES 18

12  How to Take an Email Sabbatical

18  Popular online short-term vacation rental sites can mean tax, neighborhood issues

14 IGNITE! Investor Education Series 16 Mr. and Mrs. Smith 17 You Ever Get That Sense of Impending Doom: End of Year Tax Preparation

21 22 Business Listings 24 Event Calendar 26 Meeting Information

3


DENVER

DENVERCONFIRM ALL DATES,

TIMES, AND LOCATIONS AT WWW.ICOROCKIES.COM/CALENDAR

Co. SPRINGS

Co. SPRINGS

ICOR COLORADO SPRINGS MONTHLY MEETING

NoCo 2nd Tuesday of every Month

Hyatt Place Colorado Springs / Garden of the Gods NoCo 503 W. Garden of NoCo the Gods Rd. NoCo Colorado Springs, CO 80907

Organizational Notes ICOR STAFF MEMBERS EXECUTIVE DIRECTOR, TROY MILLER, TROY@ICOROCKIES.COM MANAGER/BILLING/MEMBERSHIP, VICTORIA VILLALOBOS, VICTORIA@ICOROCKIES.COM WEBSITE ADMINISTRATOR, INFO@ICOROCKIES.COM ICOR OFFICE: 625 W MULBERRY ST., FORT COLLINS, CO 80521 PHONE: 970-682-4267. FAX: 970-692-2460

OUR WHY: Living Differently DENVER

DENVER DENVER

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ICOR DENVER MONTHLY MEETING 2nd Wednesday of Every Month

OUR HOW: By designing and creating our perfect lifestyle through education, community, and investments.

OUR WHAT: ICOR is the only hub for Real Estate Investing who’s sole focus is to promote, protect, and educate an industry through Education, Networking, Resources/Benefits, Community Outreach, and Governmental Advocacy

PPA Event Center Co. SPRINGS 2105 Decatur St, Co. SPRINGS

LEGAL DISCLAIMER

Denver, CO 80211 (303) 792-0433

NoCo

NoCo

ICOR NORTHERN COLORADO MONTHLY MEETING 2nd Thursday of Every Month

Best Western Plus Hotel & Conference Center 5542 E US Highway 34 Loveland, CO 80537 (970) 667-7810

MEETING AGENDA 5:45 - 6:00pm: Registration Opens/ Happy Hour Begins 6:00 - 7:00pm: Investor Lab/ Haves & Wants/Success Stories 7:00 - 8:30pm: Main Meeting Presentation 8:30 - 9:00pm: End of Meeting/ Continued Networking Annual Membership: $188 Spouse or Family Member: $95 All guests are welcome to attend their FIRST meeting for FREE! Monthly Meetings are $25 for returning guests, free for members. 4

Investment Community of the Rockies, LLC — aka ICOR hereafter called the “association” does not render any legal, tax, or economic advice. The Association does not investigate its members, officers, directors, employees, agents, and/or contractors. Persons should consult his or her own counsel, accountant, or other advisors as to the legal, tax, and economic risk in matters concerning real estate and other investments.

CONTENT DISCLAIMER Products, services, investment opportunities, ect. may be offered by members, guests, business associates, and/or content from ICOR. The Association does not endorse any product, service, investment opportunity, etc. that may be offered formally or informally. Attendees should do their own due diligence and seek advice from their counsel, accountant, and other advisors prior to doing business with anyone present.

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Fall 2015

leadership

From the Bottom Up From the Desk of the Executive Director One of my favorite books in the ICOR Library is a book called

Minutes: Legal Panel.” We’ll have the follow areas covered: tax

“Every Landlord’s Legal Guide.” It has everything you need to work

and assets, landlord and eviction, real estate contracts, and deal

with tenants, fair housing, and forms and documents that you

structuring and finance. This meeting alone could be worth no

need. Although, it is missing one thing! Its missing all of the rules

having to pay an hourly fee with our attorneys, or at least getting

and regulations specific to Colorado or the area your properties

you started in the right direction to solve your current or existing

is. That’s where ICOR becomes the most invaluable asset a local

legal quandary.

investor can use, providing. That being said, we’re spending some time on all things legal, and focus on what’s hot, happening, or

Finally, close out December and 2015 with a fun night of

changed for Colorado Investors and Landlords.

networking, fundraising, and we’re getting out our crystalball, and assembling a panel of experts who are in the market day in

In October, “Deal or No Deal!” Beauty (or a great deal) is in the eye

and day out to discuss what happened in 2015, and what 2016

of the beholder. Is your eye keen and train to run numbers on a

will look like in the markets across the Front Range.

deal to tell wither it’s a deal or a DUD! We’re taking deals posted to ICOR’s Email Answerline, and doing real like case studies to

I’m not quite sure how we got the the 4th Quarter of 2015, but

break the deals down and run the numbers. Also, we’re hoping

we’re here, and we’re going out with a bang! We hope that you’ll

to get the ICOR member who posted it to take questions, and see

join us for one or all of these event to set up for another year of

how the deal turned out.

successful Colorado Investing!

In November, save yourself the consultation fees, and bring your legal questions to our panel of attorneys for “90 Questions in 90

DAVE LUND

TROY MILLER

ICOR FOUNDER

EXECUTIVE DIRECTOR

dave@icorockies.com

troy@icorockies.com

MIKE VOGEL

VICTORIA VILLALOBOS

ICOR FOUNDER

MANAGER/BILLING/MEMBERSHIP

mike@icorockies.com

victoria@icorockies.com

GREG VOGEL ICOR FOUNDER greg@icorockies.com

5


Lifespan & Value-Add of Appliances BRAD BECKETT THE HOME DEPOT

Rehabbing a home for resale can be a daunting task for anyone in the investing community. Whether you’re an expert flipper, do-it-your-selfer or just getting started, there can be many unknown variables that must be taken into consideration when managing your rehab project. Perhaps the most important area involves replacing and/or upgrading the home’s appliances.

Will replacing a unit add value or just be

According to the National Association of

appliances people expect to be in good

a wash? Or maybe a particular appliance

Home Builders (NAHB) the average lifespan

working order will not be part of the

works & looks great but it’s over 10 years old,

of dishwashers is 9 years, gas ranges 15

equation. Furnaces, water heaters, garbage

do you still need to replace it? What about

years, electric ranges 13 years, refrigera-

disposals etc are hidden away and expected

appliances that are broken, aesthetically

tors 13 years, garbage disposals 12 years

to perform. If it’s older, been regularly

displeasing (old pastel colors) or even poten-

and water heaters 10-12 years. Of course

serviced and performing well it might not

tial ticking time bombs waiting to break?

this varies greatly with quality, style and

need replacement. But don’t let something

manufacturer.

slip by that could become a showstopper on

Start by taking a quick whole-house inven-

the day your property goes to market.

tory of all appliances and mechanical

Another factor to consider is that while some

systems. This helps gauge what resources

higher-end appliances might last longer, it

Don’t forget, when it comes time for those

you’ll need as well as identifying any poten-

doesn’t mean you’ll recoup your costs at

replacement appliances, National REIA

tial showstoppers. Some items such as

the point of sale. There is a balance to be

members receive a significant discount

furnaces, water heaters, etc. are expected to

struck. Don’t overvalue your home because

on new appliances thanks to an exclusive

be in good working order when purchasing

the ceiling of neighborhood comparison

arrangement with Home Depot. Simply

a home, so don’t expect a solid return from

prices will not be breached — no matter

browse the custom catalog which is

replacing these items.

how many gold-plated toilets you install.

available online to National REIA members.

In fact, the NAHB says that appliances are However, according to many experts,

often replaced long before they’re broken

Remember, the goal of your home rehab is

considerable resale value can be achieved

due to changing consumer preferences.

to bring it up to market standards and sell

in the kitchen & bathroom areas. In fact,

it for a nice profit — which is why you’re in

Nationwide Insurance estimates that

Indeed, aesthetics are a major factor.

business in the first place! Keep in mind that

upgrading just the Kitchen and Bathroom

Stainless steel continues to be a popular

there is more to rehabbing the home than

alone can produce a 70% and 78% ROI,

option but according to varying sources,

making it aesthetically pleasing, you have

respectively. Just be sure that if you do one,

black appliances are trending once again.

to make sure appliances (both seen and

the other is brought up to the same level or

One of the reasons cited for stainless

unseen) are in good working order as well.

buyers will notice a mismatch right away.

steel’s loss of appeal were the constant fingerprints & smudges on the surfaces.

How long does the typical appliance in

So sticking to basic colors and keeping it

2015 last, you might ask? That’s a good

reliable & simple might be the best option.

question. We’ve all heard the anecdotes

6

about how older things seem to last longer

So what appliances don’t add value? That

and there’s some truth to that. However

question has many expert opinions as

your goal is to rehab the home and get it to

well. However, most agree that a good rule

market as soon as possible.

of thumb is to remember that whatever


WALTER OLSON

SCOTUS OKs Liability for Unintentional Housing Discrimination

Stop calling it fair housing law. If it was ever a matter of fairness, it isn’t now.Under June’s 5-4 Supreme Court holding in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, you can be heldliable for housing discrimination whether or not you or anyone in yourorganization intended to discriminate. Instead – to quote Justice Anthony Kennedy, who joined with the

the law did not permit disparate impact claims – while Congress

Court’s four liberals in a 5-4 majority – you might have been influ-

hedged the issue in later enactments so as to keep all sides on board

enced by “unconscious prejudice” or “stereotyping” when you lent

a compromise. Despite ridiculous claims (like that in a Vox headline)

money or rented apartments or carried on appraisal or brokerage or

that the Court today “saved” the Fair Housing Act or that a contrary

planning functions. What you did had “disparate impact” on some

decision would have “gutted” it, the great majority of litigation under

race or other legally protected group, and now you’re caught up in

the Act has been on disparate treatment complaints (which, as Alito

potentially ruinous litigation in which it’s up to you to show that you

notes, can already use disparate impact as evidence of pretext.)

had a good reason for what you did and could not have arranged your actions in some other way that had less disparate impact.

But the Obama administration, as I’ve documented elsewhere, has launched a huge effort to turn disparate-impact law into an engine

The decision is quite broad in its implications. For example, in

of revolutionary changes in local government and housing practice,

employment discrimination law, where disparate impact has long

introducing, for example, such concepts as a local government obli-

been legally established, it is increasingly legally dangerous to

gation to pursue subsidized federal housing grants and to enact laws

ask job applicants about criminal records, or carry out criminal

forcing private landlords to accept Section 8 tenants. As the four

background checks on them before a job offer, for fear of disparate

dissenters make clear, a compliance and litigation nightmare now

impact. Is it still safe to ask such questions of prospective tenants

looms for many in real estate, finance, and local government as they

in your apartment building? Better ask your lawyer. The case hinged

try to dodge liability.

on statutory interpretation, and as Justice Alito’s dissent makes clear, King v. Burwell wasn’t the only case decided today in which a

“No matter what [Texas] decides” in the case at hand on locating

majority mangled the clear meaning of a law’s text to get the result

low-income housing, for example, one or another group “will be

it wanted. As Justice Ginsburg was frank enough to note at oral argu-

able to bring a disparate-impact case” based either on the theory

ment, “”If we’re going to be realistic about it…in 1968, when the Fair

that projects should be put in poorer areas (which enables building

Housing Act passed, nobody knew anything about disparate impact.”

more of them) or in affluent areas (which will benefit some future residents). If you have time to read only one bit of today’s opinion,

8

On the contrary, the law’s text specified that it was banning deci-

read Justice Clarence Thomas’s separate dissent. Thomas brilliantly

sions taken “because of” race, and to find a loophole the majority

recounts the EEOC’s successful subversion of its own founding

was obliged to fall back on an incidental clause banning the making

statute, culminating in the Court’s profoundly mistaken opinion in

“unavailable” of a “dwelling,” which we are meant to believe snuck in

Griggs v. Duke Power, the employment case that founded disparate

a huge new area of liability. As the majority stresses, many appeals

impact theory. “We should drop the pretense that Griggs’ interpreta-

courts did go along with a liberal interpretation. But the Executive

tion of Title VII was legitimate,” he writes. It’s a tour de force – and

Branch did not – in 1988 it took the position before the Court that

already being denounced vehemently on the Left.


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For Full details on the 2016 National REIA Cruise Conference, or to register, visit nationalreiacruise.com/


PETER MCFARLAND ESTILL & LONG, LLC PMCFARLAND@ ESTILLANDLONG.COM

The #1 Question Investors & Landlord Ask about Setting Up a Business Entity

As an attorney who specializes in asset protection and real estate law, when I meet with clients the number one question that I’m normally asked is why a real estate investor should hold title to a property in an LLC or other business entity instead of their personal name. There are several reasons why creating a business entity is the best approach, but I will touch on the biggest three below: Asset Protection

In short, multi-member LLCs enjoy a high level of asset protection

Investors bear inherent risks associated with their rental proper-

under Colorado law. When coupled with adequate insurance, an

ties. And investors unfortunately have to take their tenant as they

investor can rest easy knowing that an effective asset protection

find them, recognizing that some tenants are “accident prone.”

plan is in place to protect their investments.

Some risks are foreseeable and can be adequately insured, but other risks (and the resulting judgment) can easily wipe out some,

Tax Planning

if not all, of an investor’s equity in a rental property. Even worse,

When the IRS is informed that the Members have created a new

if the property is titled in an investor’s personal name it’s possible

LLC, the first question they ask is how the LLC is going to be taxed.

that the judgment could even reach an investor’s personal assets

Put another way, the Members can decide how they want the LLC

in addition to the equity in the rental property itself.

to be taxed. Generally, for buy-and-hold real estate investments, we will recommend Partnership taxation to our clients. This type of

A multi-member LLC in Colorado is a well-recognized vehicle to

taxation is a flow-through taxation, meaning that no tax is due at

provide asset protection for real estate investors. Under Colorado

the entity-level and is instead paid by the Members when they file

law, the multi-member LLC is afforded similar asset protection

their personal tax return (compare this to a C-corporation where

when compared to a corporation. The most important of these

tax is paid at the corporate level and paid again when you as the

protections is that the liabilities of the company remain with the

shareholder file your personal taxes).

company itself. If the LLC is run in a formal manner, the necessary formation documents are in place, and the company remains in

When this flow-through method of taxation is coupled with the

compliance with State and Federal law, the LLC will not be pierced

asset protection afforded to a multi-member LLC, the real estate

and the assets of the Members will not be considered when ren-

investor has the best of both worlds. The investor has established a

dering a settlement or when satisfying a judgment. If additional

level of asset protection on par with a corporation, but the taxation

properties are titled to different companies, the savvy real estate

flows through and avoids the problem associated with tax burden

investor can further compartmentalize risk within his or her port-

of running a corporation.

folio because a problem with one property will not reach the equity in the other properties because of effective LLC structuring.

Other tax planning opportunities are available, and the approach will differ for management companies and fix-and-flips. A whole

While the LLC enjoys a similar level of asset protection compared

series of articles could further develop the world of tax as it relates

to a corporation, it is much more flexible to run than a corporation.

to a real estate investor, but suffice it to say that the LLC is a fabu-

The LLC formalities that a Member must observe are not nearly as

lous tool for an investor to recognize some very real tax benefits.

burdensome or numerous as a shareholder or director in a corporation, for example. LLCs also afford numerous opportunities for tax

Estate Planning

planning, as we’ll explore below.

It is possible to integrate an LLC into an investor’s estate plan. Many investors are worried about what will happen to their portfolio when

10


Fall 2015 they pass away. They want to ensure that the value of the portfolio

in running and managing the portfolio. The connections that an

remains intact, and many would prefer to see their beneficiaries

investor has made with contractors, handymen, and tax profession-

continue managing the portfolio instead of simply “cashing out,” or at

als can continue because the beneficiary will be familiar with these

least provide their beneficiaries the option of holding the investments.

individuals and feel comfortable consulting with them. Further, the

Problems can arise, however, in keeping the asset protection in place

beneficiary has had an opportunity to become familiar with the

and also ensuring that the beneficiaries understand how to effectively

particular properties in the portfolio and will get some experience

manage a real estate portfolio.

dealing with tenants.

The recommendation I often make to my clients is to create a

Conclusion

multi-member LLC to take advantage of all of the tax and asset

In short, the creation of an LLC pays off in several different ways. For

protection benefits. The eventual beneficiaries are typically given a

one, an investor’s asset protection is simply incomplete and ineffective

1-5% interest in the LLC so they have a nominal interest. Over time,

without a separate and distinct business entity formed to hold title to a

the investor should gift additional percentages in the LLC to their

property. Second, the tax planning that an investor can set into motion

beneficiaries. This approach accomplishes a few items.

using an LLC combines the best of both worlds in terms of tax benefits while still keeping in place strong asset protection. Finally, estate and

First, the asset protection remains in place. A single-member LLC

succession planning can be facilitated through an LLC as a potential

is dissolved as a matter of law when no Member remains (in other

beneficiary is slowly brought up to speed on how to run the company

words, a single member LLC does not outlive its Member). By adding

and manage the real estate portfolio.

multiple beneficiaries as additional members to the LLC, the LLC will outlive the deceased Member and the asset protection should

Our firm has set up entity structures for years and we recognize

remain in place.

that each investor’s situation will be different. We have structured real estate portfolios both extremely large and also small with an

Second, as an investor increases the percentage of ownership that

eye toward growth. We recognize that the LLC provides excellent

a beneficiary owns, the beneficiary is slowly given more responsi-

flexibility and we want to be sure that the entity structuring we

bility and should hopefully become more interested and engaged

provide to our clients retains that flexible nature.

At Estill and Long, LLC, we specialize in helping real estate investors with their tax and business issues. We have worked with thousands of real estate investors and professionals and have the experience necessary to assist you as well. Do not trust your tax and business planning to just anyone. If you are just starting out or have years of real estate investing experience, we are the firm that knows tax and business planning for “real estate.” Call us today for your free initial consultation. We also offer expertise in the following areas: • Tax planning (investors and small business owners)

• Business planning (investors and small business owners)

• Tax Controversy (federal and state)

• Tax Preparation (all 50 states)

• Business Entity Formation (all 50 states)

• Tax Court Litigation

• Estate Planning (wills, trusts, etc)

720-922-1120 or email info@estillandlong.com • www.estillandlong.com 11


DANAH BOYD FAST COMPANY

How to Take an Email Sabbatical

Author and academic Danah Boyd takes an “Email Sabbatical” once a year. But she doesn’t just throw up her hand and set an out-of-office reply; getting to her annual inbox vacation takes preparation. Here’s how she does it. We all need time off. Like serious time off. Time when we feel like

pronouncements to let folks know that I will be seriously offline

we’re able to truly rejuvenate without the little panicked voice

and unavailable during my vacation. Warnings are the key to happy

chirping away in the back of our heads fretting about the back-

relationship maintenance, even with folks you haven’t thought about.

log of things we are going to have to deal with when we come in. Information overload can be a very taxing issue for many people.

STEP 4: WARN PEOPLE VIA EMAIL. Roughly two weeks before I’m to leave on vacation, I turn on a

Luckily, many services allow us to go zen without making us feel

standard vacation message to warn people that my inbox will

guilty. Most of us can scan Twitter without obsessing over all that

become a black hole starting in X days. I make it very clear that if

we missed. And there’s simply too many blogs to think about all

they need anything from me during my vacation that they need to

that we haven’t read. But email is the one app that we feel guilty

ask ASAP. I also tend to take this time to send a message out to all

about turning off. Why? Because the interface is designed to put

collaborators and colleagues telling them that I’m about to go on

you on a hamster wheel, rarely ever succeeding at letting you reach

vacation and if they need anything from me, now’s the time to ask.

empty. You feel accomplished when you get to inbox zero. And then you go to sleep and when you wake up it’s all back to haunt you.

STEP 5: TECHNICAL SETUP.

For this reason, I recommend taking an email sabbatical.

I use a procmail script to filter all messages to /dev/null and to send an entertaining bounce message to folks saying that my email

At its most crass level, an email sabbatical is when you make all of

is dead and that if they want to get in touch with me, they’ll have

your email bounce. But you can’t simply turn off your email without

to resend their message when I return. I usually write a snarky

pissing off countless people in your life. Thus, an email sabbatical is

message about how if it’s really important, you can call my mom.

actually a series of steps to let you step away from your inbox guilt-

Few folks ever call my mom, although some have.

free and return to an empty inbox upon your return. You can kill your email in most programs by using the filter tools

STEP 1: SCHEDULE A VACATION.

available and sending things to the trash. It won’t delete things as

Not a long weekend. Not a few days in the countryside. A vacation.

permanently as my method, but it will work. I typically turn on my

A minimum of two weeks. Serious time off. Time away from your

death trap message 24 hours before I leave for vacation without

computer, time away from your devices, time to find sanity.

actually deleting the message, knowing that folks who waited until the last minute will panic when they see the message and call me.

STEP 2: COMMUNICATE WITH ALL COLLABORATORS. I start telling close collaborators about my vacation about six

Although I turn off my main email account, I also create a

months ahead of time. I make sure all collaborators know when

vacation webmail account. I give that contact information to

I’m gone three months ahead of time. I’m conscious of every

my mother, my brother, my best friend, my housesitter, and my

to-do that I’ve committed to, every responsibility that I vow to

system administer. They all know how to reach me in case of

complete before vacation. And I continue to remind folks that I

an emergency. In some trips, I give my contact information to a

will be gone from Time A to Time B. I make sure that no one will

key colleague or to my boss in case of something of dire urgency.

depend on me while I’m gone so that I don’t screw anyone over.

They all get it and use it responsibly. I tend to check that backup email every two to five days while on vacation, depending on

12

STEP 3: PUBLIC PRONOUNCEMENT.

how remote I am. This is meant for emergencies only and is used

About six weeks before I go on vacation, I make some loud public

primarily to let my mother know that I’m still alive.


Fall 2015

STEP 6: TAKE A VACATION!

noticed a funny thing. The first few days are full of friends writing

I prefer to go to really remote places. I love using Instapaper to

test messages just to see what my bounce message will be. And

download large parts of Wikipedia that detail the region that I’m

then it dies off. While I get hundreds of personal emails per day on

in but, for the most part, I use very little technology. Well, except

a normal day, I get less than a dozen while I’m on vacation. People

for my Kindle. That gets used more during vacation.

actually tend to respect that I’m away.

STEP 7: RE-ENTRY.

Do I miss things while I’m on vacation? Most certainly. But I’m okay

When I come back from vacation, I write to all of my core col-

with that. Inevitably, I will receive numerous emails from journalists

leagues before announcing that I’m back to see what they need

covering time sensitive stories, people wanting me to review journal

from me. I often set up meetings before I leave so that everyone

articles, students wanting help with their term papers, and perhaps

is certain to get my full attention when I come back. And then,

an invitation or two. I do feel guilty not personally responding to

after I’ve made certain that my time is spent catching up with

these people to say that I’m unavailable but that’s precisely the point.

collaborators, I announce that I’m back. Communication is key to

I need to let go in order to truly take a break and refresh. Are there

an email sabbatical. Disappearing without properly making certain

going to be people pissed off at me because I’m on vacation? Sure.

that everyone has what they need is irresponsible and disrespectful and people will get pissed off. But it’s surprising how well folks

Generally speaking though, the folks who complain about my

deal with the idea that you’re taking time away when you properly

email sabbatical are folks who don’t know me. My boss gets it; my

warn them.

collaborators get it; my friends get it. And they like me a lot better when I’ve taken a vacation recently. Anyhow, I hope that this

DO I MISS THINGS WHILE I’M ON VACATION? MOST CERTAINLY. BUT I’M OKAY WITH THAT.

inspires you to think about taking time away from your computer. You’ll appreciate it if you do.

Because I use procmail and don’t nuke my log files, I’ve examined the headers of the messages I’ve received while gone. And when

This article originally appeared on danah boyd’s website and is reprinted

I looked at the headers of messages that I missed in the past, I

with permission.

13


IGNITE! Investor Education Series ICOR’S IGNITE! Investor Education Series is designed and created by YOU, the Investor and Rental Property Owner. Members of the ICOR Community have asked for education in the following areas, and we sought out the best of the best in the Colorado Market to bring you these updated topics to make it relevant to the current market conditions, and IGNITE! your real estate and rental property investing. For more information, or to register for these workshops visit us online at www.ICORockies.com/Calendar. October 10th & 11th, 2015 “Self-Directed Investing Academy”: Self-directed IRA Symposium This IRA event will be unlike any other for many reasons. The content will be focused around a series of practical deals in which various types of self-directed accounts can be involved —IRAs, 401(k)s, HSAs, and CESAs. The education will include information on buying real estate with a self-directed account, lending money from a self-directed account, obtaining options, and doing partial note sales. Time: 8:00am – 5:00pm Location: Denver, CO (Check the ICOR calendar to register or more information) Cost: $299/pp for Members, $349/pp for Non Members October 17th, 2015 How to Keep From Getting Screwed by Your Contractor: The Gotchas that Getcha How much money do I need to put down? How do I know the contractor won’t just take the money and run? How can I insure the work is being done properly? What’s the best way to get things done? How do I know what I don’t know? These are just a few of the questions that will be answered in our seminar: How to Keep from Getting Screwed by Your Contractor with John Fisher as your host.

November 7th, 2015 Quickbooks for Real Estate & Rental Property Investors Keeping track of your real estate finances and tenants is easy with the right tools. Learn the ins and outs of Quickbooks — you’ll thank us come tax season. Time: 8:30am – 5:00pm Location: Denver, CO (Check the ICOR calendar to register or more information) Level: Beginner/Intermediate/Advanced Investors Cost: $99/pp for Members, $125/pp for Non Members November 21st, 2015 The Quick Analyst Workshop After the success of ICOR’s December 2013 Shark Tank Presentation, members and guest request a workshop on how to analyze real estate deals quick, and make offers and presentations that stick with buyers and sellers. Time: 8:30am – 5:00pm Location: Denver, CO (Check the ICOR calendar to register or more information) Level: Beginner/Intermediate/Advanced Investors Cost: $99/pp for Members, $125/pp for Non Members

Time: 8:30am – 5:00pm Location: Denver, CO (Check the ICOR calendar to register or more information) Level: Beginner/Intermediate/Advanced Investors Cost: $99/pp for Members, $125/pp for Non Members

14

For more information or to register visit www.ICORockies.com/Calendar, and click on the corresponding date.


WINTER CRUISE

2016

NASSAU BAHAMAS Sunday

CHARLOTTE AMALIE

ST.THOMAS Tuesday

FEBRUARY 20TH - 27TH

PHILIPSBURG

ST.MAARTEN

Wednesday

Join us as we depart on Royal Carribean’s Oasis of the Seas from Ft. Lauderdale, FL and visit an array of exotic destinations. Experience elegant dining, a full-service spa, a live jazz club and so much more! The National REIA Cruise is filled with one of a kind amenities, networking opportunities, and inspiring presentations. It’s a vacation with an education.

Register today at www.TheRealEstateCruise.com 15


Mr. and Mrs. Smith LARRY STONE COLORADO TAX COACH LARRY@ COLORADOTAXCOACH.COM

In 2005, Angelina Jolie and Brad Pitt starred in the thrilling movie, Mr. & Mrs. Smith, about a bored married couple who are understandably surprised to learn that they are both assassins hired to kill each other. In the real estate industry, many married couples work together, and some of them want to kill each other, too. Just like the movie’s Mr. & Mrs. Smith, real estate investors must make every bullet count. However, it is not always as easy as you may think.

Many real estate investors have losses (especially in the early years

classification. According to the IRS Passive activity Loss Audit Guide

of the project) which they would like to use to offset their ordinary

(which we read so you don’t have to), you can spend all sorts of time

income. Here’s the problem: ordinarily, real estate activities are con-

working on various aspects of your real estate activity, then be sur-

sidered “passive” activities, and you can’t use passive losses to offset

prised that they simply don’t count towards the 750-hour threshold.

ordinary income. Now, if you qualify as a “real estate professional,”

These include:

you can deduct them. But qualifying as a real estate professional means you have to be able to show the IRS you worked at least 750 hours per year on real-estate activities.

• So-called “investor activities” unless they are directly involved in day-to-day management or operations such as: – Studying or reviewing financial statements or reports

So the question becomes, should you really count the hours you

– Preparing or compiling summaries or analyses for your use

sleep in determining whether or not you qualify as a real estate

– Monitoring finances or operations in a non-managerial capacity

professional? And how do you show the IRS you really dreamed

– Organizing records, preparing taxes, and paying bills

about your properties?

• Work not ordinary done by the owner (normally assigned to an employee)

To the dismay of a real life Mr. & Mrs. Smith (their real names), the Tax

• Travel time

Court stated in Smith vs. IRS Commissioner (USTC 14306-12-12S), that Mr. Smith did not qualify as a real estate professional. Their decision

The IRS will only accept hours that are integral to operations of the

was based on two issues. It’s worth reviewing both to help understand

real estate profession.

how you can make the most of your bullets. Second, you have to prove the hours you worked with reasonable The first problem was that Mr. Smith included time in his 750-hours

means by identifying the services you provide and the specific hours

that didn’t actually qualify towards the requirement. Specifically, he

based on appointment books, calendars, and narrative summaries.

included time spent on one property that wasn’t “used by custom-

These records should be kept to support your time log, and you

ers or held for use by customers.” Smith stated that he intended to

should compile your time log before you file your tax return. (As the

convert it to a rental property; however, he lived in it while he was

movie Smiths would say, better to have a bullet and not need it than

improving it. The Tax Court concluded that regardless of Mr. Smith’s

need it and not have it!)

intent, it was his personal residence. That, in turn, meant the time he spent improving it didn’t count towards the 750-hour requirement.

If you’re looking to benefit from the real estate professional status, the burden of proof falls on you. You need to keep your bullets ready

The second problem was that Mr. Smith’s time log wasn’t enough to

to go if you want to take advantage of rental losses to reduce your

substantiate the requirements of a real estate professional. Smith

ordinary income and save cash. Clearly document your plan and

actually performed the work in 2009. But he didn’t create the time

support the hours worked.

log until 2011, after he got his IRS audit notice, and he used “ballpark guesstimate(s) of dates and time spent on real estate activities.” The

Do you have questions about how to qualify as a real estate

Tax Court determined that although Mr. Smith was a credible wit-

professional or how to use that status to create the greatest

ness, his time log wasn’t prepared with reasonable means.

possible tax savings? Email me at Larry@coloradotaxcoach.com.

So, how do we make every bullet count? First, understand that not all your work may qualify as hours for the real estate professional

16


Fall 2015

You Ever Get That Sense of Impending Doom: End of Year Tax Preparation STEPHANIE LONG ESTILL & LONG, LLC SLONG@ ESTILLANDLONG.COM

For most investors and business owners, taxes are the biggest expense they will ever have to pay in their lifetime. Thus, we want to be aware of the different ways to reduce taxes to the legal minimum. Real estate investors have unique opportunities to save money on taxes by implementing various tax savings strategies.

First, be sure you understand the different kinds of business enti-

election to be taxed as a real estate professional. Rental property

ties and how they work for real estate investors. For example, many

losses are usually restricted and subject to passive loss limita-

landlords benefit from using a LLC (Limited Liability Company) for

tions. First, ordinary investors can only deduct a maximum of

their rental properties vs. using a Corporation. Real Estate Dealers

$25,000 of losses generated from rental properties to offset other

or those in the business of “fixing and flipping” properties usually

income they have stemming from wages, retirement distributions,

benefit from using a Limited Partnership or S-Corporation. It is cru-

etc. Once the $25,000 limit is reached, the remaining losses are

cial that real estate investors work with a knowledgeable attorney or

carried over to the next tax year and perhaps indefinitely until the

tax professional who understands the complexities that real estate

property related to the losses is sold. Even worse, investors whose

investors face with taxation and asset protection. One mistake can

income exceeds $150,000 of modified adjusted gross income are

cost the investor thousands in lost tax deductions and inadequate

restricted from using the $25,000 loss allowance at all. The losses

asset protection. Most attorney and tax professionals do not under-

will be suspended and the investor can utilize them when they sell

stand the unique business of real estate investors, so it’s important

the property or have passive income. Real estate professionals are

to choose your advisors carefully.

not subject to any of these limitations or restrictions. To qualify, an investor must have spent 750 hours during the year on real

Many real estate investors are also not aware that there are

estate businesses (including real estate development, construc-

tax deferral techniques available to them such as using 1031

tion, reconstruction, acquisition, conversion, rental development,

Exchanges or Installment Sales. You can completely defer capital

management, leasing or brokerage) as well as more than half of

gains taxes by implementing a 1031 Exchange with the sale of your

their time in all of their jobs on real estate. Thus, if the investor has

real estate held for investment purposes. To take advantage of this

a 40 hour a week job as an Engineer, they would have to spend 41

deferral, however, planning needs to be implemented before the

hours a week on real estate to qualify. Again, careful planning is

sale has occurred. I have had many meetings with potential clients

important here as certain elections with the IRS need to be in place

who wanted to use a 1031 Exchange for a rental property that was

as well as documentation of time in case of an audit.

sold at a substantial gain, but the client visited me after the sale had already occurred. At this point, it was too late to apply the 1031

Last, self directed IRA’s are a great tool for avoiding taxes on gains,

Exchange rules to the sale. If you do choose to use a 1031 Exchange,

especially for those in the business of fixing and flipping properties.

be sure to contact a dedicated accommodation company up front

A self directed IRA is formed like any other IRA with the difference

to make sure the rules are being followed. Installment sales are

being that you decide how the funds in the IRA are invested.

another way to defer the capital gains tax on the sale of real estate. In such a case, the seller acts as the lender on the property and

These are just a handful of the different strategies that real estate

holds the note. The seller will then pay a portion of the capital

investors can utilize. There are many more, but this entails careful

gains tax over the course of the payments received over time (vs.

planning with a knowledgeable attorney or tax professional. Saving

paying the tax all at once in the year of sale).

taxes is important for building wealth, as you will never build up a large real estate portfolio if you are sending too many tax dollars to

Another extremely valuable tax election and one that every real

Uncle Sam.

estate investor should implement, as applicable, is to make the

17


Popular online short-term vacation rental sites can mean tax, neighborhood issues VALLARI GUPTE THE GAZETTE VALLARI.GUPTE@ GAZETTE.COM

Manitou Springs has hit the pause button on new short-term vacation rentals, but not everyone has abided by a moratorium that was put in place in April. The city’s planning department has found about 30 unlicensed listings posted on websites such as Airbnb, HomeAway and VRBO, said Wade Burkholder, planning director.

Airbnb has more than 1.5 million listings in more than 34,000 cities

allow short-term rentals in “most residential zone districts” but is

in 190 countries. HomeAway Inc., an Austin, Texas-based online mar-

considering changing the zoning code.

ketplace for the vacation rental industry, has more than 1 million paid listings in 190 countries on websites including HomeAway.com,

In Colorado Springs, short-term rental owners must get a sales tax

VRBO.com and VacationRentals.com.

license and collect both sales and lodging tax (LART) “for each stay less than 30 days,” according to the city’s land use regulations.

Such online websites have made renting out spare rooms or a house

If the property is in an area permitted for family residential units,

easier, and many travelers like the unique lodging and it can be

then short-term rentals are allowed, as long as the owner has a

cheaper. But, the cottage industry has its critics. Welcoming tour-

sales tax license and collects lodging tax. The sales tax in Colorado

ists in residential neighborhoods often means noise and parking

Springs is 2.5 percent and lodgers’ tax is 2 percent, said Karen Garcia,

disputes, and some residents worry about a stream of strangers

Colorado Springs sales tax manager.

next door. And like Manitou, city governments across the country are concerned that homeowners will host guests, generate money

The idea behind hosting tourists in residential neighborhoods is

for themselves and not pay taxes, while licensed hotel and lodging

to experience the city as a local, said Doug Price, Colorado Springs

businesses lose clients.

Convention and Visitors Bureau president and CEO. Trouble, he said, arises when a place that can house only two people is advertised as

Michelle Anthony, Manitou Springs senior planner, said rules for

suitable for 10. “We just want to make sure that everybody knows

getting a license for short-term rentals have been in place for

the rules and plays by the same rules,” Price said.

more than 25 years in the town at the foot of Pikes Peak. But with the advent of hosting websites it may be time to update the rules.

That’s what hotel and lodging owners want, too, said Amie May-

The Manitou Springs planning commission will meet Wednesday

hew, Colorado Hotel and Lodging Association president and CEO.

to discuss possible changes. “Before the moratorium we had been

“We understand that this is a new piece of the lodging industry,”

receiving a lot of applications,” he said. “There was a concern that

she said. “We want to make sure that there is a level playing field.”

these neighborhoods were starting to turn commercial.” Manitou

Dave Munger, Council of Neighbors and Organization executive

Mayor Marc Snyder said, “Every residential property is not a good fit.”

director, said representatives from 25 neighborhoods in Colorado

Springs voiced concerns about commercialization of their neighbor-

Burkholder said 20 properties have a license to run a short-term

hoods in a meeting last month. The most vocal neighborhoods were

rental from their houses in Manitou and post it on any website.The 30

from exclusive and gated communities such as Cedar Heights and

unlicensed listings had to be taken down because of the moratorium.

moderate-income areas in west Colorado Springs.

Those owners — not leaseholders renting out an extra room — can apply for licenses when the moratorium is lifted and new rules are in

Major concerns among CONO members are crowding, parking trou-

place, which could happen by November, he said. Burkholder said the

bles and disturbing neighborhood peace. Some members said their

department wants to make rules fair to all — keeping in mind the hosts

neighborhoods are turning into resortlike areas where vacationers

posting on websites, the hotel and lodging industry and neighbors.

come, drink late at night and make noise, Munger said. “You would expect that in a resort, but not in a residential community,” he said.

18

As part of that effort, the commission is studying how other cities

“It does create concerns among people living next door or across the

and counties handle the new way of doing business. Denver doesn’t

street.” Munger said neighbors should be informed if a homeowner


Fall 2015 is running a short-term rental. “All we are asking is that the govern-

the vacation enjoyable,” she said. “It feels like home.” Webster regis-

ment treat this as any other business,” he said.

tered a studio apartment in downtown Colorado Springs on Airbnb and is now a “super host,” which means she is verified, has excellent

Renae Crawford, who has run a vacation rental in Manitou Springs

reviews from her guests and responds immediately to requests from

for two years, uses VRBO to get potential short-term renters.

potential guests.

Crawford, a nurse practitioner with a practice at the Eastern Plains Medical Clinic of Calhan, said using a website such as VRBO helps

She has a license to run a vacation rental and pays sales and lodging

her juggle roles and makes finding renters and arranging for their

taxes. Webster said she chooses to post her listing only on one web-

short-term stay easier.

site to avoid double booking. She would like to see Airbnb include a section where hosts can include sales and lodging tax. “They have an

Crawford said she registered her rental business in Manitou Springs,

option of listing cleaning fees,” Webster said about Airbnb’s website.

which included going before City Council and getting certified letters

“It is not set up to include sales tax.”

of approval from neighbors who are within 100 feet of the property line. It took Crawford about two months to get the required permits.

Jeanne Vrobel has run two vacation rentals in Manitou Springs since

It is a business license that must be renewed on an annual basis,

2005. She suggests newcomers to the business hire a property man-

Crawford said. Crawford said she pays an annual fee to be listed on

ager, get the right permits and insurance to protect themselves in case

the VRBO website and wouldn’t be able to offer the rental if such

of damages or disruption of the neighborhood. “I have seen a lot more

websites didn’t exist. She said she had a bad experience with long-

people coming into the vacation rental business who don’t know what

term renters and so turned to short-term renting.“We can maintain a

they are doing,” she said. Vrobel said she likes to meet the people who

beautiful house now,” she said.

are renting her properties, so she doesn’t use some online sites. “Booking vacation rentals needs to be done with screening and talking to

Feryl Hunter Webster and her husband love to travel, and they usu-

each client,” she said. “You are running a business - you can’t just say I

ally book their stays through websites such as VRBO.com. “It makes

can make some extra money out of my spare bedroom.”

What aren’t your rental applicants telling you? Google searches, guessing and reference checks just aren’t enough. Protect your property with SmartMove® tenant screening service. Go to icor.mysmartmove.com today — Credit and criminal reports through TransUnion — Pay-per-use – no set-up fees, minimums, or memberships — Results in minutes, all online ©2014 TransUnion LLC All rights reserved

19


GREG BROWN NATIONAL APARTMENT ASSOCIATION GREG@NAAHQ.ORG

Supreme Court Upholds Disparate Impact Liability, With Note of Caution

The U.S. Supreme Court decided to uphold disparate impact liability under the Fair Housing Act, a legal theory that prohibits neutrally-applied practices with a disproportionate impact on minority groups protected by the law, even without proving an intent to discriminate. The 5-4 decision in Texas Department of

conducting resident criminal history and

free-enterprise system.” Leeway must be

Housing and Community Affairs v. The

credit screenings, among other business

given to housing providers to explain the

Inclusive Communities Project, Inc. also

practices, despite no intention of singling

validity of their policies. Further, a disparate

emphasized limitations on the policy, stating

out a particular group protected by the Fair

impact claim is not demonstrated by sta-

that neutrally-applied practices should not

Housing Act.

tistical disparity alone. A claim must show

fail on disparate impact grounds unless they are “artificial, arbitrary and unnecessary.”

that a challenged practice actually caused The multifamily industry supports the Fair

a disparate impact on a protected group,

Housing Act and is committed to providing

and the availability of an “alternative prac-

NAA/NMHC are conducting a detailed

quality rental housing without regard to

tice that has less disparate impact” to serve

analysis of the Supreme Court’s decision

race, religion, color, sex, handicap, familial

legitimate business needs.

and will continue to seek further

status or national origin. In addition, we

clarification on disparate impact liability.

support enforcement against bad actors

The case originated when the Inclusive

who intentionally discriminate and

Communities Project, a Dallas-based

damage the industry’s reputation.

group that advocates for integrated

NAA/NMHC and six other real estate trade associations weighed-in on the

housing, sued the Texas Department

issue by jointly submitting an amicus

Importantly, the majority opinion highlighted

of Housing. The suit alleged that Texas

brief to the Supreme Court in November.

limitations on disparate impact liability

disproportionately approved tax credits

We argued that disparate impact liability

to allow “practical business choices and

in minority neighborhoods, therefore

could trigger discrimination claims for

profit-related decisions that sustain the

reinforcing housing segregation and violating the Fair Housing Act. Provided by NMHC as part of the NAA/NMHC Joint Legislative Program Holland & Knight: Fair Housing Act Prohibits Policies and Practices Causing a Disparate Impact Ballard Spahr: In 5-4 Decision, U.S. Supreme Court Recognizes Disparate Impact Liability Nixon Peabody: Inclusive Communities Case: Analysis of Supreme Court Decision Law Office of Scott M. Clark: Supreme Court Upholds Use of Disparate Impact Analysis

20


Fall 2015

T he ICOR

PODCAST

ICOR is Proud to Announce…

“Rockies Real Estate Investing”: The ICOR Podcast Where Colorado real estate entrepreneurs get the up to date information they need for successful real estate investing. The ICOR Podcast covers real estate case studies from rehabbers, landlords, finance and real estate note buyers. We cover in-depth state and local market analysis from Denver, Colorado Springs, Fort Collins/Loveland, and Grand Junction/ Western Slope. Also, hear stories of successful investors just like you from across Colorado and the nation. “Rockies Real Estate Investing”: The ICOR Podcast is available to listen, download or subscribe on ITunes and Sticher. Search “Rockies Real Estate Investing”: The ICOR Podcast to join and listen to the conversation Join us, as head out from basecamp, and take YOU to the PEAK of your real estate investing business! 21


BUSINESS directory Denver Type of Business

Company Name

Name

Phone

Email

Accounting

Stone CPA, LLC

Larry Stone

(970) 668-0772 (Work)

larry@coloradotaxcoach.com

Credit Repair

VIP Credit Counseling

Brad McBee

(866) 969-2738 (Work)

brmcbe@gmail.com

Financial Planning

Diverse Retirement Solutions, LLC

Tony Spandrio

(970) 685-4566 (Work)

tony@diverseretirementsolutions.com

Financial Planning

Heritage Financial Group, Inc.

James Ehrenkrook

(651) 453-0336 (Work)

icorhfg@gmail.com

Financial Planning

New Direction IRA

Clay Malcolm

(877) 742-1270

info@ndira.com

Flooring & Carpeting

Redi Carpet

Daniel Wimer

(303) 321-7026

dwimer@redicarpet.com

Hard Money

Bridge Capital Resources LLC

Greg Osborne

(303) 475-5873 (Work)

jogregoz@comcast.net

Hard Money

Colorado Short Term Funding, LLC

Tyler Ideker

(303) 567-6333 (Work)

tyler@costfund.com

Hard Money

The Investor's Source, LLC

David Goldberg

(970) 635-2397 (Work)

dave@theinvestorssource.com

Hard Money

Pine Financial

Justin Cooper

(303) 916-5366 (Work)

Justin@pinefinancialgroup.com

Legal Counsel

Estill & Long, LLC

Stephanie Long

(720) 922-1120 (Work)

slong@estillandlong.com

Mortgage Lending

First Bank - Denver

Hudson Beasley

(303) 464-5471 (Work)

Hudson.beasley@efirstbank.com

Mortgage Lending

Merchants Mortgage & Trust Corporation

Max Miller

(720) 670-9211

mmiller@merchantsmtg.com

Property Management

Echo Summit Property Management

Scott Lukes

(303) 768-8255 204 (Work)

scott@echo-summit.com

Property Management

Renters Warehouse Denver

Nick Reaves

(303) 600-8383 (Work)

nreaves@renterswarehouse.com

Title Insurance

First American Title - Denver

Ben Gosz

(720) 237-8689

Bgosz@firstam.com

Interested in getting in front of a network of almost 500 active real estate and independent rental property investors across the Front Range? ICOR Members are looking for product and service providers to help them day in and day out with their units, rehabs, and business to save time and money For More Information on ICOR Business Partner Program, email Valarie Mares, ICOR Director of Membership, by email valarie@icorockies.com or call 970-682-4267 x2 22


Fall 2015

Colorado Springs Type of Business

Company Name

Name

Phone

Email

Accounting

Stone CPA, LLC

Larry Stone

(970) 668-0772 (Work)

larry@coloradotaxcoach.com

Credit Repair

VIP Credit Counseling

Brad McBee

(866) 969-2738 (Work)

brmcbe@gmail.com

Financial Planning

Diverse Retirement Solutions, LLC

Tony Spandrio

(970) 685-4566 (Work)

tony@diverseretirementsolutions.com

Financial Planning

New Direction IRA

Clay Malcolm

(877) 742-1270

info@ndira.com

Flooring & Carpeting

Redi Carpet

Daniel Wimer

(303) 321-7026

dwimer@redicarpet.com

Hard Money

Bridge Capital Resources LLC

Greg Osborne

(303) 475-5873 (Work)

jogregoz@comcast.net

Hard Money

Colorado Short Term Funding, LLC

Tyler Ideker

(303) 567-6333 (Work)

tyler@costfund.com

Hard Money

The Investor's Source, LLC

David Goldberg

(970) 635-2397 (Work)

dave@theinvestorssource.com

Hard Money

Pine Financial

Justin Cooper

(303) 916-5366 (Work)

Justin@pinefinancialgroup.com

Legal Counsel

Estill & Long, LLC

Stephanie Long

(720) 922-1120 (Work)

slong@estillandlong.com

Mortgage Lending

First Bank - Co Sprgs

Kyle Wilson

(719) 638-4106 (Work)

kyle.wilson@efirstbank.com

Mortgage Lending

Merchants Mortgage & Trust Corporation

Max Miller

(720) 670-9211

mmiller@merchantsmtg.com

Property Management

Echo Summit Property Management

Scott Lukes

(303) 768-8255 204 (Work)

scott@echo-summit.com

Property Management

Renters Warehouse Denver

Nick Reaves

(303) 600-8383 (Work)

nreaves@renterswarehouse.com

Type of Business

Company Name

Name

Phone

Email

Accounting

Stone CPA, LLC

Larry Stone

(970) 668-0772 (Work)

larry@coloradotaxcoach.com

Credit Repair

VIP Credit Counseling

Brad McBee

(866) 969-2738 (Work)

brmcbe@gmail.com

Financial Planning

Diverse Retirement Solutions, LLC

Tony Spandrio

(970) 685-4566 (Work)

tony@diverseretirementsolutions.com

Financial Planning

New Direction IRA

Clay Malcolm

(877) 742-1270

info@ndira.com

Flooring & Carpeting

Redi Carpet

Daniel Wimer

(303) 321-7026

dwimer@redicarpet.com

Hard Money

Bridge Capital Resources LLC

Greg Osborne

(303) 475-5873 (Work)

jogregoz@comcast.net

Hard Money

Colorado Short Term Funding, LLC

Tyler Ideker

(303) 567-6333 (Work)

tyler@costfund.com

Hard Money

The Investor's Source, LLC

David Goldberg

(970) 635-2397 (Work)

dave@theinvestorssource.com

Hard Money

Mike's Hard Money

Mike Vogel

(970) 430-5533

mike@mikeshardmoney.net

Hard Money

Pine Financial

Justin Cooper

(303) 916-5366 (Work)

Justin@pinefinancialgroup.com

Legal Counsel

Estill & Long, LLC

Stephanie Long

(720) 922-1120 (Work)

slong@estillandlong.com

Mortgage Lending

First Bank - No Colorado

Daniel Preshaw

(970) 350-5261 (Work)

Daniel.preshaw@efirstbank.com

Mortgage Lending

Merchants Mortgage & Trust Corporation

Max Miller

(720) 670-9211

mmiller@merchantsmtg.com

Mortgage Lending

Pointswest Community Bank

Tom Gillespie

(970) 568-3250 (Work)

Tgillespie@pwcbank.com

Property Management

Echo Summit Property Management

Scott Lukes

(303) 768-8255 204 (Work)

scott@echo-summit.com

Property Management

Renters Warehouse Denver

Nick Reaves

(303) 600-8383 (Work)

nreaves@renterswarehouse.com

Title Insurance

First American Title - No Colorado

Debra Myers

(970) 308-3146

DMyers@firstam.com

Northern Colorado

23


upcoming events

CALENDAR of events

“DEAL OR NO DEAL!”: DEAL ANALYSIS CASE STUDIES

OCTOBER 13 2015

OCTOBER 14 2015

OCTOBER 15 2015

Beauty (or a great deal) is in the eye of the beholder. Is your eye keen and train to run numbers on a deal to tell wither it’s a deal or a DUD! We’re taking deals posted to ICOR’s Email Answerline, and doing real like case studies to break the deals down and run the numbers. Also, we’re hoping to get the ICOR member who posted it to take questions, and see how the deal turned out.

“90 QUESTIONS IN 90 MINUTES”: REAL ESTATE & LANDLORD LEGAL PANEL

NOVEMBER 10 2015

NOVEMBER 11 2015

NOVEMBER 12 2015

Save yourself the consultation fees, and bring your legal questions to our panel of attorneys for “90 Questions in 90 Minutes: Legal Panel.” We’ll have the follow areas covered: tax and assets, landlord and eviction, real estate contracts, and deal structuring and finance. This meeting alone could be worth no having to pay an hourly fee with our attorneys, or at least getting you started in the right direction to solve your current or existing legal quandary.

STATE OF THE COLORADO REAL ESTATE MARKET: EXPERT PANEL & HOLIDAY PARTY Close out December and 2015 with a fun night of networking, fundraising, and we’re getting out our crystalball, and assembling a panel of experts who are in the market day in and day out to discuss what happened in 2015, and what 2016 will look like in the markets across the Front Range.

DECEMBER 8 2015 24

DECEMBER 9 2015

DECEMBER 10 2015


Fall 2015

IGNITE! Investor Education Series October 10th & 11th, 2015

November 7th, 2015

“SELF-DIRECTED INVESTING ACADEMY”: SELF-DIRECTED IRA SYMPOSIUM This IRA event will be unlike any other for many reasons. The content will be focused around a series of practical deals in which various types of self-directed accounts can be involved – IRAs, 401(k)s, HSAs, and CESAs. The education will include information on buying real estate with a self-directed account, lending money from a selfdirected account, obtaining options, and doing partial note sales.

QUICKBOOKS FOR REAL ESTATE & RENTAL PROPERTY INVESTORS Keeping track of your real estate finances and tenants is easy with the right tools. Learn the ins and outs of Quickbooks — you’ll thank us come tax season.

October 17th, 2015

HOW TO KEEP FROM GETTING SCREWED BY YOUR CONTRACTOR: THE GOTCHAS THAT GETCHA How much money do I need to put down? How do I know the contractor won’t just take the money and run? How can I insure the work is being done properly? What’s the best way to get things done? How do I know what I don’t know? These are just a few of the questions that will be answered in our seminar: How to Keep from Getting Screwed by Your Contractor with John Fisher as your host.

November 21st, 2015

THE QUICK ANALYST WORKSHOP After the success of ICOR’s December 2013 Shark Tank Presentation, members and guest request a workshop on how to analyze real estate deals quick, and make offers and presentations that stick with buyers and sellers.

ONLINE access

2 1

For More Information and to register for these and other events, please visit www.icorockies.com/calendar

1 Change the view to suit your style from Agenda, Monthly, Weekly, Daily, or Poster Style

2 View the ICOR Calendar by Region: Denver, Northern Colorado, Colorado Springs, or ALL THREE

3 Subscribe to Auto populate through Google Calendar or Outlook Calendar, and always be up to date on ICOR Events

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Fall 2015

ICOR announcements DENVER

DENVER

DENVER

MEETINGS ARE HELD AT:

Monthly meetings THERE’S NOT A BETTER INVESTMENT IN YOURSELF THAT YOU COULD MAKE! At our monthly meetings we host panels, roundtables, and guest speakers who are experts in their fields, providing insightful and current information for attendees. In addition, ICOR meetings are an essential tool to assist with building a comprehensive team for individual investors. ICOR strives to provide its members with the latest, up-to-date information on investing. ICOR has built relationships with some of the top professionals in the industry who provide our members with information crucial to being successful in today’s world. We are a one-stop-shop of resourceful information for the novice to the experienced Real Estate Investor. Monthly meetings are a wonderful opportunity to

Colorado Springs

2nd Tuesday Co. SPRINGS Co. SPRINGS of Every Month Hyatt Place Colorado Springs / Garden of the Gods 503 W Garden of the Gods Rd DENVER DENVER Colorado Springs, CO 80907

NoCo

NoCo

2nd Wednesday DENVER of Every NoCoMonth PPA Event Center Co. SPRINGS Co. SPRINGS 2105 Decatur St   Denver, CO 80211 DENVER

Northern Colorado

OCTOBER 13, 14, 15 MEETINGS: “DEAL OR NO DEAL!”: DEAL ANALYSIS CASE STUDIES NOVEMBER 10, 11, 12 MEETINGS: “90 QUESTIONS IN 90 MINUTES”: REAL ESTATE & LANDLORD LEGAL PANEL

Colorado's Real Estate Investor Association

DECEMBER 8, 9, 10 MEETINGS: STATE OF THE COLORADO REAL ESTATE MARKET: EXPERT PANEL & HOLIDAY PARTY

26

Co. SPRINGS

NoCo

2nd Thursday NoCo NoCo of Every Month NoCo Best Western HotelDENVER & Conference Center 5542 E US Highway 34 Loveland CO 80537-8994 (970) 667-7810 / (888) 818-6223

SAVE the date FIRST TIME GUEST PASS NAME: _______________________________________________________ DATE: _______________________________________________________ SOURCE: _____________________________________________________

December 31st, 2015

DENVER

NoCo

Denver

network and build relationships with other like-minded people.

Expiration Date

Co. SPRINGS

NoCo


Fall 2015

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– FLEXIBLE FINA NCING FOR R EAL ESTATE INVESTOR S

 Closely held source of funds gives us flexibility over lending guidelines and total decision making authority for loan requests

 One point of contact from initial loan application through final payoff

 30 years of mortgage banking and real estate investment experience

CALL GR EG OSBOR NE AT 303-475-5873 OR VISIT W W W.BR IDGELENDING.COM TO START THE LOA N PROCESS

ICOR - Peak Possibilities Fall 2015  

The Investment Community of the Rockies: Colorado's Real Estate Investor Association's Fall 2015 Magazine. Covering events and information f...

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