Moving to Denver in October - Looking for CRE Opportunities

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Moving to Denver in October - Looking for CRE Opportunities

Glenn Gayet
St. Petersburg, FL · Member since 2016 · 60 posts · 7 votes

Hello, 

I will be moving to Denver from NJ come October and will be looking to work in either commercial real estate or for a real estate investment firm. What I've had in mind, is to wait tables nights and weekends and do commercial real estate 9-5. I know that's a grind but it's a price I'm willing to pay. I've just started researching the real estate market in Denver today actually and my goal is to have the greater Denver / Boulder area mapped out as far as neighborhoods/rents/market conditions before I turn the key in the ignition to head out west. Any suggestions as to where to look in regards to brokerage / investment firms would be appreciated, and well as any other real estate related info in general or on the markets. I'd like to be an investor/developer in the future and CRE seems like a great place to learn while you earn. Thanks! :)

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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
8y

Buyers for commercial plan longer in advance. Some contact me 6 to 9 months in advance before doing anything then to find the property when the search starts and close on something can be another 3 to 4 months.

So if you have small reserves to start the second job might make sense or you do property management or tenant lease brokering in between sales for small pops of income. With commercial it is typical to be put on a team of 3 people. Senior director, director, junior director.

Different places call it different names president,vice president,etc. but concept is similar. Typical is 50% to brokerage on commission and then rest is split to 3 team members. So 100k commission 50k to brokerage, then remaining 50k top person gets maybe 24k, middle person 17k, person that is junior maybe 9k.

As a commercial principal broker I get it all because it is my company but I earned my stripes with 15 years in the business. So a junior agent at  a large company as an example has to do 10 deals to my one deal etc.

Once you close some big deals in the six figures then you can go 6 months for example without income and no big deal because you have other deals closing. Some deals just do not close for various reasons no matter how great the broker is.

Nothing is guaranteed in commercial you earn by what you close. The goal is to invest so that you build residual income and do not live DEAL to DEAL.

Good Luck     

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  • Alina Trigub
    Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    @Glenn Gayet congrats on your decision to leave Boonton and move to Denver!

    Why do you think you'll need a 2nd job?! Why not work in CRE and search/research for properties for yourself outside of work hours?

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  • Glenn Gayet
    OP
    St. Petersburg, FL · Member since 2016 · 60 posts · 7 votes
    8y

    @Alina Trigub Well, the frequency of transactions, especially in the commercial sector, is what would make me have a 2nd job at least at first. 

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    8y

    Buyers for commercial plan longer in advance. Some contact me 6 to 9 months in advance before doing anything then to find the property when the search starts and close on something can be another 3 to 4 months.

    So if you have small reserves to start the second job might make sense or you do property management or tenant lease brokering in between sales for small pops of income. With commercial it is typical to be put on a team of 3 people. Senior director, director, junior director.

    Different places call it different names president,vice president,etc. but concept is similar. Typical is 50% to brokerage on commission and then rest is split to 3 team members. So 100k commission 50k to brokerage, then remaining 50k top person gets maybe 24k, middle person 17k, person that is junior maybe 9k.

    As a commercial principal broker I get it all because it is my company but I earned my stripes with 15 years in the business. So a junior agent at  a large company as an example has to do 10 deals to my one deal etc.

    Once you close some big deals in the six figures then you can go 6 months for example without income and no big deal because you have other deals closing. Some deals just do not close for various reasons no matter how great the broker is.

    Nothing is guaranteed in commercial you earn by what you close. The goal is to invest so that you build residual income and do not live DEAL to DEAL.

    Good Luck     

    Podcast Guest on Show #47
    NNN Invest53 Reviews
    WebsiteView Page
    1Reply
  • Glenn Gayet
    OP
    St. Petersburg, FL · Member since 2016 · 60 posts · 7 votes
    8y

    @Joel Owens  Thanks for the response Joel. For some reason I missed a notification and just saw your response now. Another thing I am considering is selling properties to rehabbers. I'd eventually want to be a full time investor and the entire purpose of commercial real estate (in relation to my goals) is to learn investing. Thus, it might make more sense to sell properties to rehabbers, learn a bit about rehabbing, and use the money from those endeavors to put into multi-family properties. I mean, being in commercial real estate is not the only way to learn multi-family investing. There are a lot of people that have learned from shopping properties. I think that actually might be the better way to go. 

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  • Alina Trigub
    Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    @Glenn Gayet I think what you're referring to by "selling properties to rehabbers" is doing the wholesaling . If that's the case, you don't even need to become a realtor. Wholesalers get the listings through direct mail, auctions, and networking a lot. Majority of the properties need to be off market for the rehabbers to make financial sense to buy them.

    Btw, it would be important for you to join a number of local REI clubs in Colorado after you move. You can find these groups through Meetup website. This is the best way to make connections with rehabbers and investors.

    Best of luck!

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  • Glenn Gayet
    OP
    St. Petersburg, FL · Member since 2016 · 60 posts · 7 votes
    8y

    I actually am not referring to wholesaling. There are tons of realtors that work with investors. Assignment of contract does not remove you of liability. You can do nearly the same thing as a realtor especially if you operate as a transactional broker. 

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  • Anthony Dooley
    Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
    8y

    @Glenn Gayet you should pack your bags, move to Denver, and talk to more than a few brokers who have been there for a very long time. They will give you sound advice. The inventory of SFR is extremely low and prices are at all time record highs. There are cranes all over town building luxury apartments and the Denver metro area is expanding in all directions. Hustle goes a long way. The good news is that everyone is hiring, so getting a 2nd or 3rd job will not be difficult. Rent is expensive, so maybe line up a roommate situation prior to arriving.

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  • Glenn Gayet
    OP
    St. Petersburg, FL · Member since 2016 · 60 posts · 7 votes
    8y

    Thanks @Anthony Dooley I am keeping an open mind to various options whether it be commercial or selling properties to rehabbers. I will be moving with a friend from Chicago so the roommate situation is already fixed. I’ve worked in a couple sales positions before but when I realized being a waiter is one of the few positions where the hours can be nights and weekends I got a job as a waiter here in NJ so that should make it easier to find a similar job in CO. My plan would be to AirBNB for about 2 months and then find a place. 

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