All Forum Posts by: Jyll Tooker

Sadly, she sounds uninformed but there could be an explanation for her actions. Maybe you could try to talk to her about some of these issues, it could be miscommunication...you never know. 

That said, lack of zoning knowledge and taking a lackadaisical attitude toward permitting indicates to me that she doesn't work with investors very often.  These are things that a typical residential buyers don't usually have great concern for if they intend to live in the home, whereas investors have a completely different set of priorities.

You may need to find an agent who is well versed in investment properties.

Forest,

Depending on your specific situation, there are some options for little/no money down purchases for primary residences.  For investments, you aren't likely to find a way around having a large chunk of a deposit unless you buy a multi-family building and live in one of the units as to fulfill the primary residence requirement. 

The first thing that comes to mind, since I'm a Veteran, is a VA loan - if you are a Veteran you are in luck because VA loan's are sort of amazing, pretty much a "no money down" situation, as they are secured for you. Depending on your income, you may be able to qualify for down payment assistance (grants) like CHFA, etc. These are some places to start....I highly recommend talking to a Mortgage Banker, though...there are some really creative ways to get into a home. My Mortgage guy was telling me about some programs a few months ago that I had never even heard of...so many options but you really need to talk to one of these guys. Good luck!

Hi Ryan, 

If I were you I'd decide what it is that you need to be successful and then find a Broker who most closely aligns with those needs. 

My first Brokerage was a small independent firm, where there was no training but offered one-on-one support which I now know is even more helpful.  Later, I moved over to KW because they offer so much training...I thought that was what I needed.  I was under the impression back then that since KW was big and had impressive structure that mimicked corporate America, they would spoon feed me everything I needed to know.  That was not the case...I quickly learned that no matter how much or what kind of training and support any brokerage offers, getting business is my responsibility no matter where I choose to hang my license.   

So, my advice to myself all those years ago would have been to find a brokerage that offers leads, because the technical part is easy...in the beginning you need leads (unless you have 1,000 people waiting for you to get your license before they buy/sell their homes).  Many brokers offer leads but you need to really look at what that means.  To some, that means "floor time" (you get to answer the phone), to some that means leads from paid generation systems. 

P.S. For what it's worth, after having had my license at a couple small brokerages, KW, Re/Max, (and now my own brokerage) I prefer the smaller, more personal approach. IMO, there is no need to pay for expensive branding (Re/Max charged me an arm and a leg just to hang my license with them) and no need to opt for all the KW free training when you can get training just about anywhere for free (there are SO many great online resources and tons of free CE).  

Bottom line is, being associated with a brand is not going to automatically make you successful, you need to create that for yourself no matter where you go so find a place with some good, tangible resources!  Good luck!!!

Hi Luke,

I highly recommend using social media to search for investor friendly agents!  I love working with new investors and market heavily to this market in Denver on social media, especially Facebook and LinkedIn so that's where I'd start searching if I were looking.  There are tons of FB groups for investors and you will no doubt be able to find local contacts there!  

I hope this helps! 

Yes, usually (depending on zoning) - but the cost associated with doing so is so great that in most cases it's not worth it for smaller buildings. 

Hi Ryan, 

The reason you are seeing the majority of buildings at 100+ units is because it is very difficult to make the numbers work with smaller scale projects. One of the challenges with multi-family development of this size in Denver is that parking requirements take up a significant portion of your space. Couple that with setbacks, etc., and you're greatly increased the space available for the actual dwellings, and therefore, your ROI. In many cases, taking advantage of upward building, large volume benefits (discounts) is the only way to make significant returns.

I would also recommend partnering with an experienced developer, or at least having one evaluate the deal with you. 

Good luck in your endeavors!!