All Forum Posts by: Kevin Grinstead

Hi @Craig 

@Craig Curelop. Welcome to Denver, Let me know when you get here and we can talk Real Estate. 

Have a safe move! 

there are a few deals to be had on the MLS also but they are hard to find and there is a lot of competition. I think you have to have a great realtor spotting the MLS deals and good connections for the off-market deals.

Somme of the local investor groups send out some info on off-market deals they have available..

Good Luck and happy investing. 

Hi Dylan, Welcome and good luck investing. Colorado is a hot market and it can be a challenge to find a duplex or more unless they really need some repairs.  If you are looking to buy you need to be ready to jump at a moment's notice and maybe even put in offers sight unseen if you are not around to view the property.  Let me know if you need any local resources to help you in your plans. 

@Kyle Doney Unfortunately, Many flat rate agents don't offer the 2.8% commission to buyer's agents. Also, in my previous experiences, the flat rate agents do very little. In one case, I sent emails to the agent and he would just forward my email to his seller and the seller would respond to me. 

As for what the agent will do for you, Much of what the agent does for you starts when the offers are given. A good agent will vet all the lenders and offers for you, they will help you with negotiations during the inspection objection process, they will make sure that you understand the difference between the offers and help you make the best decision for your property. 

Personally, I market your house, I pay for the professional photos, I hold open houses, I advertise locally and I actively search for buyers of your property.  Another concern is if this agent doesn't negotiate for their own pay, how are they going to negotiate for you?  

If you are interested in saving a buck one time, it might work out... 

If you are going to do a lot of business, find the right realtor for you and work together to make each other profitable. That way your agent will be interested in helping you find deals and interested in helping you work through deals.  

The big thing is value, does your flat rate agent add value to your business? Can a Realtor add value to your business? Is your time in doing marketing and working through the deal worth the 2% difference? 

Hi Kyle,  In the latest update course for your real estate license in Colorado, the Commission's concern for flat rate brokerages was addressed. Basically, the Real Estate commission has determined that an agent can not give away their responsibilities that are outlined by the commission regardless of pay or specifics of the deal.  These include: 

      5.1. Broker must exercise reasonable skill and care for Seller, including, but not limited to the following:
5.1.1. Performing the terms of any written or oral agreement with Seller;
5.1.2. Presenting all offers to and from Seller in a timely manner regardless of whether the Property is subject to a contract for Sale;
5.1.3. Disclosing to Seller adverse material facts actually known by Broker;
5.1.4. Advising Seller regarding the transaction and advising Seller to obtain expert advice as to material matters about which Broker knows but the specifics of which are beyond the expertise of Broker;
5.1.5. Accounting in a timely manner for all money and property received; and
5.1.6. Keeping Seller fully informed regarding the transaction.
5.2. Broker must not disclose the following information without the informed consent of Seller:
5.2.1. That Seller is willing to accept less than the asking price for the Property;
5.2.2. What the motivating factors are for Seller to sell the Property;
5.2.3. That Seller will agree to financing terms other than those offered;
5.2.4. Any material information about Seller unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing; or

5.2.5. Any facts or suspicions regarding circumstances that could psychologically impact or stigmatize the Property.

Taken from the DORA approved contract to buy and sell. 

Time and time again here in Colorado, agents are making more for their clients.  If you have a good relationship with an agent, you will make much more than you save.   

If you plan on doing multiple deals, most agents will work with you to make the deal work and to make a good positive long term relationship.  For Example, If I am working with someone that is buying and then selling or selling and buying, I will usually offer a reduced rate on the sell side (since the buy side is paid by the other side usually in Colorado) . 

Hi Sky, Welcome to Bigger Pockets. This is a great site. There are some great area but like Matt said, the amount you could buy for largely determines area. Most multifamily homes in the Denver area are going to run at least 400k and many are much more.  There are also many properties that are zoned for Multi-family even if they are not your traditional duplex and some could be converted to a duplex with some minor modifications.  Downtown has a lot of lots that are zoned as Two-Unit or Multi-unit housing and there are some lots that can also have a carriage house on them to further increase the number of rents available for that property. Houses like that can start in the high 600k's and go up to 1 million or more depending on how close to down town they are.   

A good lender will be able to tell you amount you can purchase and the amount of the rent, if any, you can include in your income.  

I am a realtor that works with investors and would love to meet and see if I could help you make plans or find the right investment. 

Good luck and happy investing. 

Hi Christopher, check with your lender, some assistance programs have catches like more MI or higher interest rates. Also offers with assistance programs are sometimes deemed as less desireable by the sellers. The kore down, the stronger your offer looks to sellers and some agents. 

Yep, still a crazy market. Just saw a house in Arvada with a bidding war and the house needed more than 60k worth of rehab. Not sure if there was a profit to be made after that price... Some neighborhoods are more on fire than the others but all seem to have some craziness. 

Hi Bryan, I have worked with several investors and have put in many offers that have not been accepted due to the numbers. The right agent will understand the numbers and be able to let the other agent know why your offer is better than the next offer and how the numbers work. The busy spring can be a challenge with all the buyersthat are out there but you van make any money if you don't put in an offer. In this market, it seems that the numbers are being ignored by newer investors and by residential homebuyers... it is tough for an investor but patience and tram work will get something to work soon enough. 

Most good agents will stick by you knowing that the savy investor is in it for the long haul and not just one deal. 

Hi Martin, I would love the opportunity  to take you around and see some possible houses. I am a Colorado native and know most areas of Colorado. Pm me if you would like to know further about my approach.