All Forum Posts by: Patrick Hart

Hi BP gang,

As an agent, you have a fiduciary responsibility to look out for the best interests of your clients. This, in many cases, means obtaining the highest offer for your client's property as possible. I understand that there is reciprocated value on both ends of a wholesale transaction (helping someone out of a sticky situation in return for the assignment fee), but I am curious to hear what you guys think. 

Does this primary role of the agent conflict with the strategy of wholesalers to obtain properties below market value? 

If an Agent also wholesales, how do they balance these two roles in relation to their fiduciary responsibilities to the client? 

Thanks!

Patrick Hart

@Christof Gardet 

I am with @Frank Chin on this one. 

Tenants can have many reasons to want to pre-pay rent in years advance, most of which are not sketchy at all. My family has a SFH in Boulder which they manage from Santa Cruz. The tenant opted to post-date the rents checks to avoid any potential hiccup in getting the rent in on time via trans-state snail mail (my parents are old school). This gives both the landlord and tenants ease of mind...assuming, of course, you don't lose the checks.

I can sympathize with some of what the article is saying regarding loss of value in northern front range (Foco, Greeley, Thornton, N. Denver, and GVR particularly) and the pendulum swinging back to more sustainable housing pricing. However, I am struggling to see Boulder as being especially susceptible to home value decline. The article states,

 "Boulder, whose home prices have historically been fairly resilient, would be the northern Colorado metro area most at risk of price declines, facing a drop of 17 percent from this year through 2022. In Boulder, neighborhood home values would fall by anywhere from roughly a tenth to a third from current levels."

Crunching metadata can certainly increase the accuracy of your proforma, but there is inevitably events that will change the trajectory of the data. Does this data take into consideration new decisions made by tech companies such as Google and Amazon to come to the Front Range? 

@Matt M. and @Will Cook thoughts? 

Hey Michael, 

I'm happy to hear about your new pursuits in RE, and it's good that you are honest about the about level of grind it will take to get traction against the big dogs out here in Denver-Metro.  

The larger brokers such as KW or Remax offer reputation that the smaller guys don't necessarily have out the gate (particularly Remax when it comes to traditional consumer popularity). At the same time, however, these guys can have higher membership fees and use unnecessarily expensive software (compared to the smaller brokerages whom seem to be more cost effective and flexible, as @James Carlson points out). 

Another important factor to consider is the training program. Getting momentum in the beginning can be very difficult, so finding a brokerage that will provide you resources and support you need can be make or break. I am also in the process of getting my license and have decided to woo KW for this exact reason. They have been awesomely supportive and are even helping me with some exam prep. 

Good luck!

Yeah it partially depends on your lease agreement. If you signed a estate for years (definite start and end date) leasehold estate then you can make a case to finish out the agreed upon duration assuming the lease does not specify otherwise regarding maintenance or construction. If you signed an estate from period to period leasehold estate then the landlord only needs to give you as much notice as stated in the lease (usually 30 days or longer). 

However, if the place is in pretty bad shape then the landlord can also execute what is called a "constructive eviction". In this case, the landlord can force the tenant to vacate due to the property not being habitable. Flood damage can cause mold or other potential health hazards (carbon monoxide leaks, electrical shortages/broken fuses). That arguments hangs on the interpretation of 'habitable' conditions. Good luck with everything! 

Gotcha. Yeah, my impression of the landscaping short supply is 1) off seasons 2) high labor requirement. With Colorado being below 3% unemployment, it can be tricky to hire quality and consistency. You are not alone with the yard struggles!

 Thanks for your feedback!  

Hi BP gang, 

First post here.

I am interested to hear from all types of investors in the Denver-metro area on what type of trade or service you think has the greatest discrepancy between supply and demand? 

I understand there is a general shortage of all types of professional, reliable contractors who will call you back....However, is there a specific trade such as plumbers, electricians, carpenters, landscapers, general labors, or general contractors that you need but can't find ? 

Cheers,

Patrick