All Forum Posts by: Rick Thomas

 I can't post directly that information but just below in my signature area.

I have one coming up next week. 5/3/2/~2600sq ft on 1.84 acres. It's not a major renovation but the current condition of the property isn't going to allow it to go VA/FHA. If you want give me a call and I can fill you in.

HI Tiffany, I can tell you from an agents perspective that the market is still pretty ripe for the BRRRR method. The cost of entry like everywhere else has doubled in the past 7 or so years. Rents have also doubled so that takes the sting out of the higher investment. Lots of folks out of the Springs and Denver area compete for the same properties so like in so many areas you need to be ready to make a decision when you find something.

If you could find something relatively inexpensive around the downtown area for those wanting to experience the Riverwalk then it may be a great option. Fix and flip and rental properties are the better strategy in Pueblo. And yes we have some people commuting from Pueblo to the Springs because of the disparity in prices.

@Steve W. Your correct on all your previous comments about the Springs. I represent a new builder here in Pueblo West and we have had 3 of the last 5 home sales go to buyers who have been priced out of the Springs market and those that simply can't find a home in the Springs. Colorado Springs is basically $100k more for the same homes plus in Pueblo West you get acreage and not a peep show into your neighbors bathrooms :) The eastside of Pueblo has for many years showed the biggest promise for both flip and buy and hold. The eastside gets a bad rap which I don't believe warrants it, and there is some hefty profits to be made there. And yes, if you're analyzing Pueblo you would be well advised to factor in Pueblo West. As far as growth is concerned it's happening more organically because of home prices and not necessarily job growth.

@Daniel Becht across the street from our office we have I would say at least 100 units going up. At one point Pueblo/Pueblo West was starved for storage units. I don't have any statistics per se to give you but I would say at the moment we are/will be flush with storage units in the area.

Oh Snap, saw this come up on alerts today. Broker here in Colorado. The suggestions were spot on in 2018, but in 2019 and going forward that's no longer valid advice. At the beginning of 2019 we changed our Contract to Buy and Sell Real Estate, Section 2.2 states - 

2.2 No Assignability. This Contract IS NOT assignable by Buyer unless otherwise specified in
Additional Provisions.

So you might want to reach out to an attorney and ask for some guidance on how you would word the asisgnability in the additional provisions.

This is the typical quagmire that real estate investor friendly agents deal with all the time. The seasoned investors say never use a real estate agent, we are worthless, yet we're not. The only difference is that we do lots of deals a year where the typical investor only does a few. 

I have thought long and hard about this over this past year. My modus operandi at the moment is I make a calculated decision, I either believe you are a serious investor, have cash to make the deal happen (or can get it) and I work with you, (typically a real live investor will want to show off properties they've acquired in the past) or I simply blow you off. My time is valuable and I should be compensated for it. If your a one-off home buyer I have a pre-approval letter from a lender that almost guarantees me that you can buy. With investors I have to take their word for it.

I was recently contacted by someone here on biggerpockets and got the spiel, I got my contractors license, my brother is in finance, blah blah blah. I spent a little time sending properties, answered some emails, the guy sent me a big list of properties he wanted to see one evening. I had early morning showings scheduled the next day so I simply responded I'd be calling him the next day. By 10:30 the next morning he was leaving me a nasty voicemail, maybe I'm too busy, maybe I don't want to work with him. I was really put off. Geez if you need a response in less than a 4 hour work window you're a little too demanding for me. (I can hear it now, time is money, you have to strike why the irons hot, PLEASE). Cut to the chase, I blew him off. A week later I see a post on here, he's under contract but doesn't have enough money to close on the deal and is looking for creative suggestions. 

There is nothing illegal, or unethical about a real estate agent asking to work on a retainer. It's entirely up to you to move on, or pay the guy.

Among the many hats I wear, I represent a builder so I might be a little myopic with my viewpoint. I get to talk to quite a few people that have been moving/planning to move south from Denver area, and Springs residents buying here in Pueblo West and commuting to work in the Springs. 

I often hear from empty nesters and they are planning on cashing out in the Denver area and are moving to Pueblo West where they can buy new and pocket the extra from their home sale in Denver, plus get a little acreage to boot.

The deals are always here it really depends on where your sweet spot is and what your goals are?

I also tell potential new residents that the Pueblo area is great because you can get a lot of home for the money and your 2 at most 3 hours to wherever you want to go in Colorado. 

I can't add much to the numbers part of the conversation, maybe a lender might want to chime in but USDA loans are also primarily owner occupied loans.