All Forum Posts by: Rick Thomas

Wow those pass figures really hurt. I and quite a few agents I know have used http://www.creschool.com it's all online. They also have an exam cram which is a one day class which is geared towards passing the test. You don't get the interaction of a class situation but that's probably not a bad thing... there is always that one student that throws off the conversation in directions that no one really cares about and in an interactive class when that one student takes the instructor off course, it's usually at the detriment to the material you need to learn. You can call and email their office with questions on things you can't wrap your head around and you'll usually get a pretty quick response. They also have a facebook page that they post lots of tidbits to clarify material based on questions they get asked directly.

A lot of people will tell you that you pass the class and then learn in the real world. That's true, but the more you get involved with real estate you'll harken back to subjects that you thought were a waste of time.

The big, big plus once you become an agent is you get unfettered access to the mls and the rpr resource. That's gold when it comes to really being able to analyse potential investments. You still have to learn the trade, but that's the biggest hurdles investors have in the beginning which is accurate data to make decisions on.

Good luck

@Paul Bowers definitely could be on to something. If it's a potential wholesale/fix and flip kind of deal I can't imagine it rises to the need of a proof of funds, if it's a tenant issue I definitely want to pre-qualify because tenants are usually the least accommodating spoke in the wheel.

From an agents perspective I'll tell you my take. If you are not represented by another agent, that means I have to show up at the property. 10 minutes is not accurate when you consider driving time. Plus if you're calling me out of the blue and want to see it say within the hour you're interrupting my day and my plans to accommodate your immediate needs. I can't tell you how many times I've got in the car (usually from a buyer call) and wasted my time. Buyers want to see the home now, but when you start probing for qualification or find out if their working with another agent I get stonewalled or they never return my call after the initial showing. It's frustrating to say the least, but I do it more often than not because out of 10 potential buyers I will pick up a few of them, so it's worth it. I know plenty of agents that refuse that model.

If you are in a hypothetical situation then it would make sense to work out a proof of funds letter from a bank up to a certain amount and have that ready to go. If the wholesaler/buyer are really serious they know sometimes this is going to come up so why not just put it in place. That way when you call an agent and ask to see a home you have it ready and it virtually eliminates the agents resistance.

Some food for thought: Never try to sell yourself on the call, let the agent control the conversation and answer with honesty. If you're a qualified buyer (proof of funds) I would have no issue showing you a home. You also could be a little respectful of their time and even ask them when it's convenient for them. They may just have the next morning open on their schedule but may get really irritated if they have to do it now... who knows they could be working on a market analysis for a million dollar listing.

@Rick S. feel free to give me a call anytime, I'd love to talk

What about Pueblo? It's an interesting question and one that if you asked me to succinctly define I'd have a hard time explaining. I'm a native Puebloan, I've lived in Colorado Springs back in the late 80' when it was a commercial desert, I've lived in a few places in California. Pueblo doesn't have the amenities/employers mentioned in the few previous posts, but we are 2 hours, 3 at most to just about everything Colorado has to offer. Perhaps the mill slowing in the 80's I believe was a great thing, although there were boats and RV's in every other driveway back then. But do you really want to invest in an area where their is only a handful of major employers? Pueblo has survived over the past 30 years or so by diversifying in a lot of little areas.

I thought this was an investing forum, not a lifestyle forum? The opportunities for buying and holding are prime, fixing and flipping, they are there but not Flip or Flop numbers. The numbers work. I was always told, job growth, population growth and affordability was the top 3 factors in determining a market. Are we growing like Las Vegas did 10-15 years ago, nope, good thing. When you have empty nesters moving out of Denver into Pueblo, that's a lot of discretionary money to float in the local economy. Buying and holding is what the tortoise does, fixing and flipping is what the rabbit does. There is ample room for both.

@Matt M. I've worked with almost a dozen clients this year moving into the Pueblo area. Some leaving the sprawl from the Denver area and some just liking the area. I recently sold a geodome to a couple of guys moving here after selling a successful coffee business in San Antonio. I think the low cost of living, still the very much small town feel, the Riverwalk area and the summer activity around it (Pueblo comes together to party) is such a huge draw , even though it doesn't compare to San Antonio. 

There are not a ton of fix and flip opportunities with the usual 70% ARV but they do come up. Their is a great opportunity to buy and hold as noted in the increased rents. Many of the homes that @Robert Herrera mention in the $30-100k price range are 1900-1950 built homes. Structural integrity is the biggest issue with these older homes and of course desperately needing updating. There is approximately 1900 homes in the Eilers Superfund area where loans simply aren't happening. That area presents a great buy and hold opportunity. 25% of our mls inventory is vacant homes. It's definitely a sellers market at the moment, new construction is picking up and hopefully if it continues it will relieve the inventory pressure.

There really isn't much to discuss about marijuana that you probably don't already know being from the Denver area. There is going to be 4 dispensaries in the city.

Hi @Damian Solorzano 

reach out to me via email or phone and I'll get you the list of homes that are in the designated areas. As an agent we better disclose or the real estate commission will be slapping us hard. If you were selling without an agent, it would be wise to disclose it, even if you have rentals it would be wise to disclose. 

Interesting to see Pueblo CO hit the radar. If you're interested in pursuing this marketplace I can probably help you out.

Pueblo is somewhere around $155k in median pricing. Investors that are doing right are making a pretty good ROI. Lots of old homes with good bones, just needing a fresh look.

You should probably look around for an independent insurance agent here in Pueblo, give him/her a call and tell him/her upfront what you're wanting to accomplish. I'm sure you'll find one that is amicable to your goals in hopes that you'll use them if you decide to buy.

I'm an agent in Pueblo. I wouldn't mind seeing something like this happen in Pueblo as well. In the meantime, if you have any questions I'd be more than happy to help out.