All Forum Posts by: Colin Smith

Welcome to BP! You've come to the right place!

My experience has been that has long as your selling real estate, your broker won't care if it is for investors or not. I would focus on one that provides excellent training without the high commission splits.

Johnny, 

I am an agent in Colorado Springs that got my license last August. My experience so far is that it is really tough!!! Trying to find new clients that are actually looking to buy and not just playing with the idea is tough. Listings are even harder to come by as they are very competitive. 

Also, you may be interested to know that the average Realtor in the PPAR region, which includes springs, closed 5 transactions last year. That is not even enough to live on. there are also over 2000 agents in El Paso County alone. Cherry Creek Properties where I broker with the average agent closed 10 transactions... that still isn't really enough to support much. So just be ready to work 24 hours a day, 7 days a week. If you do pull the trigger on it, check out Cherry Creek Properties. When I was searching for a brokerage, they had the smallest commission split by far.

I may be a little biased but listing it with a Realtor is going to be by far your best shot at selling it. Your exposure will significantly increase from where you're at now. However, like it was mentioned before, most people will want to occupy the property rather than buy it as an investment. If you can, I would highly recommend waiting to list the property till after the tenants move out. It will make selling the property a lot easier and you may very likely get more money for it. If you need to sell it right away, it can't hurt to list it under the income property section of the MLS with a Realtor and see if you get any bites.

You'll need some amount of earnest money. Even if it's just one dollar. 2% does seem a little high unless it's a dirt cheap property, 1% is more common. Everything is negotiable. Negotiate harder...

Just a piece of advice, you're going to want to find someone local to mentor you, and you're going to need to find them yourself. Don't expect someone to come to you on a forum.

This too came from a hoarder house... You have to have a mental health condition to let things get this out of hand.

What I don't get is the poop in the bowl on top of the toilet.

This is by far the worst toilet I've ever seen. And yes that is what you think it is. This picture was sent to me by a wholesaler and I had to check it out. Anyone have theories on how this even happens?

I can pitch in for the Colorado Springs Market. 

Colorado Springs may be the second largest city in the state, however, our market is not like the Denver area. Average days on market for most of the spring time has been around 90 days with a 98% sale price to list price, which could be after one or more price reductions.

New build in Colorado Springs are minimal, however, there is a lot of growth and expansion just east in Falcon and Peyton as well as up north. I can't quite say your average price per sq ft here because prices can dramatically different for houses on the west end to the east end. East side you can expect to buy something newer than 1980 between 1800-2500 sq ft for the low to high 200's depending on where you are. You can expect to pay the same price for something on the west end that is newer than 1900 for even smaller homes.

As for investing, there are definitely deals to be had but they are becoming fewer it seems. More and more fix and flips are being bought by the buy and hold guys who are willing to pay more.

Our market is heating up and I have noticed general rise in prices over the past 6 months. I expect this trend will continue throughout the summer.