All Forum Posts by: Burt L.

I had a chance to go to an open MLS session, where the trainers could spend some 1:1 time with me. Learned how to do a power search, and map searches (selecting an area by drawing an outline). I'll be taking their CMA class and public records class also. As long as I"ve wanted access to the MLS, I"m seeing there is a little more to it than I thought.

Someday I hope to be able to forward properties I'm interested in......... to my own project manager.

I appreciate the tips from experienced MLS searchers. I've taken classes at the MLS now on searches, listings, and MLS statistics. Being able to create reports on sold properties (the past) versus those under contract (present) and then adjusting for concessions is helpful in determining what the future ARV will be. It seems easy to make the head swim with too many statistics, though.

I do need to learn the codes for the different suburbs I'm interested in on REO properties. I hadn't considered using terms like bank-owned and REO's in the remarks section and do have a collection of terms collected from other BP posts.

The MLS is an incredibly strong tool, and learning to use it well will take some time. Are there specific statistics others emphasize, in addition to DOM, and Actives vs. Solds, or other crucial data to gleam, for those that want to Do REO's?

We were reminded again today that national r/e statistics have little meaning, other than being what retail clients will likely come armed with.

Finally get to go to MLS classes after comleting real estate school and want to focus on REO's to rehab initially. I wonder what to emphasize in doing searches as a beginner?

I've seen many keywords in other posts such as "fixup, handyman special " etc. I finally made it to MLS classes - any suggestions on what to search for, or other thoughts?

I appreciate the replies on this board. In spending some more time at BP on Investor-Friendly Brokerages it seems that being able to work easily with the Broker-In-Charge is more important that the company itself. Other threads have mentioned how frustrating it is having to educate the BIC about an investing transaction, and then having to pay THEM for it.

Training in contracts also seems crucial, especially as it can take so many offers to get an REO deal. I look forward to being able preview properties and having access to MLS data by neighborhood, etc.

Not having worked at a brokerage before, I'm not sure how to commuicate just what all MY needs are without the experience of prior brokerages, but am filling in many of the blanks with the help of BP people. A first interview still has to be a first interview though - no way around it.

I recently completed the Colorado Brokers Exam, and the next step is to find a brokerage. I seek to be an investor with a brokers license, and not a retail broker. In a past career I interviewed with many CPA firms, and there was a great deal of formality, posturing, etc.

I wonder what are the big do's and dont's in interviewing to become an investor with a license through a brokerage?

In real estate school I was told that I'm actually interviewing them, as its all a numbers game and the brokerage benefits regardless of the number of transactions due to the monthly fees I would pay.

I'm sure I would need to relate my investment career to date, ask about fees, splits, etc. As I hope to get it right the first time with a firm thats well recommended locally, I'd prefer not to have to climb an interviewing leaning curve, but may need to anyway.

Anything in particular I should include or seek to exclude in interviewing at brokerages?

Thank you for the reply, Brady. My type of investing is primarily reo's, rehabs, and short sales. Its most interesting that you met with Your Castle as well.
Were there any other detractors for you other than the volume of agents there?

Some posters here have said that national franchises aren't as good for investor/brokers as there are more restrictions in place.

I looked over the upcoming training schedule and some of the classes offered (almost all are two hours) include: Your Castle Career Launch, New 2011 Contracts, New Agent Orientation and Power Tools, Denver Metro RE Trends,Ninja Weekly Agent Coaching Boot Camp, Career Mastery Instruction, Advanced e-Contracts, How to Buy a 40K Condo That Cash Flows, How to Capture Investor Business and Advanced 1031 Topics, Public Trustee Class, The Contractor/Realtor Relationship, Networking With Confidence, Buyer Mastery Class, and Avoiding Inspection Pitfalls.

I am certainly open to additional measures for comparing one "investor-friendly" brokerage to another. Its not a simple decision as I havent evaluated brokerages before, but brokers evaluate investors all the time.

I was influenced by the many posts on whether an investor benefits from getting a brokers license and recently completed the classes and state/national exams. I need to mention there are no sales licenses in Colorado, only brokers licenses.

The next step it to find a local brokerage that is friendly to investors and wonder if others know of one in Denver?
I have heard of one called Your Castle that I learned of in an REI meeting from one person.

Some of the issues - and I'm sure there are more I haven't considered- are fees, training, required meetings, and commission splits.

Do others know of additional investor-friendly brokerages in Denver, or other issues I may be overlooking in selecting a brokerage?

Thank You.

I ordered my credit report from Transunion, and I received two different reports under the same social security number, one with my middle initial and one without. Their scale is from 501 to 990 and I have one with a 680 (Low D) and one with a 856 (High B).

In conversation with their representatives, I was told that I have too many credit account histories, and so a second "file" has been created under the same SS number. It only has one credit account (a BOA card) and thus not enough credit history info for a better rating. I was informed that some creditors with less-sophisticated credit analysis systems might not see what is going on.

They have suggested I merge the two files. I knew I should ask those more informed about credit before accepting their suggestion. I certainly wouldn't want to drag the better credit rating down.

Has anyone heard of one having more than one file and should I follow their suggestion? II suddenly see I should look into how Experian and TRW are reporting my file.

I too would like to be able to take a thinner deal, if it were tax free. I'm a little confused though, as the new prop needs to be a two-year hold, which means market direction can greatly impact the return. I believe the required period of time to convert a rental to primary residence for the Section 121 exclusion has been increased over 2 years, and there is also depreciation recapture at 25% or so.

Maybe I'm not keeping up with the different shells in the home-moving shell game, but there are some newer rules that I'm not fully versed in and it may be a good idea to confirm them. I may not be keepin up with all your moving van's moves.

I declined the year-long agreement and have since been offered the pay-as-you plan at $5 per comparable report. I saw later the thread stating it costs $3-4 per report was dated 1997. I also sent a link to that thread to the account rep.