All Forum Posts by: Thomas Faragoi

Greetings, I have a buyer interested in unloading more than 10 rental properties in a bulk sale at a discount. Should I be using Private money or local bank for funding? Pros and cons of each? Thanks for any thoughts. Thank you!

Thanks! This property is in fact in the superfund. Any suggestions, other than CASH?! Thanks. Tom

Greetings, I have a property under contract in Pueblo and I am looking to do some work on it and get a tenant in ASAP. Any decent lenders in the area for a HML? I have a feeling based on location of property, I may have a tough time finding $. I'd also take recommendations for a local bank for a refi after rehab is done. Thank you! Tom

I have to respectfully disagree that referral fees are illegal. Here is the Commission Position on Referrals:

Referral Fees:

Section 12-61-203.5(1), C.R.S. permits a real estate broker to pay a referral fee if reasonable cause for payment exists. Reasonable cause exists when:

1) An actual introduction of business has been made;

2) A contractual referral fee relationship exists; or

3) A contractual cooperative brokerage relationship exists.

Section 12-61-203.5(2)(b)(III), C.R.S. defines a referral fee as “any fee paid by a licensee to any person or entity, other than a cooperative commission offered by a listing broker to a selling broker or vice versa.” Payment for providing a name to a licensed broker is not specifically addressed in Colorado statute. However, it would be illegal to pay such a fee to anyone performing acts that require a license (e.g.., negotiating, listing, and contracting). Care should be taken. At best, the unlicensed referrer can have no active involvement in the transaction beyond merely giving to a licensee the name of a prospective buyer, seller or tenant. If the payment is simply for the referral of a name to a licensee, with no further activity on the part of the referrer, and the referrer is not a provider of a settlement service, the Commission will not consider it to be a violation of the license law. Complaints and inquiries are dealt with on a case-by-case basis.

-Tom

I just upgraded to a Plus account for purposes of promoting my new business and website, so I hope this post is in compliance with the rules!

Grace Investment Properties, LLC is officially in business and in the game in Colorado Springs, Colorado!

We are looking for vacants, foreclosures, owners in tough situations, owners who need to sell quickly, for cash and without hassles.

Please visit our website to find out exactly what we do and how we can help homeowners.

www.TheSpringsHomeBuyers.com, or email us at [email protected].

We have several HMLs and Private Money lenders lined up for financing our flips, but we are always looking to expand our network. If you are a contractor, another investor, lender, agent, send me a colleague request. I'm a shameless self-promoter, so you will see us pop again and again on these forums. Feel free to provide feedback on the website, send me an email or message, or send me a property referral. We pay $500 for a closed referral!

Thanks, and I hope to have more colleague requests soon!

Tom
Grace Investment Properties, LLC

Thank you both!! Very good info.

Greetings,

What is the best way to estimate what fixed/holding costs will be for a particular property?

I seem to understand the other parts of the MPP equation; sales price, rehab, but the fixed costs are confusing.

Thanks.

Tom

Greetings,

Does anyone have any info on Stratmoor Hills area in Colorado Springs? is this a good area to spend time searching for a flip project?

Thank you!

TF

Hello!
I am excited to participate in these forums and learn as much as I can. I own 2 condo units, that have been rented. One I purchased as primary residence and I moved and rented it out. The other unit I own in a partnership. Mostly hands off, as tenants have been decent. I am interested in REO single family homes, to flip or hold long term.

Tom

Hello. I am new to this group. I joined to network and educate myself thoroughly prior to taking the next step in my investing career. This website looks fantastic so far, tons of useful information and links.

Tom