All Forum Posts by: Phillip Bicker

To be fair, that listing has a crack (likely foundation issues) in the front of the building and is sold as-is 

My business partner and I have an RV lot off of I-25 with about 4 acres and 150 lots (currently 100% occupied - think easy rent raise) under contract. If we cannot secure debt financing for ourselves, we are looking for an investor to wholesale this to for $1.25M. This is conservatively selling at a 6% cap (NOI is higher than $75k but a good starting point). About 20 lots can be added and other potential value add opportunities. Increase rents 20%, add 20 lots and you are looking at $32k more per year - equating to a a $540,000 value add at 6%!! Call/Text 303-250-5090.

Thank you all for some great insight as to what you are seeing. Just in case you want some additional experiences on the current Denver market and what I am personally experiencing which is very much in line with others: I listed a new property in Castle Rock Wednesday (3/18) around $500k and it had multiple offers and went under contract by Thursday. I had a $750k property in Larkspur that took about a week and half to get UC (yesterday the 21st). There were fewer buyers than expected, but they seemed to be more serious buyers. We still got under contract fairly quickly below the market average DOM, so it appears buyers are still looking.

I was competing for the lower end $400k market for buyers last week in Lakewood and Briargate (CO Springs) and both had many properties with multiple offers and were scooped up quickly. However I also have two sellers that fit the above mentioned profile: they were going to list but have decided to wait due to children at home and difficulties with getting out of the home and letting unknown people going through their property.  I also had one buyer end up falling though due to a loss of a substantial portion of his self-employed income. Make sure to verify stability of income when considering offers!  

Does anyone have a local bank, credit union, or perhaps a commercial lender that can loan 80% LTV of the full appraised value within 6 months of buying a property (paying cash for the property initially)? Up to this point I have done flips but am getting tired of paying the government half of my profits. I have found that I can do a cash-out refi, but rates are not great and they typically only do 70-75% ARV depending on property type. Or I have found that other delayed financing/rate and term financing can only do up to the amount of cash paid for the initial acquisition. Thanks!!

I am looking for some investors and/or property managers that have invested or manage STR rentals in Galveston and surrounding beaches to get your take on whether this is a profitable location and if I should be looking here or possibly near by?

Thanks in advance !

@Anthony Cannizzaro Hey Anthony, I think this is an awesome plan and definitely worth trying, but you are going to need creativity and a lot of drive. This is almost exactly what I have done here Denver/Springs area. I left a stable career as a CPA to get my Realtor's license (not the normal path) so that I could learn the business and start investing. After working very hard to get transactional business of buying/selling for others during my first year as a Realtor, I got a lot of experience and felt comfortable enough to branch out and add investing/flipping to my income as a Realtor.

As Bill mentioned, lenders didn't take kindly to be self-employed in a "new" field even though the income was there. I had to partner with someone with more stable work history and this partner has been the catalyst to my successes so far. I have been having a lot of fun and now definitely enjoy what I do and I know you can make it work with enough drive and creativity. Best of luck!

Very seldom would you see a Buyer paying the Realtor fees directly at closing - I would say rumor.

Most often, the commission is a listing fee that the listing brokerage is splitting with the brokerage of the Buyer's agent. In other words most sellers in Denver are still paying for both sides.

If the property is listed on the MLS, you can ask the Broker that is representing you to show you the fee offered by the listing agent on the MLS. It will not be listed on the contract if the Buyer's agent is accepting the amount on the MLS. However, the commission can also be negotiated with the offer assuming that you allowed them to do so with your Buyer's agreement you initially signed - if negotiated to be different from what is stated in the MLS listing it should be in paragraph 30 of the contract to buy and sell (the offer). If you need/want more info on this feel free to PM me.

When you have both parties on title, the only way I can think to dispose of the property is either through a partition lawsuit, or to have someone contact the ex in an attempt to sell the property and split any proceeds. Luckily it looks like there is enough equity in the property to be able to be in the black and even have a bit to split right at closing - but I understand getting him to cooperate with anyone would be a huge challenge - money to him can talk though. 

I recommend both! Use your capital to invest in a rental property and buy a single family property with a $1000 down CHFA loan. I also know of a couple other potential products with $0 down. All you have to cover is Earnest Money (returned after the 30-45 day contract period) and the inspection & appraisal, which you can often tie to closing and get the 100% loan to cover... feel free to PM me for more info.