All Forum Posts by: Kent Slawson

Thanks to everyone for their input.  

The two listing brokers are discussing the situation. I have indicated that I will represent myself should I decide to make an offer and will expect a commision discount. We will see what they come up with.

Hello everyone. I've got an interesting situation.

I'm looking to potentially buy a large property with a residence and owner ran business on it. The sellers have changed listing brokers since I originally responded to the 1st agent's advertisemt. He had a hold over clause and he and the new brokerage have that issue all figured out.

Here's where I come in. I have just recently passed my associate brokers test for colorado, but have not yet signed on with an employing broker. I have also not signed any brokerage agreement forms with any other brokers involved in this transaction.

When i went to visit the property, the current listing broker tried to get me to sign an agreement listing her as a transaction broker - i did not sign it. In an email to the original listing broker, the current broker - who I have told that I have passed my test while viewing the property - asked the old listing agent what his and my relationship is and also said that, "Even though Kent is now a real estate broker, he would not be entitled to any commission on this purchase."

Now, I have not responded to this email,  but I wholly disagree that I" am not entitled to a commission" should I find a employing broker and choose to submit an offer. I think the current listing agent is trying to double end the deal and thinks that since I'm new,  she can pull the wool over my eyes.  

So long as I disclose that i represent myself and get an employing broker before submitting an offer, I should be entitled to whatever split is agreed to for a buyer's broker in the listing agreement, correct?

Thanks in advance! 

Hello everyone,

I am looking to make a career change from oil and gas Inspection into real estate sales / investing. I am currently working about 3 hours from home, and have recently passed my Co. real estate exam. At this point, in order to be an agent/associate broker, I just need to find an employing broker and receive my license. 

Are there any important questions that I should be asking potential brokerages as an agent / investor in addition to the list below?

41 questions for employing broker

I plan on continuing to work in inspection until I have a couple investment properties under my belt ( 6 month time frame on this). The reason for me waiting to fully transition into an agency role is primarily for ease of access to bank loans. I currently have about 200k in liquid assets available for investment purposes. The plan is to hire on with a brokerage, gain access to MLS, and scope for good deals remotely during this six month time frame. I will also be looking into sheriff sales and the like. If I am able to find investment properties for under 200k, I plan to do a full cash offer and then, after any repairs, do a delayed financing exception cash out loan for what I hope to be 100% of my investment cost. I know to do this, the property will have to appraise for a value where 100% of my investment is equal to 70% of the appraised value. This allows me to get cash flow for what is essentially zero dollars invested after my cash out loan. I could also do HML if I found local investors to finance the purchases, but I see this as leaving money on the table when I have the capital to purchase homes on my own. There is also the HELOC option, but I am not sure how I feel about variable interest rates.

If I find an apartment complex or something similar which is outside of my means to do a cash buy out, I will do a conventional loan with X% down. Is this the smartest way to get the best ROI assuming the purchase price is beyond my means or should I look into other financing options under this circumstance? I guess I could do a hard money loan and then refinance after 6 months. What are your opinions on these two options?

Ok, so after 6 months, I have two properties under my belt or one large investment property. At this point, I transition into being a full time real estate agent. It definitely won't make the same kind of money I make in oil and gas initially, but at this point I really want to prioritize quality of life and fostering lasting relationships. I will continue to act as an agent, buy, sell, and rent real estate until I am financially independent. 

Is there any way in which you would alter the above plan?

What is the best way to get an accurate rehab/repair cost estimate? Can you point me to a good source in this regard?

Thanks so much in advance for your time and tutelage.

If you are located around western Colorado, please feel free to shoot me a PM and connect!

@Ruth Bayang thanks for the encouragement!

@Zach Quick I did the search and really like the idea. Occupying the unit would help out with taxes as well. Unfortunately I currently have a mortgage (208k on loan, 330k appraisal), so I'd have to sell my house to make this work. Still worth considering. Also going to delve a little deeper into commercial investments...

1. Hello everyone, thank you for taking the time to provide some mentorship. I'm 29 years old and and have been working long hours in an industry I do not enjoy for about 5 years. The upside to this time has been my a ability to accrue a roughly 150k nest egg. I would like to take this money and leverage it in the best way to switch into a career in real estate. Currently I am about half way through my real estate coursework to become an agent.

My question to you is: How do i best leverage this cash to produce future returns assuming I am willing to make a career out of it. My current plan is to purchase 500,000 worth of income producing multifamily units, and use the capital I gain from them to purchase additional units or do a few fix and flip foreclosure auction properties. Is this the best use of my funds? I will be focussing in western Colorado, and plan to work as an agent for supplemental income. Thanks for any and all input! Please help me find a method to maximize these returns.