The Truth About Wholesaling In Colorado!

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Episode Transcript

Speaker 1 (00:08):
welcome back to wholesaling around the world the
colorful colorado edition.
Now, overall, colorado is oneof my least favorite states to
wholesale in, and I think it hasto do to the misperception that
we have of Colorado due to theamount of land mass that it has.

(00:29):
See, colorado ranks as theeighth largest state in the
United States in regards tototal land area, but in regards
to population, it is the 21stmost populated state, with just
north of 6 million people.
So in reality, if we look atall of these different reviews

(00:50):
of the states in regards tovirtual wholesale and my takes
on it, we know the morepopulated a state is, the better
it is for virtual wholesale andthis increases the amount of
motivated sellers that we couldhave, as well as the amount of
end buyers that we need in orderto complete a transaction.
So if you look at this,colorado, if you look at a map,

(01:13):
feels like it should be one ofthe better locations.
It's got large city like Denver, but population wise it ranks
right there in the middle 21st.
Population-wise it ranks rightthere in the middle 21st.
Now my personal feelings aboutColorado if I had to rank it, it

(01:34):
would probably be somewhere inthe 30s because it is west of
Texas and I have said anythingwest of Texas from where I am
Dallas-Fort Worth pretty much isharder on acquisitions, easier
on dispositions can lead tohigher assignment fees but can
be more difficult to actuallyget a deal across the finish
line, and that is my sentimentabout Colorado in general.

(01:56):
Now I have had a hard time doingdeals in Colorado, going all
the way back to 2020, going allthe way back to 2020.
Mainly because Denver, beingits major metro, is saturated.
I mean, there's a lot ofcompetition there, there's a lot

(02:18):
of local wholesalers and it iskind of hard to come in and
fight your way through.
I wouldn't compare it tosimilar size cities like Phoenix
and Dallas, where I do feellike I could go in.
I've always said virtualwholesalers, our job is taking
the line from.
There will be blood the movieyou know I stuck my straw in
your milkshake and I drank yourmilkshake.

(02:38):
It's really not that easy to gointo Denver and get deals.
In the past five years we'vedone less than 10 deals in
Denver.
Now, part of the reason why Ifeel that's the case is because
our main lead well, our onlylead generation tactic nowadays
is PPL and going back to evenpulling lists on batch leads and

(03:00):
prop stream and texting andcold calling.
It was just highly competitive.
And on the PBL side I justdon't see as many leads in
Colorado as I do in other placesthat I love, like Ohio,
michigan, texas, florida,georgia, those states regularly
we're getting leads in.
We're not getting as many leadsas opportunities right.

(03:22):
We don't get those at bats inColorado.
Now, a bit of it in Colorado isthere's not regulations against
wholesaling.
One thing that I read during myresearch for Colorado is the
one thing you do need to beaware of in Colorado in regards
to regulation is be cautiouswith how you advertise your

(03:46):
wholesale property.
So when you're doingdispositions, you want to be
transparent, you want todisclose that you are assigning
your equitable interests andthat you are a wholesaler.
So very similar to other statesout there.
It's not like there's a formalregulation like there are in
other states.
But that would be one areawhere you could get really

(04:07):
bamboozled if you're just notpaying attention to disclosing
that you are assigning yourequitable interest.
Now, in regards to ourexperience of the deals that we
have gotten across the finishline in Colorado, we've done
Denver, like I said, less than10.
Going further up north, we'vedone deals in Fort Collins,

(04:28):
greeley.
Going down south from Denver,we've done deals in Colorado
Springs, pueblo.
So, funny enough, pretty muchif you're going to do deals in
Colorado, my experience is it'sgoing to be somewhere off of
Interstate 25, right, which runsnorth and south through the
state of Colorado, denver beingthe main metro area where we've

(04:50):
done deals.
We've done deals around right,boulder, where the Colorado
University is.
We've done deals there.
One thing that's kind of uniqueabout Colorado is that there is
so much land that raw, vacantland is a viable strategy in the

(05:11):
state of Colorado.
We actually own quite a fewacres in Colorado in that rural
areas right, we've picked themup.
Seller finance it's one of mypassions.
Right, you've heard the sayingthey finance it's one of my
passions.
Right, you've heard the sayingthey're not making any more dirt
.
So we have obviously picked upquite a bit of dirt in Colorado,

(05:31):
hoping for expansion in thefuture to some of these areas
where we've picked up, where wecould sell it for a significant
amount of profit while gettingthe tax write-off over the next
several years.
So that's one of the thingsthat you're going to see If you
are going to be doing marketingand lead generation in Colorado.
You will come across quite afew leads that have acreage and

(05:54):
land available, and one of thethings that we've always done in
locations like Colorado, utah,nevada, wyoming, idaho, montana
when we talk to those sellersabout this land that they have
available, will they sell it.
Seller finance.
This can really help you duringthe dispositions process as

(06:16):
well as pick up some landyourself.
Right, some of this land thatI've been able to pick up five,
ten acres less than fivethousand dollars on terms, you
know.
So I think we're paying likeeighty one dollars a month for
five acres that we've picked up,so a really cheap amount that
annual taxes on it are basicallynothing.

(06:37):
Just, you have to make sure youstill swipe your card and and
it every year, but it's reallyinsurmountable.
So insurmountable is that theright word?
It doesn't equate to much.
That's what I was trying to say.
So, ultimately, pay attention tothe vacant land because it can
be an option for you.
But, moving to the west side ofthe state, where we have Grand

(07:00):
Junction, durango, some othersmaller cities like that, these
are tourist locations.
We've done some deals out there, but few and far between, and
so ultimately for me.
I don't have much love for theColorado market.
It's just not one of thoselocations that we've ever done a
ton of volume.

(07:21):
I will say deals that we havedone have been pretty healthy
assignment fees, so that's good.
Dispositions has been easier.
But we have come across someissues lately in Colorado
Springs and Denver withdispositions.
Some of the buyers, it feelslike, have got a little bit more
picky than they were back in2021, 2022.

(07:44):
This is definitely not a marketlike in the Midwest and the
Sunbelt States you guys haveheard me talk about this in the
Indianas and the Michigans andthe Alabamas, where you have to
pay attention to those as-iscomps.
This is definitely more of anafter repair value market.
What I mean by that is when yougo to do the comps you really

(08:05):
pay attention to what could thisproperty be worth once it's
fixed up.
You're not really needing topay attention to the competition
on the market.
I'm not saying you have to justcompletely ignore it.
There's just not going to be amassive difference between what
a traditional wholesaler, ifthey do their underwriting,
would come up with what theyrefer to as a maximum allowable

(08:27):
offer to the listed in thecurrent market value properties
Kansas City, detroit, birmingham, jackson, mississippi you're
going to see a drasticdifference where, if you were to
run your comps and youunderwrite it to the maximum
allowable offer, you're going tosee something like 50,000, but

(08:50):
then on the market you would seeproperties listed for 25,000.
That's a massive issue.
You're not going to really comeacross that in most locations
in Colorado.
Now, the more rule that you get, the more of a possibility
that's the case.
Overall, though, I do notbelieve that Colorado is a
market that most virtualwholesalers should jump into

(09:12):
early on.
I think you're going to getkind of beat up a little bit.
You're not going to get a tonof properties under contract
very quickly.
Dispositions would be easierfor you and you could probably
make a healthy spread on it.
But unless you have some sortof connection to the Colorado
market a known end buyer bootson the ground, something like
that personally, I'd say ground,something like that.
Personally, I'd say avoidColorado for right now.

(09:34):
Focus more on those easierstates to acquire deals in.
Yeah, you're going to make alittle bit less on the
assignment fee, but it's moreabout getting checks under your
bed, checks under your bed,checks in your bank account.
How about that you get thosemoral victories and not
necessarily get demoralizedbecause you're in a more

(09:54):
difficult market to acquire it.
So for those of you that arecurrently doing deals in old,
colorful Colorado, let me knowdid you agree or disagree with
my take?
I'm actually curious to hearfrom some of the local Colorado
wholesalers Do you feel the sameway about your state or do you
actually feel different becauseyou're there local and you're

(10:16):
doing deals?
Let me know in the comments.
Show me some love like today'svideo, and we'll see you guys
tomorrow.