In today's show, I interview Charles Roberts about common issues that prevent Denver Investors from buying their first property. As I listened to the interview in preparation for publishing it as a podcast, I found myself taking notes. Well, if I was taking notes, that means there's a good chance others would want to as well.
I decided to have the interview transcribed to create comprehensive notes. Below is the modified transcription. Please excuse the grammatical errors. Enjoy!
Advice From An Experienced Denver Investor
Chris Lopez: Today in the studio I have Charles Roberts with me to talk about common issues that prevent investors from buying their first property. Now before we actually go into these issues, I want to spend a few minutes and drill down into Charles' background. He's got such an impressive bio, that it's very easy to just scan across, not realize how much experience and success he's had over the years.
Charles became an investor about 20 years ago and has bought or sold over 40 properties for his own personal portfolio. To become a better investor, he became an agent in October of 2004 and soon started building Your Castle Real Estate.
He's done 432 transactions with clients to date.
347 of those transactions have been with investor clients
Charles is the president of Your Castle Real Estate, Live Urban Real Estate and Sherwood Real Estate and manages over 840 agents.
He's also mentored over 100 agents .
He's also assisted his mentees with thousands of transactions.
Click here to read Charles full bio.
Don't Forget About the Lending!
Chris Lopez: So let's dive into this. So, no particular order, just, I mean, I just went through your impressive resume, like start off, what are some common issues you see preventing people from buying their property?
Charles Roberts: There's a whole bunch of stuff. I love to work with newer investors. It's just really really fun. It's really gratifying and all I can say is I was there and I made all the mistakes and all I can try to do is to get people to not make the mistakes I made.
The first thing I would start with is the lending. What I see every new investor start with is the property. Buying the right property for them, getting a great deal, getting 30% off, etc. It's all about the property. And while it is partly about the property, nothing happens without the lending.
If there's one piece of advice I can leave you with, it's the understanding that most investors spend the least amount of time on what they should be spending the most amount of time on, which is understanding the finances in their own lending. Meet with not one loan officer, not one bank, but with five, with eight, with ten. This will help you understand what you're bringing to the table and getting the best rates, the best terms, the right service, etc. Because different loan officers, different banks, different programs are different and you're going to be living with this for 10, 15, 20, 30 years, so that might be the first thing to surprise you, but I didn't even want to talk about real estate to get started.
There's No HGTV on Lending!
Charles Roberts: I want to talk about lending and make sure that my clients have themselves set up for success, not for failure by getting the wrong loan, because the lending is not the fun part, like there's no HGTV on lending. I actually don't have cable, but I hear about these things. Like is there any great stories about, "Let's go talk to the loan officer," No! Everybody wants to see the pretty pictures. Be different. Understand your financing. It'll make you a better investor.
Chris Lopez: Now from conceptual, that makes sense to me, but, what do I ask? What am I looking for? Most beginners don't even know what questions to ask. Do they go in and run their credit at each lender? What do they do?
Charles Roberts: Well, it depends on your situation. Let's say you have a job, you've got a decent FICO,
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