As some of you know, I’ve been sick the past two months. Justin Walker filled in for me with last week’s blog; thank you Justin! I went through a barrage of tests and we’re still eliminating ailments from the list. Once we have a definitive answer, we will review our Options and make Choices based upon facts, logic, emotion, intuition, and impact. So many decisions we make in life run the process: review facts/truth, determine options, and select the optimal option…how do we know “it’s” the right choice? Logic can only take us so far. Faith must take over as our choices play out.
HUD STEALS for you investors who are looking for out-of-state deals (this is just a sample of potential bargains available; click on link for more information; all at investor status; “IE” means FHA-lender repairs are under $5K, “IN” means insurable, OK, for FHA loan as is);who says there are no bargains out there? These HUDs may “go” quickly:
- Columbus, GA 3/1 for $13.8K (IE)
- Burlington, IA 4/2 DUPLEX for $12.8K
- Saint Louis, MO 3/1 for $12K (IE)
- Ashtabula, OH 3/1 for $13.5K (IE)
- Lansing, MI 3/1/1 for $16.2K
- Cumberland, MD (down 17.1%)
- Bridgeport, CT
- Kingston, NY
- New Haven, CT
- Farmington, NM (down 4.3%)
Who needs a spouse to buy a … house? 40% of first time buyers are married vs 52% 20 years ago. Typical first time buyer is older, has rented longer, and buying at 2.6 times their income and they don’t want to do the work to fix it up.
How old are homes in our states? Oldest average is DC, then mixed. More western homes were built 2000-2010 but, again, more sprinkling throughout. Let’s dig in further…what architectural styles were popular in which decades?
- Colonial Revival: 1900-1950
- Craftsman: 1910-1930
- Mid-century Modern: 1940-1965
- Ranch: 1950-1985
- Millennium mansion: 1985-present
Here’s a fascinating discussion on the danger real estate brokers are now facing! “The real estate industry is saddled with a large number of part-time, untrained, unethical and/or incompetent agents.” from an NAR report, which goes on, “ the great oddity of the real estate industry is that it has not been ‘Amazoned,’ ‘Pricelined’ or ‘Ubered.’ It’s an inefficient multi-billion dollar business that has somehow adopted to the Internet era with a skill that can only leave travel agents, cab drivers and booksellers looking on in awe. How do brokers do it — and can they keep doing it?” They point out the commission discrepancies between Europe and America, Europe runs around 1-2% while we’re 5-7% stateside!
The latest Mortgage Rates: 30 Year fixed at 3.72% and 5/1 ARMS at 2.71%. Expect investor (non-owner occ) rates to run about ½ point higher on non-owner occ loans. (These are AOL/Zillow.com reported average rates as of Thursday)
REAL ESTATE WEATHER REPORT
Inventory remains tight except in isolated areas. We continue to see price wars, bidding wars, who has the sweetest offer, etc. No big changes on the horizon. If the FEDS start up with a ¼ – ½ point, our stock market will tank (temporarily, no surprise), and in a trickledown effect, home mortgages will go down. Still, interest rates are hovering close to record lows so there’s no excuse (or, at least, getting a good rate on a loan is no excuse) NOT to buy properties. Schools are starting up so most of that real estate activity is gone. Still, plenty of opportunity for all!
YOU MUST TAKE THIS WORKSHOP (even if you have already), if you’re in this business. Why? Basics, foundation, labor cost estimates, material cost estimates, home value estimates (ARV) to name a few of the items to be covered in this workshop. Oh, and Sunday is FIELD DAY where we view 4-7 properties! Plan to attend August 29-30: REHAB ACQUISITION WORKSHOP. Are you prepared? Are you confident you know what you’re doing? Can you estimate fix up costs and after repair value? Registration and information HERE.
Coming soon: the Heart of Wholesaling, September 26. Book it!
COURSE CORRECTION COACHING CALLS. WOW, what’s that? We’re looking for people looking for us! Our Invest Success Mentorship Program is ongoing. We offer LOCAL webinars, house tours, and small, personalized classes as well as hands-on on-site experience. You will learn where and how to look for deals! Oh, and our flagship program requires you to REHAB A HOUSE! You’ll have our ear for a year! Amp up your business with custom systems and procedures. Oh, and we’re just introducing our Graduate Program (just for our mentorship graduates!) Go to our website for more information. Better yet, call us. Nothing ventured, nothing gained!
Call us with tips, rumors, conjectures, deals, and cold cases (we’re thirsty!). Our next Breakfast Club is September 12. If you’re not on our list and want to be, LET US KNOW. Write, Text, Tweet, Facebook (the verb), E-mail, drop by. Thank you for helping us help you!
HUGE INVENTORY: Inventory flows & goes: CHECK ‘EM OUT!!! More coming soon!!! NOTE: if you don’t reach us by phone, text us at 3035641680. Happy Hunting!
6431 Osceola St, Arvada. 4 beds, 2 baths, 2 car garage, light fix, all for $280K.
8225 Solana Dr, Denver. Nice brick 3 bed, 2 bath near Thornton and comes with basement! Buy for $195K.
665 Juniper St, Golden. Popular Golden! 3 beds, 2 baths, huge oversized detached garage. Buy for $205K.
7163 W 67th Pl, Arvada. 3 beds, 2 baths, finished basement. Lamar Heights. Buy for $235K.
125 Daphne Way, Broomfield. 5 beds, 2 baths, 1 car attached. Great location. Buy for $195K.
3575 Holly St, Denver. 2 beds, 2 baths, finished basement. PARK HILL. HUGE oversized detached garage. Buy for $285K.
250 S Zenobia St, Denver. 2 beds, 1 bath, with 1-car attached garage. Buy for $140K.
4130 Reed St, Wheat Ridge. 3 beds, 3 baths in popular Wheat Ridge. Buy for $315K.
12112 Huron St, #107, Westminster. 1 bed, 1 bath, condo. HOA is $192/mo. Move-in condition. Buy for $90K.
1275 S Iola St, Aurora. 3 beds, 1 baths in “old” Aurora. Buy for $132K.
2464 Astrozon Cir. Colorado Springs. 2 beds, 1.5 baths, 1 car attached townhome. Buy for $71.4K. Terrific rental, great cash flow. FHA “as is” appraisal of $84K.
1263 Gumwood Dr, Colorado Springs. 4 bedrooms, 2.5 baths, 2 car attached. Buy for $207K. ¼ mile from Fort Carson Gate. Big house.
2551 S Pearl St, Denver. 2 beds, 1 bath, 1 car detached garage. Super location: Harvard Gulch! Close to DU. Buy for $285K. Good lot size, possible addition to add more value!
26 S Yarrow St, Lakewood. 2 beds, 2 baths, with garage. Clean brick ranch. Buy for $290K.
1601 S Ivanhoe St, Denver. 3 beds, 1 bath, 2 car attached garage. Buy for $395K. Huge potential! Off Iowa and S Holly & close to Cherry Creek trail. Seller reduced!
8418 Allison Ct, Arvada. 4 bedrooms, 3 baths, 2 car attached garage in popular Arvada! Buy for $260K.
QUOTE OF THE WEEK: When you wake up every day, you have two choices. You can either be positive or negative; an optimist or a pessimist. I choose to be an optimist. It’s all a matter of perspective. ~Harvey Mackay