Welcome to “cliché land!” This 2000 year old quote from Hillel the Elder rings true now more than ever. It’s a commitment to yourself and others to “do it,” to “git er done.” “There is no time like the present.” Procrastinators are all too familiar with the quote AND the implications. “Never put off tomorrow what you can do today.” Who would have thought we’d have so many quotes relating to COMPLETION and TAKING ACTION? Sure, there can be excuses, some may be valid, but so what? What is the difference between an EXCUSE and an EXPLAINATION? One helps you understand why something did not get done or how something got in the way to prevent completion; the other helps you understand what happened, how something works or not. Note that one has a negative connotation, the other, positive. What’s your excuse? Oh, and DO IT NOW!
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 OK for FHA loan as is);these HUDs may “go” quickly):
- Montgomery, AL 3/1 for $10K (IE)
- Wynn, AR 3/1 for $7.5K
- South Bend, IN 3/1.5 for $8K
- Baltimore, MD 3/1 for $18.9K (IE)
- Detroit, MI 6/2/2D DUPLEX for $13.2K (IE)
Here’s the TOP 10 foreclosure states (as of Dec, 2014):
- New Jersey (1:286 filing ratio)
- North Carolina (1:1153)
For you or your clients: 9 myths to build better credit:
- Opt out of credit card offers will help (soft queries)
- You can bump hard inquiries off your report
- Closing old accounts will boost your score
- Opening many accounts will improve your score
- Paying off delinquencies will restore your score
- Paying off loans early is better than making payments
- Paying before the due date helps your score
- All delinquencies are created equal
- You can’t have any negatives on your report
We review this every year. Translate this into your business to determine degree of appointments and remodel. Best home fixes for the money:
- Basement remodel
- Family room addition
- Upscale major kitchen remodel
- Moderate master suite addition
- 2-story addition
- Upscale master suite addition
Check out RealtyTrac’s interactive map on USA’s 1Q2015 residential rental returns!
The latest Mortgage Rates: 30 Year fixed at 3.53% and 5/1 ARMS at 2.82%! 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
I continue to be amazed by our local market place. Bidding wars, prices continue to bump up, rental rates rise, rental demand increases, when will it end? It will slow down first…but not now, not yet. Any slowdown this year will come in 4Q. Count your blessings as most of our country languishes in financial turmoil with high inventory and low prices. Here we are with Front Range, Colorado adding thousands of people each year. Deals are there, just harder to find and compete with investors willing to PAY MORE and MAKE LESS. One of our mentor students sold his house $25K over what he thought it would sell for when he bought it late last fall! We’re pushing the price envelope with positive results…if we only didn’t have to pay so much to buy those “junkers!”
Do you know the numbers? Do you estimate ARV and Fix Up Costs well? If “yes,” then don’t read any further. Otherwise, it’s time for our 2-day REHAB ACQUISITION WORKSHOP February 28 and March 1. This is a CORE class, MANDATORY stuff you MUST know (remember, there’s a hard way and an easy way…, your choice). Register HERE! We offer this class twice a year; we learn formulas and estimating tools on day 1 and implement what we learned on day 2 as we go out in the field and look at houses. While this class is directed to the newer investor, many veterans find it valuable with “tricks & tips!”
We’re looking for people looking for us! Check out our Invest Success Mentorship Program. Classes start every month. We offer webinars, house tours, and small, personalized classes. We’ll help you 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. Go to our website for more information. Better yet, call us. Nothing ventured, nothing gained!
Don’t forget ICOR meetings next week: Tuesday in Colorado Springs, Wednesday in Denver, and Thursday in Northern Colorado. Check it out. Your first meeting is free.
Oh, we have a PT job opening for an Executive Assistant in our office. Here’s more information!
Call us with tips, rumors, conjectures, deals, and cold cases (we’re thirsty!). If you’re not on our list and want to be, LET US KNOW. Write, Text, Tweet, Facebook (the verb), E-mail, drop by. Next Breakfast Club is February 14, bring your sweetheart! Thank you for helping us help you!
INVENTORY: Inventory flows: CHECK ‘EM OUT!!! Centennial, Erie, Brighton, Evans, Denver, Loveland, and Colorado Springs. NOTE: if you don’t reach us with a phone call (303 338-8000), text us at 303 564-1680.
3309 11th Ave., Evans. 2 bedrooms, 1 bath, 2 car detached garage. Could turn into 3/2. Buy this for $73K.
1961 Briarwood Place, Erie. 3 bedrooms, 3 baths, with 2 car garage. All for $347K. The fix up estimate includes minor structural repair.
660 Bountiful Ct, Denver. Four bedrooms with 1 bath and 2-car detached garage in popular 80221. Buy for $145K.
21265 E Ida Ave, Centennial. Four beds with 2 baths and 2 car garage in Parkborough. Buy me for $216K.
143 N 7th Ave, Brighton. 3 bedrooms and 1 bath. Buy for $156K.
250 Shupe, Loveland. 2 beds, 2 baths, 2 car garage. Easy fix. Buy for $215K.
1617 N Franklin St, Colorado Springs. 2 beds, 1 bath, great location. Buy for $185K. Light fix up.
QUOTE OF THE WEEK: Remember, you and you alone are responsible for maintaining your energy. Give up blaming, complaining and excuse making, and keep taking action in the direction of your goals – however mundane or lofty they may be. ~Jack Canfield