Have you ever found, working on a project (or business analysis), that things just don’t add up? It just doesn’t make sense. You’re missing something. Or maybe not! Sometimes, before you get caught up in the minutia, the details, the weeds, you just have to make THAT decision and “chuck it,” it’s time to say “NEXT.” AND, the sooner the better. It’s almost an acquired or learned skill…to know when to “hold ‘em” and when to “fold ‘em.” Or “cut bait and fish.” I do that a lot with real estate deal analysis…no paralysis, just “next” and on to another task. Sharpen your tools and be ready (and able) to MOVE ON! Don’t forget to ask yourself, “what’s the highest and best use of my time?”
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:
- Mansfield, OH 2/1/1 for $9.3K (IE)
- Farrell, PA 3/1 for $11K (IE)
- Niagara Falls, NY 3/1 for $18.9K (IE)
- Burlington, IA 4/2 DUPLEX for $15K (5 blocks from Mississippi River)
- Pittsburg, KS 3/1/1 for $7,987
- Move your pets
- Don’t forget to clean
- Your potential home WILL have problems
- Almost anything can be fixed
- One thing you should worry about is WATER
- Home inspectors cannot predict the future
- Find the balance between your heart and brain
The hidden costs of high rents: no emergency savings, little retirement, no down payments: renters’ savings are the first to go. Many are now spending more than 30% of their gross income on rent! (Denver: 34.3%; Miami: 44.3%; LA: 48.7%; San Diego: 43.5%; St Louis: 24.6%. KC, Boston, and Portland are seeing higher rental rates than home appreciation. Oh, 40% of renters surveyed skimped on dental care.
Underwater homeowners. Per RealtyTrac, 7.4M borrowers are still “seriously” underwater with their mortgages. CNBC cites a Oregon family still upside down.
Prediction: Fed rate hike would crush housing. Are you listening, Janet?
Detroit: A tale of two cities: downtown median price is $21.1K vs $162.9K for the suburbs! Sales down 8% downtown; up 13% for the ‘burbs.
Purple Rain: Prince’s Minneapolis 3/1.5 home is now listed for $110K.
What does $100K get you around the country? Chattanooga, TN, Houston, TX, St Paul, MN, Lexington, KY, Tulsa, OK, Cincinnati, OH, Omaha, NE, Jacksonville, FL, Spokane, WA, and Milwaukee, WI.
The latest Mortgage Rates: 30 Year fixed at 3.84% and 5/1 ARMS at 2.88%. 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
Looks like we’re experiencing the hottest weather of the year in Colorado Front Range. Last year, if I am not mistaken, we did not hit 100, nor will we this year. Must be El Nino, thank you, stratosphere! Now that’s the Colorado I love. Enjoy, the NW is frying (I’d say “sweltering” but their rainfall is scarce!). Our housing market continues to “fry” such that it’s “hot, hot, hot!” We can’t build apartments and houses fast enough (vs the “bottom” 10 below). Meanwhile, let’s enjoy our market and do our best to keep costs and prices REASONABLE and REALISTIC (can that be done?)!
This map shows rent in Colorado is too damn high! Colorado is #15 in country for highest wage per household as it pertains to rent.
Just to make you feel better, here’s the top 10 worst places to live in Colorado (based upon density, unemployment, home values, income, education and crime):
- Grand Junction
- La Junta
YOU MUST TAKE THIS WORKSHOP (if you haven’t 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. Plan to attend August 15-16: 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 August 8) 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!
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!
6328 S Independence St, Littleton. 3 beds, 2 baths, 1 car attached garage. Light fix. Buy me for $265K!
924 Linley Court, Denver. Buy this 2 bed, 1 bath, with 4 car detached garage for $180K. Huge potential!
880 Hazel Ct, Denver. 2 bedrooms, 1 bath, light fix, buy for $177K.
3527 Monroe St, Denver. Clayton. 2 beds, 1 bath with 1 car attached garage. Cute brick. Buy for $285K.
26 S Yarrow St, Lakewood. 2 beds, 2 baths, with garage. Clean brick ranch. Buy for $290K.
10219 Black Forest Dr, Parker. 3 bedrooms, 2 baths, 2 car attached garage. 2 acres! Views! Great location! Buy for $320K.
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.
7058 S Chapparal Cir West, Centennial. Buy this 4 bedroom, 4.5 bath, 4-car garage “mansion” for $540K. Great numbers. Great location on over 1 acre close to DTC! It’s luxurious, captivating, impeccable….
QUOTE OF THE WEEK: A good decision is based on knowledge and not on numbers. ~Plato