We want to take a second and thank everyone that read the blog last week and sent your prayers, words of encouragement and kindness – they have been wonderful! Thank you and keep them coming. For those of you that may have not read the blog last week, John announced that he has lung cancer. The last couple weeks he has been resting and focusing on getting better and we’re not sure how long the road is. We would ask that you keep John in your prayers as he focuses his time and energy in order to return to full strength and get back to utilizing his God given talents. We’re fully trusting in God through all of this.
In light of John’s recent diagnosis, I’d like to touch on the power of the human spirit for a moment. There are so many great “powers” that comprise the human spirit which are useful for, but go beyond, real estate – the power to endure, to love, to give, to have compassion, to choose right and to oppose wrong as a few. Where does that power come from? How does it get there? Is there anything behind it? All valid questions and important because they give insight on that ever important “why?” question. Why do we do what we do? What’s most important in our lives? Is it our stuff? our time? our character?
Regardless of where you think the power of our spirit comes from, sometimes we all need a reminder of the opportunity, importance, (and maybe responsibility?) we have on a daily basis to make that power known to others through our love, giving, compassion, integrity, etc. whether it’s in our “real estate world” or our everyday world.
Life is more meaningful when we extend beyond ourselves.
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):
- Switz City, IN 2/2 for $6K (IE)
- Louis, MO 4/1 for $7K
- Akron, OH 3/1 for $9.3K (IE)
- Granite City, IL 1/1 for $4.8K (IE)
Where are your rentals? I thought the last part was interesting – rent burden has increased over 10% of median income. Here’s a fun “heat map” of 1-bedroom rents in Denver. Take it with a grain of salt and let’s enjoy it while it lasts. As my mother always used to say “Remember to stay appropriately leveraged…” or something like that.
Bubble is word that is being thrown out more and more and although I think we’ll see correction at some point, I can’t imagine a full-fledged bubble happening again. I thought this was a fairly level-headed article regarding where the market is headed and why we probably won’t see a full “pop.” I’ve been wrong before though…
Not only is our demand being driven by thousands of people moving to the front-range, but it looks like there are some others that are back in the market that will be looking for houses as well. Demand is plentiful!
The latest Mortgage Rates: 30 Year fixed at 3.73% and 5/1 ARMS at 2.67%! 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
The weather report doesn’t seem like it changes much. There is some seasonal slowing of sales and prices, but even then it’s only a slowing. We’re still seeing multiple showings, offers, escalation clauses, etc. The appreciation seems to keep correcting any errors or mis-calculations. Just make sure to stay on your toes, it’s easy to fall into the trap, get distracted, get lazy. Stay smart, on your game, and enjoy the ride!
Thanks to all those who attended our 2-day REHAB ACQUISITION WORKSHOP. It was a great success. Lots of learning and lots of fun. We’ll see you at the next one!
There’s a waiting list of people looking for us! Our Invest Success Mentorship Program is ongoing and at this point we’ve started a waiting list. 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. 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!). 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 September 12! We’ll see you there!
INVENTORY: Inventory flows: CHECK ‘EM OUT!!! More coming soon!!! NOTE: if you don’t reach us with a phone call (303 338-8000), text us at 303 564-16
13192 Maxwell Place, Denver. 4 beds, 2 baths, 1 car attached garage. Buy for $165K.
6337 South Louthan Street, Littleton. 2 beds, 1 bath, carport. Buy for $225K.
2833 South Willow Court, Denver. 3 beds, 2 baths, 2 car attached garage. Buy for $315K.
9826 Lafayette Street, Thornton. 5 beds, 3 baths. Buy and Hold property only for $225K.
5525 Troy Street, Denver. 4 beds, 2 baths, Brick. Buy for $165K.
4760 South Fox St., Englewood. 3 beds, 1 bath, 1 car detached garage. Buy for $225K.
490 South Canosa Court, Denver. 2 beds, 1 bath, 2 car carport. Buy for $185K.
6431 Osceola St, Arvada. 4 beds, 2 baths, 2 car garage, light fix, all for $255K. Price Reduced!
8225 Solana Dr, Denver. Nice brick 3 bed, 2 bath near Thornton and comes with basement! Buy for $175K.
3575 Holly St, Denver. 2 beds, 2 baths, finished basement. PARK HILL. HUGE oversized detached garage. Buy for $265K. Price Reduced!
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 $257K. 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!
QUOTE OF THE WEEK: Man never made any material as resilient as the human spirit. ~Bernard Williams