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GENTLY USED HOMES
GENTLY USED? Also called PREVIOUSLY OCCUPIED HOMES or EXISTING HOMES. It’s amazing how nomenclature can influence our perception. All these terms must be referenced against NEW HOMES. I call most of my buys “JUNKERS” that we turn into ENTRY LEVEL HOMES, or STARTER HOMES or FIRST HOMES or…Names are only as good as a common reference so we all know what we’re talking about. Gently used homes? It sounds hokey to me, like a marketer label. Pique your perception? Let’s call it what it is: HOME SWEET HOME.
Here’s 5 Housing Trends for 1H2011:
1. Mortgage refinancing will dramatically decline
2. It will become harder to get housing loans (can you say “overlay?”)
3. Inventory is high, inflation is in the wind, yet buyers remain reticent (he who hesitates…)
4. Falling prices will continue (high inventory + fewer potential buyers = falling prices)
5. Little relief for homeowners in trouble (loan mods languish)
Want to stage your house on the cheap? Can you say “common sense?”
Insult, Injury, and Bank of America (no witch, no wardrobe): BofA will contribute $1M to help Detroit reclaim parks and houses (100 houses to be demo’d) as Detroit’s population drops below 750,000 (its lowest level in 100 years!), smaller than Grand Rapids or Baton Rouge!
Only in America: Bailout Bonanza: Fed Turns Record $81.7B Profit!
Realtytrac’s Top Foreclosure Cities: Las Vegas, Phoenix, Chicago, LA, & Houston.
Hardest hit Arizona, Nevada, California & Florida make up 42% of foreclosure volume in America! Yet the National Ass of Realtors predict their inventory can be gone in as soon as 7 months! When you’re hot, you’re hot. Go figure!
The latest MORTGAGE RATES: 30 Year fixed at 4.79% and 5/1 ARMS at 3.39%. Interest Rates are rising! Ruh-ooh, Scoobie.
REAL ESTATE WEATHER REPORT
FEWER FEVER: Denver appears to be slowly recovering. Fewer new homes are being built; fewer multi-family unitsare being built; fewer rental vacancies, fewer foreclosures…sounds like MORE opportunities to me! We’re starting to see more investors step up and participate in our marketplace. Maybe this has something to do with our growth and stability. Hmmm. We’re in a good place (Denver) at a great time. Enjoy!
Here’s DOLA’s Quarterly Report on Colorado housing. Very interesting, especially for those analysts out there…no surprises, lots of data, lots of details, lots of luck J.
It’s Tune Up Time: don’t forget to sign up for the no-cost Real Estate Investor Success Summit coming soon (May 7) at a hotel near you (Embassy Suites). The price is right and our market is poised for recovery.
Got your finger on our real estate market pulse? Call us with tips, rumors, conjectures, and cold cases (we’re thirsty!). We appreciate your feedback on Newsletter / Blogs and Breakfast Club (next is April 9) meetings. Thank you all for your news tips and leads! If you’re not on our list and want to be, LET US KNOW. Call, Write, Text, Tweet, Facebook (yeah, it’s a verb!),E-mail, drop by. Thank you for helping us help you!
INVENTORY
Wholesale properties are moving (WHEN THEY MAKE SENSE!). Our inventory is LOW; most great deals move quickly; we’re always close to some stellar deals: single family, condos, and multi’s. Let us know what you’re looking for. We just might have something just for you!
Call us, 303 338-8000, for more information or with questions. FU and ARV are estimates. Actual results may vary (is that small enough?). We post ‘em when we get ‘em so bookmark or TWITTER or TEXT:
TWITTER or TEXT. Read the side bar (top left). If you don’t want to tweet, follow the instructions and we can send you a text message. You’ll be notified when we put a new property up onto our website. Simple. One of our properties never made it to this blog/newsletter. It came and it went.
320 Depew St, Lakewood. Buy this 2 bedroom, 1 bath, 2 car oversized garage auctioned home for $80K. Great location, hardwood floors. Check it out. Great flip or rental in Lakewood.
832-834 S Osceola St, Denver. DUPLEX. 2 bedrooms, 1 bath each. Fully rented: $1450/mo. No initial maintenance. Yours for $127,500. Just the ticket for the passive investor who doesn’t want to do any work!
Bon Homepetit!
John Fisher
www.happycanyongroup.com
303 338-8000
QUOTE OF THE WEEK:
“More than anything else, I believe it’s our decisions, not the conditions of our lives, that determine our destiny.“ ~Anthony Robbins
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HOW SHARP IS HARP?
Have you heard about our government’s refinance program? HARP (Home Affordable Refinance Program) could be a great way to reduce your mortgage costs. This applies to both owner occs and non-owner occs! If you have a Freddie or Fannie backed loan you may be eligible. Check with either your existing lender or another lender. If you don’t know, check this to access Fannie or Freddie databases. The Federal Housing Finance Agency just extended HARP until June 30, 2012.
IT’S PAYBACK TIME: The Obama Administration is applying pressure to the big 5 banks ( BofA, Chase, Citigroup, Wells and Ally) to reduce payments for up to 3 million homeowners (at a cost to the banks of $30B) as settlement for improper foreclosures and violations.
IT’S PAYBACK TIME PART 2: FDIC is suing 3 WaMu execs for shoddy loans.
Congress has scrapped the Neighborhood Stabilization Program (NSP). Guess it didn’t work…it had an effect on local investors….
IT’S THAT TIME AGAIN when we tour our country (20 mile metro area radius) checking housing inventory for SFH and condos $30K and under. Courtesy of realtor.com, here are our findings:
Atlanta 3,032 Birmingham 680 Dallas 477 Houston 391
Chicago 1,448 Miami 899 Tampa 850 Orlando 572
Detroit 6,608 Phoenix 638 Minneapolis 215 St Louis 761
Kansas City 587 Philadelphia 542 Pittsburg 675 Baltimore 771
DENVER 41 Cincinnati 803 Cleveland 998 Las Vegas 472
Indianapolis 630 Charlotte 499 Nashville 293 Memphis 645
Milwaukee 291 Oklahoma City 290 New Orleans 139 Omaha 233
New York 54 Jacksonville 419 Grand Rapids 437 Columbus 624
In two weeks, Phoenix will auction off over 150 HUDs. Should be fun!
The latest MORTGAGE RATES: 30 Year fixed at 4.74% and 5/1 ARMS at 3.33%. Interest Rates are FALLING!
REAL ESTATE WEATHER REPORT
How’s our local market doing? Better. Sale prices remain flat. We’ve seen a 10-20% decline in the past 6 months in a few select markets. Overall, however, we’re holding our own. More investors have read the tea leaves and are testing the waters. More people realize that rentals work. We’ve heard cases of investors finding deals that cash flow more than their mortgage payments. Imagine that! Some are able to get 100% financing, too. It’s not that hard…if you know the secret handshake….
The Denver Post reports a 30 month low in foreclosure filings. Maybe we’re wading out of the muck! Can you see the light?
Local investor Carl Richell gets a shout-out for his creativity with rentals and rent to owns. Check it out here. Carl does it all! Go, Carl, go!
Got your finger on our real estate market pulse? Call us with tips, rumors, conjectures, and cold cases (we’re thirsty!). We appreciate your feedback on Newsletter / Blogs and Breakfast Club (next is April 9) meetings. Thank you all for your news tips and leads! If you’re not on our list and want to be, LET US KNOW. Call, Write, Text, Tweet, Facebook (yeah, it’s a verb!),E-mail, drop by. Thank you for helping us help you!
INVENTORY
Wholesale properties are moving (WHEN THEY MAKE SENSE!). Our inventory is LOW; we’re always close to some stellar deals: single family, condos, and multi’s. Let us know what you’re looking for. We just might have something just for you!
Call us, 303 338-8000, for more information or with questions. FU and ARV are estimates. Actual results may vary (is that small enough?). We post ‘em when we get ‘em so bookmark or TWITTER or TEXT:
TWITTER or TEXT. Read the side bar (top left). If you don’t want to tweet, follow the instructions and we can send you a text message. You’ll be notified when we put a new property up onto our website. Simple. One of our properties never made it to this blog/newsletter. It came and it went.
1316 Lima St, Aurora. Buy this 3 bedroom, 1 bath, 2 car oversized garage HUD home for $64.8K. Fix to rent for $12K or to flip at $17K. Should cash flow $500 as a rental!
320 Depew St, Lakewood. Buy this 2 bedroom, 1 bath, 2 car oversized garage auctioned home for $80K. Great location, hardwood floors, heavy fix. Check it out.
832-834 S Osceola St, Denver. DUPLEX. 2 bedrooms, 1 bath each. Fully rented: $1450/mo. No initial maintenance. Yours for $127,500. Just the ticket for the passive investor who doesn’t want to do any work!
821 S Wolcott Ct, Denver. Coming soon. 4 bedrooms, 2 baths,. Drive by only.
Bon Homepetit!
John Fisher
www.happycanyongroup.com
303 338-8000
QUOTE OF THE WEEK:
“Keep away from those who try to belittle your ambitions. Small people always do that, but the really great make you believe that you too can become great.” ~Mark Twain
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HOME IS A FOUR LETTER WORD
Besides the obvious letter count, HOME usually means a warm house, some place where we live or would like to live. With all the foreclosures and short sales going on, and no real sign of decline, HOME is starting to mean “someplace where other people live but not me.” “I live in an apartment, or a rented condo, or a rented house.” American homeownership is ratcheting downward as our lending fiasco continues to contribute to fewer homeowners. Experts predict that number (currently somewhere around 64%) will continue to fall for years to come. While I acknowledge the numbers, I refuse to believe that the American Dream of Homeownership is dead. I believe it’s alive and well and waiting for someone (like an investor) to come up with a better plan, like Rent To Own, or Owner Carry, some alternative method to homeownership. Let’s not disappoint, let’s make it happen! Be creative!
Here are 9 Items Homebuyers Desire in 2011 (courtesy of Bankrate.com):
- Home in good condition
- Rock-bottom bargains
- Outdoor living areas
- Incentives
- Practical green features
- Open kitchens
- Repurposed materials (looks like granite but it’s not, e.g.)
- Smaller, less-formal homes
- Touches of luxury
Now here’s a surprise: Fed Report Finds No Wrongful Foreclosures by Banks, sloppy, but legal.
OK, landlords and landlord wannabees, no excuses, no matter what market you’re in: “Rents are starting to rise dramatically and in every major metropolitan area are expected to rise from 3 percent to 10 percent in 2011 and beyond” says David Abromowitz. Wow, 3-10%!
Ready to put that house on the market? Here’s some SPRING HOME STAGING TIPS for you.
Here’s NAR’s take on the Dodd-Frank Act and what it means to realtors…you can read between the lines to see how it can affect investors.
The latest MORTGAGE RATES: 30 Year fixed at 4.85% and 5/1 ARMS at 3.56%. Interest Rates continue to ebb and flow.
REAL ESTATE WEATHER REPORT
And now…our local Denver market report…hard to beat amid 70 degree days. We’re faced with tough choices, golf or skiing? Life can be good. No wonder Coloradoans are so “happy!” (no, it’s not cause/effect Medical Marijuana) Our investor market is starting to move. Spring has nearly sprung (set your clocks back this Sunday!) and we’re restless. It’s a great time to buy (interest rates remain close to what my father paid in 1950: 5% so don’t complain!) and a great time to rehab and get that house on the market by April.
The Denver Business Journal reports home resales have fallen 8.5% in Feb, 2011 over Feb, 2010. Not good news, but not so bad considering the federal incentive was alive and well last year. While the Denver Post reports Denver area Feb, 2011 home sales are up 3.4% over January, 2011. How can this be? These reports appear to conflict. Remember one of my favorite sayings: Figures don’t lie, but liars figure. Another case where you can prove anything. Yes, they are both right.
Hey, don’t forget tomorrow morning, our Breakfast Club meets Saturday, March 12, 2011 at 0700 at the New York Deli News Restaurant on East Hampden. We have lots to discuss and share and network and wheel and deal. Be an early bird, feed your mind and your body!
Got your finger on our real estate market pulse? Call us with tips, rumors, conjectures, and cold cases (we’re thirsty!). We appreciate your feedback on Newsletter / Blogs and Breakfast Club meetings. Thank you all for your news tips and leads! If you’re not on our list and want to be, LET US KNOW. Call, Write, Text, Tweet, Facebook (yeah, it’s a verb!),E-mail, drop by. Thank you for helping us help you!
INVENTORY
Wholesale properties are moving (WHEN THEY MAKE SENSE!). Our inventory is LOW; we’re always close to some stellar deals: single family, condos, and multi’s. Let us know what you’re looking for. We just might have something just for you!
Call us, 303 338-8000, for more information or with questions. FU and ARV are estimates. Actual results may vary (is that small enough?). We post ‘em when we get ‘em so bookmark or TWITTER or TEXT:
TWITTER or TEXT. Read the side bar (top left). If you don’t want to tweet, follow the instructions and we can send you a text message. You’ll be notified when we put a new property up onto our website. Simple. One of our properties never made it to this blog/newsletter. It came and it went.
1316 Lima St, Aurora. Buy this 3 bedroom, 1 bath, 2 car oversized garage HUD home for $64.8K. Fix to rent for $12K or to flip at $17K. Should cash flow $500 as a rental!
320 Depew St, Lakewood. Buy this 2 bedroom, 1 bath, 2 car oversized garage auctioned home for $80K. Great location, hardwood floors, heavy fix. Check it out.
1830 W 36th Av, Denver. Highlands, buy at $167K, fix at $80K, sell at $335K. Basic plan, basic work! Great flip in popular ‘hood.
2104 Federal Bv, Denver. Near Highlands. 3 bedrooms, 4 bathrooms with 1 garage. Buy at $140K. Great bones. Rent it or flip it.
Bon Homepetit!
John Fisher
www.happycanyongroup.com
303 338-8000
QUOTE OF THE WEEK:
“Be careful what you water your dreams with. Water them with worry and fear and you will produce weeds that choke the life from your dream. Water them with optimism and solutions and you will cultivate success. Always be on the lookout for ways to turn a problem into an opportunity for success. Always be on the lookout for ways to nurture your dream.” ~Lao Tzu
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DICHOTOMY OF DUALITY
Our world is not black and white. Often actions are neither right nor wrong. Anyone that’s been married or in a serious relationship understands the value of surrender and being happy vs being right (I take door number 2, Jay). Some people see most everything in black/white. Their quick decisions are based upon that duality. Most people see colors (or “gray” as a black-white person would say).
Businesses are based upon giving the customer/client what they want and creating a win-win relationship. It is important to acknowledge each other in a way that tells them “you matter.” Being more sensitive to others opens up opportunities. Try your hand at “reading” personalities and creating an environment conducive to growth and success. What do you have to lose?
Just what you’ve been waiting for: A Plan to Phase Out Fannie Mae and Freddie Mac. OK. 5-7 years. How will that affect us? Higher costs and fewer choices for homeowners. No more FREE RIDE (apologies to Edgar Winter).
Here’s an interesting read on who benefits Obama’s Proposed Foreclosure Deal…Main Street or Wall Street? Oh, you knew the answer already.
…and a sobering report on the top 10 biggest US creditors. Count the zeros.
Now some GOOD NEWS: Jobless Claims Hit Lowest Level In 2.5 Years. So good that the DOW did something unusual yesterday: it went UP! There are reports that American companies are hiring to keep up with demand for goods and services.
You think you have it bad in your city, try Chicago with over 15,000 vacant buildings and horror stories of abandonment and foreclosure (yes, pictures, too)
Where’s the next bubble? FARMLAND. Read this NY Times article and don’t buy any farms.
The latest MORTGAGE RATES: 30 Year fixed at 4.84% and 5/1 ARMS at 3.56%. Interest Rates continue to ebb and flow.
REAL ESTATE WEATHER REPORT
The Colorado Division of Housing continues to grow with the times. They now have a BLOG that covers items of interest. This report is about Denver Habitat for Humanity receiving a $770K grant to build/fill 70 affordable single family homes. Go grow Denver!
Congrats to John Schaub and his Denver group for their sellout stellar seminar this weekend!
How’s our market? Cash remains king. More investors are paying cash for their “deals.” We are seeing more out of state investors investigating our properties. Tax season is underway and is a great time to rent out your property or lease option it out. There even are some savvy saving foreclosed homeowners who set their mortgage payments aside so they could have a good “option consideration.” OK, they are few in number!
We’re seeing banks release more properties to the marketplace. There are some stinkers out there. Who would have ever thought you could buy a SFH for under $30K in Denver Metro? HUD is almost in control of their game. HUD deals are starting to make sense (even with the new built-in 6% commission). Rental demand remains hot. There appears to be a slow rise in prices. Looks like supply and demand really works. What a country!
Got your finger on our real estate market pulse? Call us with tips, rumors, conjectures, and cold cases (we’re thirsty!). We appreciate your feedback on Newsletter / Blogs and Breakfast Club meetings (March 12 is next meeting). Thank you all for your news tips and leads! If you’re not on our list and want to be, LET US KNOW. Call, Write, Text, Tweet, Facebook (yeah, it’s a verb!),E-mail, drop by. Thank you for helping us help you!
INVENTORY
Wholesale properties are moving (WHEN THEY MAKE SENSE!). Our inventory is LOW and we’re close to some stellar deals: single family, condos, and multi’s. Let us know what you’re looking for. We just might have it coming up any time!
Call us, 303 338-8000, for more information or with questions. FU and ARV are estimates. Actual results may vary. We post ‘em when we get ‘em so bookmark or TWITTER or TEXT:
TWITTER or TEXT. Read the side bar (top left). If you don’t want to tweet, follow the instructions and we can send you a text message. You’ll be notified when we put a new property up onto our website. Simple. One of our properties never made it to this blog/newsletter. It came and it went.
1830 W 36th Av, Denver. Highlands, buy at $167K, fix at $80K, sell at $335K. Basic plan, basic work! Great flip in popular ‘hood.
2104 Federal Bv, Denver. Near Highlands. 3 bedrooms, 4 bathrooms with 1 garage. Buy at $140K. Great bones. Rent it or flip it.
Bon Homepetit!
John Fisher
www.happycanyongroup.com
303 338-8000
QUOTE OF THE WEEK:
“Don’t wait until everything is just right. It will never be perfect. There will always be challenges, obstacles and less than perfect conditions. So what. Get started now. With each step you take, you will grow stronger and stronger, more and more skilled, more and more self-confident and more and more successful.” ~Mark Victor Hansen
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