THE VIRTUAL INVESTOR
What is a VIRTUAL INVESTOR? What do they do? Is this a PASSIVE INVESTOR? Are they removed from the fray and fire? Insert “REAL ESTATE” and it makes more sense in our industry. I define the VIRTUAL REAL ESTATE INVESTOR is someone who believes in this business (and profits from it) and doesn’t want to get their hands dirty, literally and figuratively. They will protect and pay attention to their investments but not impede the process. Sometimes this investor will be a private money lender, sometimes a partner. The important element is that they are actively “doing it,” not thinking about it, not reading up about this business, not saying “someday” or “maybe tomorrow,” they are engaged and involved, just not “hands-on” micro-managers. Most VIRTUAL INVESTORS have other interests that they pursue and engorge. Sounds like a great person to partner up with! It’s all relative!
OK, our country’s real estate market is hurting. Opportunistic investors are searching the internet for retirement and investment homes. Here’s the list of The Cities Where People Finally Want to Buy Homes:
1. North Port/Sarasota, FL
2. Riverside/Ontario, CA
3. Charleston, SC
4. Ft Lauderdale, FL
5. Cape Coral/Ft Myers, FL
6. W Palm Beach/Boca Raton, FL
7. Ft Worth/Arlington, TX
8. Oxnard/Ventura, CA
9. Las Vegas, NV
10. Orlando, FL
Want more? How about 11 homes around the country that can be yours for $75K each? Wow, most look terrific!
Down Market? Housing inventory continues to drop. Nationwide, year over year, down 21% and has dropped 16 straight months.
In an experiment two weeks ago, auctioneer Hudson and Marshall successfully auctioned off over 100 “new” HUD homes to owner-occupants. Expect to see more in hard hit areas.
REAL ESTATE WEATHER REPORT
The holidays are fast approaching. Looks like lots of retail discounts heading your way. Many merchants are fighting for survival. This from a country that is faring far better than most…in a metro area that is faring far better than most. Who needs another reason to love Colorado? How ‘bout those Broncos? Happy Turkey Day!
It appears that good deals under $100K in our metro area are like chicken teeth, hard to come by. Investors are snapping up and outbidding each other for cash flow rentals and an occasional fix ‘n flip. Sure there are a few clunkers (see our inventory below), but most have an “issue,” like location, mold, structure, etc.
While you were sleeping…Metro Denver foreclosure auction sales fall to 42-month low! Local wholesale deals now rival or beat the Public Trustee deals. Sales dropped 28.3% year over year.
Neighborhood Stabilization Program is alive and well in Englewood. Great deal for owner occ homeowners since the local agencies cannot make a profit and they completely renovate these properties (regardless of existing conditions, new roof, furnace, plumbing, siding, etc).
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 (December 10 is next). 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 : Inventory comes and goes. We’re getting great deals, more cash cow rentals and a flipper or two. We expect more anytime, any day, any place. Keep checking.
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: 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. Some of our properties never make it to this blog/newsletter.
6820 E 52nd Pl, Commerce City. 3 bedrooms, 1 bath, 1 car detached garage all for $54K. Works best as rental with fix at $7.5K. Expect rent $825-900/mo. Industrial zoning and backs to Hy 36. This REO was a F&F a few years ago so fix is light, windows are tight (and house is quiet). Rentals are in strong demand in Commerce City.
6432 W Cedar Pl, Lakewood. Rehab has begun: the master suite is almost complete. 1/3 acre and zoned R3 (that’s a triplex for the zonially challenged). Quiet ‘hood, quiet house on a dead end street. Buy this 2 bedroom, 2 bathroom stucco’d house for $89K and fix to flip for around $18K or fix to rent for under $10K. Great Lakewood location.
QUOTE OF THE WEEK:
“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” ~ Albert Schweitzer