Is now the time to buy real estate, how do I now if we’ve hit the bottom?
It has been proven on many occasions that trying to time the real estate market is futile. When the news media claims that real estate is showing signs of recovery the bottom has been historically reached six months prior and real estate prices have already begun rising. Denver did not experience the meteoric rise in prices as cities such as Las Vegas, Phoenix, Southern Florida, etc... Denver, as a whole, experienced a drop of 5.5% versus the aforementioned areas, which averaged between 30%-40%. With 30 fixed rate mortgages at 52 year lows, a depressed market having already driven down prices and government programs such as the first time homebuyer tax credit of $8,000 it is difficult to make a case that this is not an opportune time to buy…..
What if I don’t want to be a landlord?
It’s very common. We work with reputable property managers who can handle just about everything.
How are the homes chosen?
We begin our real estate search about three weeks prior to the tour, beginning with about 300 homes. We use a formula created by our lead real estate agent to identify the most promising properties, and we narrow the list down to between 25 and 35 properties in the geographical area. Two and three days before the tour, we do an up-close-and-personal viewing of all of the remaining properties to eliminate homes we feel don't live up to our standards.
What makes them a good value?
This varies from home to home. Sometimes it’s a good value because it’s owned by a bank, and the bank needs to get the house off of their books. Sometimes it a good deal because a seller needs to move, and must sell the house in order to purchase a new home. Sometimes it’s a good deal because the neighborhood has experienced a rash of foreclosures which has pushed the purchase prices down. Other times, it’s because the potential rental income is much higher than the monthly expenses. In many cases, it’s a good value because it is in an area that shows great potential for development and/or growth.
What is the process from looking to buying?
If you see a home on the tour that fits with your purchase needs, let us know. Once the tour is finished, we can help you write an offer, a pre-approval, the counter-offer, inspection, title, appraisal, loan application, inspection resolution and closing.
Am I required work with your people?
Yes, we insist….ok, just kidding. While we believe that you will get top-notch service and advice with our team, you are free to work with the realtor, lender, inspector and appraiser of your choice. Hopefully, after you get to know us, you will feel confident working with us on this and any other real estate transaction. We really want to work with you
Do you think I should buy one of the properties on your tour?
Absolutely! We will only take you to see homes that we highly recommend based on our extensive research and experience. If we didn’t believe that these were excellent real estate opportunities, they wouldn’t end up on our list. Every home we show you has a great chance of earning you a great return, either monthly, or over time.
What if I want to buy a home for myself?
There’s a place for you on the tour also. The homes we show on the tour aren’t meant just for investors. If it’s a good deal for an investor, it’s probably a good deal for you too. Our emphasis is on discount real estate. We use almost all of the same grading criteria for an owner-occupied home as we do for an investment property. You just have to decide if you need a home that is move-in-ready, or if you’re willing to do some work to it. There are great deals on both.
What if I’m already a real-estate expert, does the tour offer something for me?
Yes it does. One of the best things about the tour is that we all interact, and talk about the pros and cons of each of the properties. We give suggestions to each other, based on our real-estate experiences, on how to handle challenges in dealing with home purchases. We network to help each other find good deals. We offer up our services to each other. Many people exchange business cards, and stay in contact after the tour. No matter how experienced you may be, you will almost always learn something helpful on the tour.
What if liked the home that I saw on the tour, but I want to see more before making a buying decision?
This happens a lot. We try to showcase homes that fit many different people’s needs. Sometimes that means that you saw two or three homes on the tour that you liked, but would like to see some more of that size, style, type or price. Just talk to one of our staff, and let them know you would like a private tour. We will give you a questionnaire that tells us what’s most important to you, and we will tailor some showings just for you. Just because it isn’t on the tour, doesn’t mean that it isn’t a good buy.
Why should I go on the tour instead of just going with my realtor to look?
We have learned a lot doing these tours. The biggest reason to do this with us is the community aspect. You can learn a lot looking at homes with your realtor, but imagine if there was a property inspector sitting in one seat with you, a lender in another, an appraiser in another, a contractor in another, a long-time rental home buyer, a fix-and-flip expert, and about 15 other people with some level of real-estate buying experiences helping you to decide what house looks like a great buy. Not to mention, we have spent hundreds of man-hours preparing for the homes you’re about to see. We also go to great lengths to make sure you are comfortable, from our ultra-comfortable bus, with restroom, to our snacks and beverages. Plus there is no pressure for you to buy anything. Just come and learn with us.
What if I like a house, but I’m not sure how to fix it, or where to start?
We’ve developed a list of trusted contractors, tradesmen, remodelers and landscapers who can help you fix it, and make recommendations about how to do it. They can help you determine a budget before you decide to buy.
What makes a good rental property?
Here are some of the criteria we use to evaluate the quality of a rental property:
- Square footage
- Number of Beds/Baths
- Bedroom Size
- Bed/Bath Configuration
- Payment
- Condition - Capital Expenses
- Maintenance Expenses
- Pool of Renters/Demographic
- Access – Highway
- Transportation
- Amenities – Groceries, shopping
- Anchors
- Schools
- Curb Appeal
- Neighborhood
- Parks
- Proximity to Buyer
- Parking – Ratio
- Courtyard/Backyard
- Pro-forma Rents
- Lot Size
- Sprinkler System
- A/C
- Storage
- Financing
There other to consider, but this is how we weigh the quality of a rental.
What makes a good fix-and-flip?
Here are some of the criteria we use to evaluate the quality of a rental property:
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- Purchase Price
- Comparables
- Inventory
- Budget
- Holding Costs
- Revenue Goals
- Contractor
- Finish Level
- Timing
- Market
- Interest Rates
- Proximity
- Precedent
- Curb Appeal/Location
- Anchors
- Neighborhood
- Parks
- Expansion
- Lot Size
- Zoning
- Schools
- Access – Highways
- Amenities – Groceries
There are other qualities to consider, but this is how we weigh the quality of a fix-and-flip.
What makes a good primary residence?
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- Purchase Price
- Neighborhood
- Parks
- Condition
- Comparables/Analysis
- Consistency/Price Point
- Forecast
- Budget
- Timing
- Expansion
- Lot Size
- Zoning
- Curb Appeal
- Amenities
- Hwy Access
- Schools
- Anchors
Again, there may be more to consider, but these are great guidelines.
How do I get on your next tour?
To make a reservation for our next tour, please Click Here. We will reserve your spot and send you directions to our pick-up location.
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