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Forums » Make Deals, Find Partners, Mentors & BirdDogs, etc. » Distressed luxury homes

Distressed luxury homes Subscribe to Distressed luxury homes

8 posts by 4 users

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Colin Gumm

Residential Real Estate Broker · Littleton, Colorado


Forum_avatar_avatar-cgumm1

Icon_minipost Mar 01 '09, 06:28 AM

Looking for investors to buy a luxury homes in distress in Colorado. Some have stopped construction at the drywall and just require finishing, others are complete. Great ROI.

Edited: 06/26/2010 at 07:25AM


Joshua Dorkin

BiggerPockets Founder · Denver, Colorado


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Icon_minipost Mar 01 '09, 10:47 AM

Can you share some potential deals with us please, Colin?

Edited: 06/26/2010 at 07:26AM

Small_bplogo20aJoshua Dorkin, BiggerPockets, Inc.
E-Mail: webmaster@biggerpockets.com
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Colin Gumm

Residential Real Estate Broker · Littleton, Colorado


Forum_avatar_avatar-cgumm1

Icon_minipost Mar 01 '09, 01:23 PM

OK so a little more info. These homes were built on spec and for one reason or another have not been completed and/or sold. The prices are from around $800k on up to 1.5m or so. The unfinished ones are best suited for builders in the Denver area to sweep in and finish them up. Locations vary. Some in the mountains, some in the metro area. Looking for somebody who can afford a hold time or who would make them an executive rental for a while in order to take advantage of future potential.

Edited: 06/26/2010 at 07:26AM


John Klahn

Real Estate Investor · Denver, Colorado


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Donor

Icon_minipost Apr 24 '09, 06:24 AM

Colin,
When you say that the prices are $800K - $1.5m, is that the ARV or the buy price. If it is the buy price, what would you estimate the ARV to be? I have a partner who may be interested in seeing some of these properties. More detail (location, price, etc.) would be appreciated.

John

Edited: 06/26/2010 at 08:02AM


Colin Gumm

Residential Real Estate Broker · Littleton, Colorado


Forum_avatar_avatar-cgumm1

Icon_minipost Apr 24 '09, 06:42 AM

John,
800k is the buy price. ARV is probably somewhere around 1.6m but it will take a while to sell so it is best for somebody who can live there for a while or rent it as a executive rental. Needs about 400k to finish. Evergreen area.

Edited: 06/26/2010 at 08:02AM


Ana Hyler

Real Estate Investor · Lincoln, Nebraska


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Icon_minipost Apr 24 '09, 06:47 AM

200k potential return on a 1.2m investment is in my opinion not enough, considering the risk factor and hold period. But that's just me.

Edited: 06/26/2010 at 08:02AM


Colin Gumm

Residential Real Estate Broker · Littleton, Colorado


Forum_avatar_avatar-cgumm1

Icon_minipost Apr 24 '09, 06:57 AM

Ana,

Unless my math is wrong it's 400k

Edited: 06/26/2010 at 08:02AM


Colin Gumm

Residential Real Estate Broker · Littleton, Colorado


Forum_avatar_avatar-cgumm1

Icon_minipost Apr 24 '09, 07:02 AM

But that's just me.

Edited: 06/26/2010 at 08:02AM


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