Lack of CO discussion

6 Replies

Good morning from the Fort!

I will start off by admitting that I don't spend as much time on this site as I would like to, but when I do make it on, I notice that there is little talk about the northern Colorado market. As an agent and an investor, our market can be challenging for old and new real estate professionals alike. The median home price has skyrocketed almost everywhere along the front range and the competition is very strong. While we've seen the market cool somewhat with the onset of fall, it is still very much a sellers market. New construction remains a large part of the Fort Collins market, but with limited space and high land prices, it will be interesting to see who can afford new builds. 

So here is a call out to all of my fellow Colorado folk. Where is your market and what trends are you seeing right now? Investors: What are doing to find below market value properties? Are you looking for fix/flips or buy and holds? Agents: How do you prefer to get leads if you're not working off of referrals? How are you structuring your offers in order to gain leverage on a  popular property? 

Just thought we should keep the conversation alive on BP. Let's hear any of your questions/concerns/comments.

Bob, I agree, we do not use this site as much as we should.  My partner and I have the Homevestor Franchise here in Northern CO.  As you are aware, the market is a lot tougher than it was a few years back.  We still get a few leads from our billboards, direct mail and our wrapped trucks.  We have moved up to higher valued properties and include commercial offices and industrial.  The shift happens in all markets, what is good today won't necessarily be good tomorrow.  I will try to be more diligent in posting here and also maybe we could get together for coffee some day soon.

Duke 970-218-2296

Northern Colorado is just too localized for a continual conversation on a forum. It's one of the reasons I started the Erie meetup. We have plenty of good conversation there about the northern region, but it's the sort that would just not flow well in an online layout. I think the helpful information to the investor side here would follow the lines of where development and restructuring is happening outside of the new home builds. Things such as new schools, tech park expansion and even rezonings.

One more thought

Dealing with the Turkeys in Your Life

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A potential investor asked me a very reasonable question about my track record of finding “fix and flips” over the past year, and projections of success for the next 16 properties. I responded that he can reasonably expect of the next sixteen homes, four would be genuine giant winners, four would be profitable flips, four would be cash break even investments, and four would be flops. All reasonableness flew out the window as the investor said “Why do I invest in flops!!!” Wow! What a strategy. Just do the profitable ones! Why didn’t I think of that?!!!

It would be great if we were all masters of our universes and could press a repeat button for success time and time again. But, we’re not. I know firsthand. In looking back over my 41 years in Real Estate, I have learned that nothing stays the same very long and a certain percentage will be a turkey. We must look at each deal with new eyes and look at what the universe is around us every time. We must look at investments differently as the recession recovers and changes the ground rules for buying and selling as well as what segment of the real estate market is emerging from the depths of despair.

These turkeys are a constant presence and they seemed to breed especially forcefully in tough economic times. I learned I wasn’t in charge of success. I was in chargeof the processthat hopefully would yield more success than failure. I began to be guided by three navigational stakes:

1.My process and my diligence to execute was the best I could do.

2.My attitude and determination to remain positive and confident was a critical catalyst for my success.

3.My resiliency and ability to see failure as but a speed bump on the road to success allowed me to get back up when I was knocked down.

So, what does it all mean? Maybe it’s save turkeys for eating on Thanksgiving and try not to create them. Or perhaps it’s a reminder that turkeys are a part of life.

With such a competitive marketI have done what Duke has.  Higher end homes plus I have diversified my income streams to include lending and consulting.  I have also made a concious focus to take advantage or the fall winter opportunities more vs the spring and summer deals.  It's been hard finding footing in these markets but I find you have to be willing to do what most will not.  Door knocking has been a great lead source for me.  I've tried to hire it out but many just aren't good enough to create opportunity out of it. But it's been the best return for me.  

Originally posted by @Duke Marquiss :

Bob, I agree, we do not use this site as much as we should.  My partner and I have the Homevestor Franchise here in Northern CO.  As you are aware, the market is a lot tougher than it was a few years back.  We still get a few leads from our billboards, direct mail and our wrapped trucks.  We have moved up to higher valued properties and include commercial offices and industrial.  The shift happens in all markets, what is good today won't necessarily be good tomorrow.  I will try to be more diligent in posting here and also maybe we could get together for coffee some day soon.

Duke 970-218-2296

 I can see how higher end homes would be desirable to investors given the tight market. Not only do you remove a lot of the competition, but I'm sure the margins have the potential to be quite nice!  

I would really like to get together and chat over some coffee sometime soon. I will be in touch!

Originally posted by @Dan Mackin :

Northern Colorado is just too localized for a continual conversation on a forum. It's one of the reasons I started the Erie meetup. We have plenty of good conversation there about the northern region, but it's the sort that would just not flow well in an online layout. I think the helpful information to the investor side here would follow the lines of where development and restructuring is happening outside of the new home builds. Things such as new schools, tech park expansion and even rezonings.

 I agree that things change far too much and too fast to compare apples to apples. It changes drastically within city limits, let alone different towns all together! However, it is always nice to keep your finger on the pulse of the surrounding communities. 

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