All Forum Posts by: Aaron Moore

you bet!

@Chris Lopez that’s some really interesting info. I haven’t dug deep enough to see tangible numbers put to the problem, so that’s really cool to read...thanks! I do have and/or come across deals down here fairly regularly depending on what you or your clients are looking for. Feel free to shoot me a text (I’m terrible about seeing BP messages quickly), and I’d love to grab a quick coffee next time you’re down this way

@Rodolfo Canon thanks for the insight! It’s always really helpful to hear what those who are local, experienced, and involved are seeing

@Chris Lopez I appreciate the quick comparison. Obviously, this is a constant point of discussion in CO, and it's always interesting to get perspectives on it. I believe Denver will continue to have strong growth, as people from all parts of the country (specifically, higher-income, single and young family millenials) flock to the city. I think prices will continue to increase until they are on par with some of the large coastal cities. My biggest concern for that market as an investor, is the effect on rentals when the burdensome HOA/developer laws are changed or repealed (as I think they have to be eventually), and all those apartments are converted to owner-oc condos, and "affordable" new condo construction is a thing again. As a Denver guy, what are your thoughts on that?

As for Pueblo- I agree 100% with @Paige Kelsey.  $40-50K SFRs are so tempting, but I have stayed out of it because I think the long-term prospects are crap (no real local economy or large employers, little to no population growth, and all that goes along with those things), and have advised my clients the same.

Colorado Springs-I am unabashedly biased, but I think it's the best of both worlds :D

@Alfredo Elias There are several good REI meetups where you can meet wholesalers and get on their list. Michael Jake runs the Colorado Springs Real Estate Investing Club, and it is my personal favorite. @Travis Sperr I believe still has one which is really good as well.  @darren smith has a consistent number of wholesales here in COS, and would be a good one to connect with as well.

Good Luck!

Hi @Mike Roberts Leo's plumbing are good guys, and Dan Bennett is great.  I will PM you info

Hi @Tim Barnwell, Darrel Fenton and Shane Utesch are both experienced rehab contractors.  I will PM you their numbers

Welcome to CO @Rob Stein! If you want any suggestions for good REI groups or wholesaler connections, just shoot me a message (text is actually better, # in profile). I've been in The Springs for 25 years, so if you want to grab coffee or lunch while you're in town this week, we can talk through what areas could potentially be a fit for what you're looking to do.

Hey Chelsea, It seems if finance and numbers are your forte, that you are good at, and like detail-oriented things? You might consider looking into becoming a transaction coordinator...it requires a great attention to detail, and is a great way to learn the ins and outs of the real estate transaction process without needing a license. You can do it either in-house for an agent/team, or on a contract basis as an independent TC.

Farakh Zaman there are a lot of factors that go into the success of an offer, especially in a market as competitive as Colorado's Front Range. Maybe I'm making too many assumptions, but you said you "even wrote some offers at or above list price". In our market, depending on price point (under $300K in Colorado Springs), at or above list price is the bare minimum starting point if you want any chance at all for an MLS property. How much rehab you're willing to do is a big factor as well. If you want something turnkey, or close to it, you will be competing with a lot of owner occupants who don't care about value. If you are willing to do some rehab, that helps, but there are tons of active investors to compete with as well. I don't know what kind of return you are aiming for, but I've had several new/out of state investors that pick a number and want to offer accordingly (i.e., the 2% rule, which will never happen on a open-market property here. Even 1% on an SFR is rare), with no knowledge or expectation of whether that number is achievable in our market. If you're expectations are not that high, you just need to be more selective with your offers. Only pick properties where you have some upward cushion with your numbers so you can be competitive, have your agent talk to the listing agents beforehand to see what the seller's prime motivations are, and what the competitive landscape looks like, etc.. Last but not least, if you have he cash, use it. Cash will always be more competitive if structured properly. Cash does not mean you get a 5 or 10% discount in a competitive situation, but apples to apples it will give you an advantage. If you offer cash, the advantage comes from quick close (10 days or less), short or no inspection, no appraisal, little or no other contingencies. With no rehab you can refi out within 6-9 months, and with value-add rehab you can redo as soon as the repairs are complete (as long as they add sufficient value). Hope that helps clarify. Good luck!