All Forum Posts by: Paige Kelsey

I recently read on BP that 7 markets including Portland and Denver were at risk for a Housing bubble. I am from Portland and our end game is to get back there in a year. The fact is I could not agree more with a housing bubble potentially coming our way! I live in Colorado Springs so we do frequent Denver quite a bit. I know that just here in the Springs there is a 20 year  low of inventory on the market and I believe Denver is the  same if not worse. Live auctions are packed and people are making crazy offers  that there is NO WAY those numbers would work.l I own several rentals here but did also want to buy when we move to Portland. For investors in either area, how does living in a city with a potential housing bubble change your strategies for what you do? 

*Do you wait out times like this?    

*Are you just way more cautious on due diligence?- (however, if it is anything like the Springs now you have to know the market, be able to jump quick and go cash. For example,  I just bought another rental that I close on Thursday. to get that in this market, I had to go cash, forgo inspections, close within a week)

Are you changing what you buy ie commercial ?? 

Any advice would be helpful?

I own 2 vacation rentals in the Springs and i like where your head is at.I have a few questions. Soo where would you live the rest of the year? Ie april- june? Sorry maybe i missed that. I would also be concerned  that if the economy begins to slide super high end vacation rentsls and ski vacations are what will go first for people. I would be concerned that you really are at the top of the market so betting on equity and the long haul is a rough bet on those properties. The market in colorado right now is on Fire not sure you would be buying super smart. Also 45% holy cow!! That seems sooo high! I am saying.. While a good plan I might keep looking- is check out different areas and look for a better deal- you can do better:)

There is a home that I am interested in- neighborhood could not be better. The lot is great and the house well..... that would be a 100k remodel for sure. You could definitely make that work but here is the deal. The home will go up on forclosure auction on 9/9- The lady filed a right to cure and the amount is 17k. She owes 108. Obviously she would like to keep the house although she now lives out of state. If I buy at auction for the 108 I think I would be fine but it will be tight on cash after the 100k remodel. People have talked about the cash for keys etc............. thoughts on the best way to try to get this for the cheapest??   

Colorado Springs market is on fire with a 20 yr low in inventory. I would questions the comps and sell- your money could be put to better use elsewhere in my opinion.