All Forum Posts by: Scott Elkins

Mark you guys should meet up, love to hear about it. Did you get normal financing or hard?

Where is it? Hastings? Horsefly? rentals are tough in the winter( (snow plow costs etc). also make sure the cistern is big enough for draws by 3-4 tenants that "don't care" and use water!!!

Blake, HI, I am a western slope local also, with about 70 regional flips under my belt in the Telluride Montrose to Delta region.  Yes, Ridgway is very expensive, also Modulars/Mobiles don't appreciate as well and its harder to lend on them, especially if they are older. The lending is a barrier and limits your exit and buyers pool . Lots of rules in general for flips and even more so for mobiles.  Most folks in the region, just get in on the cheapest thing and hold on for appreciation but you can add equity as you stated quicker if you can add value/size/income etc .

Shoot me a DM and we can chat. happy to give you any input you seek, its fun to have more investors out here in the "sticks".

@Mark Simpson

Western Slope Colorado Opportunity Zone ecosystem of investors, developers, community leaders, entrepreneurs and service providers. Join us to learn the latest and greatest in the land of OZ and see several of the top projects seeking investment.

Tentative Agenda

• 12:00 - 1:00: OZ Informational Panel
• 1:15 - 2:45: OZ Project Pitches
• 2:45 - 3:00: Networking

Coffee and light snacks will be provided, but please bring your own lunch!

The event will take place in the University Center at CMU. Currently, it is taking place in room 213 and it will be stadium seating, first come first served. If we should outgrow the space between now and then, we will make adjustments and notify attendees. There's no fee for parking. We will either be sending out parking passes to all attendees or will simply let you know which parking lots are free for that day - this is TBD with CMU.

https://www.eventbrite.com/e/western-slope-opportunity-zone-event-tickets-80348000031?fbclid=IwAR0W56aqRPI0rF1MyaB5E_bUPaSzQo5hWXSubhY6YlvDxuMDsbNqoUEzU6I

(note this is NOT my event, I was just letting our peeps know about it, but feel free to email me any questions you may have. The old post was taken down as it was in the "wrong place".( not the 1st time in my life i have been told .... " your in the wrong place")

So if you commented on the old post, it is not gone, please re-post here!

***also please don't forget about the coffee GJ  investor meetup on 12/7 with the amazing and #'s guru Teri S!

@Teri Feeney Styers @Mark Simpson  @Aaron Tobler @Adam Egloff @Michael Scott Dosch  
@Mike Bozich

@Teri S. says:: Scott - the 7-8% range is "average good". To get much higher you generally have to buy something where you add the value (adding units / bedrooms) or you are buying a dated property that has a good cap rate - but will experience high maintenance or capital expenditures. I've seen some 10% properties...

scott says: I agree 1% is really hard to find( ie same as a 12% cap rate basically for all the newer investors out there.) We can find 8.5% (=71% of the 1%) and even those do not pop up very often. In my opinion, 7-7.5-8 is "average good",and anything above 8.1 is approaching really GOOD. with 10% being GREAT. 

We have over 25 rentals and only a handful are truly a 1% deal, usually you have to buy them distressed or ones that need a lot of rehab. a turnkey 1% will probably never happen, there is just too much demand and marketing. What is much more normal as teri states is buy a 7-8% one and "add value" with storage units/rent and increase the rents or add W/D or parking or expand the sq footage. with the "value add" you can get closer to 10-12% ROI/Cap rate

@Mark Simpson@Nicko Ferguson @Neal Elder

@Neal Elder

Western Slope Colorado folks:

What are we seeing for above average returns on the Western Slope?

Grand Junction Delta Paonia Montrose Ridgway Telluride

I tend to find above 8%to be great, yet have a lower socio economic profile( very little risk yet not grade B parcels. ( yes its a little sleepy over here, with older inventory)

I see 6% deals all the time, but as RE investors we want the 1% rule or better CAP rates/ROI.

I am just doing some market research in the small towns from Durango north to GJ.

I have a 8.5% CAP( 5 plex )listed in the marketplace in Montrose CO and wanted to see how competitive we are, and I just bought a 10.5% cheap 85k townhome in Delta.

(in Telluride of course they are terrible and only banking on appreciation)

https://www.biggerpockets.com/real-estate-listings...

Here is a wholesale inexpensive deal $69,900 at 9.5% CAP rate, insane return if any of you know any buyers!

cheers, I hope to make a meeting soon. $675 a month in income!

Did you do it? let us know!

Here is a deal we are selling, its got a great BRRR angle /CAP rate of 9.1% +!

#Western slope deals

@Account Closed