Are you a Real Estate Vulture? It’s your time!
Saturday, July 5th, 2008
Houses aren’t free in Denver. You can’t even find very many for $1. But there are certainly crazy good deals to be found if you are looking to buy a fix-up and hold for at least 2-3 years.
This article in CNN Money does a good job of explaining the best strategy for today’s investors:
Rock-bottom home prices have finally begun to lure vulture real estate investors into the fray.
Sharon Restrepo, a broker in South Florida, where home prices have dropped nearly 27% over the past 12 months, recently bought a three-family home in Cape Coral from a very motivated seller for a mere $65,000. It listed for $195,000.
She can rent the three apartments out for about $1,500 and turn a profit, while she holds on to the property until the market recovers.
“The savvy investors here,” she said, “are buying up everything they can.”
It’s a really unique time for Rehab and Rent-ers in the Denver Metro Real Estate game: vacancies are at an all-time low, and home prices continue to drop. I really think that now is a great time to start or build your Real Estate portfolio - whether you have a long or short-term strategy for the properties.
In Denver, flipped properties continue to sell, but only if they are priced reasonably - those investors who are buying bank inventory at rock-bottom prices and renovating SMART - meaning that they are not over-improving for today’s market, no matter what price range they are in.
The same goes for Rehab and Rent-ers — if you can snap up a cute little property that looks like crapola, and put only enough money into it to make it a nice little rental, you are playing the game SMART - in a couple of years, when the market stabilizes and buyers outnumber renters, you can always make a few more improvements to get top dollar.
Ready to start looking for Denver Real Estate? Connect with your inner vulture and get in the game!
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