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Updated about 6 years ago on . Most recent reply

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4
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John Dayhoff
  • Contractor
  • Monument, CO
1
Votes |
4
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2% test in Colorado Springs?

John Dayhoff
  • Contractor
  • Monument, CO
Posted

I've been looking at a number of properties. I have seen several sell very fast for market price, and they need a lot of fixup. My most recent analysis was for a ~$250k ARV on the market for $220k (House is a wreck). I physically looked and found $35k in fixup (very conservative number). It had a contract and multiple offers same day for above asking (cash). My offer would have been laughed back across town to me

I am wanting to do a BRRRR. Is the market that hot? Are investors that insane? Am I just missing something? I know there is this "NEW MATH" thing, but what gives?

I'm thinking about buying my Gma's house for $200k and it would rent for $1500/mo.  Not thrilled with numbers, but it seems way, way better than anything I've seen in 2 months of looking.

Any opinions?

Most Popular Reply

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17,478
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30,165
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
30,165
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17,478
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied

I dont know your market, but I constantly hear people saying you cant make money on X property including ones Im buying. Many of us keep making money when people say we cant. Those of us who do, I think merely accept the fact that we make less than we did say 5 years ago, but we still want to be earning, so we take the margins the market gives us today.

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