2016 is off to a fast start

[Tom Spaeth]

Just wanted to tell everyone to just keep working it. Persistence pays off. Denver Colorado is a very tough market. However in spite of that, this year looks good so far.

1: January 8th  - Sold my worst rental house. Always made good money. However two bedrooms were in the basement with ceilings barely over 6ft. Only one bedroom on the first floor. Did a minor rehab and sold it over a weekend.

2: Wholesale came up with a rental with a bad foundation in a growing neighborhood. Took the money from the sale of the rental above and bought this. We will plan a tear down new construction project while holding the rental through the summer.

3: My Large addition fix and flip is almost complete and should go on the market within the next few weeks. Six figures? - Who knows!

4: Found a subject-to rental property that I am working with the owner on. We will close that sometime this month. I have quite a few rentals, but this will be my first Subject to for owner financing. Great thing here is there is equity in the house, though it does needs work. It could be flipped, but taxes will be lower if I hold it for awhile. Plus the mortgage has 13 years of payments on it. So in 17 years I could own it free and clear.

5: Just signed a contract for a property with a bad foundation last night. This one should be a quick fix and flip. It won't be a huge money maker, but the risk is low. It will sell for that primo price at about $250,000.

Knocking those goals down one by one.

So get out there and keep looking. I wish everyone a prosperous and abundant year.

Tom

[Robert Wright]

Thanks for sharing, Tom...fast start indeed.  Bit slower for me down in CSprings, but just means more diligence.

1. Went under contract at $275K, for a Victorian-turned office space--5 bd 2 ba. Had an inspection and leveraged that to drop price to $225K, where seller agreed and we closed in 2 weeks. Zoned office/residential--lots of options. My objective was seller financing, which I got on this....10% down and 20 year amort. Will keep this one for awhile, and maybe do a JV with someone who wants to split monthly cash flow. 2 blocks from Colorado College...great rental area...

2. Have a 4400sf flip that will be ready around March. ARV is going up, as a couple high end comps within blocks have gone under contract with asking prices of $749K and $750K. I paid $380K...was an REO...

3. Still recovering from Bronco's win...yep, it was a good night with food and drinks...and I don't see any team keeping Denver out of Suprr Bowl 2017...Brock Osweiller has earned his shot...defense wins SB anyway...all good...