All Forum Posts by: Brian Bellew

We do have a larger sample size in Denver so it is a bit more difficult to get a read on the Springs market.  Some of the markets we are purchasing heavily are Parker, Castle Rock, Westminster, and Broomfield.  

I have three out of state properties in Bend, Oregon.  I use a local PM company to re-lease whenever I have a turn. Industry norm for fees is half of one months rent.  If I have an issue I just call whatever vendor necessary plumber, electrician, etc.  I have done this for the last four years with no issues.  I fly back once a year to walk the properties, assess repairs and condition of the property, re-sign leases, etc.  It has worked well so far and am looking at Grand Rapids as a next possible location outside the Denver market.  

Over the last year I have been the lead broker on an acquisitions team for one of the largest institutional investment groups in the country.  They are publicly traded and have a $4 billion market cap with a portfolio over 30,000 properties.   We have been purchasing single family homes in cash around Denver and Colorado Springs and have kept a steady pace of about 15-20 deals per month.  We have closed 7 deals so far this week and August is going to turn out to be our best month so far in 2017.  I feel like I have a good pulse on the market here in Colorado and have not noticed a large uptick in inventory however deal flow has increased recently and our offers are being accepted without as much competition.  I understand seasonality has an impact as we head into the Fall however this year it seems a bit different.  Demand from buyers seems to be decreasing even though inventory remains relatively low.  Can we attribute this to hitting an equilibrium point where we have more of a balance of buyers and sellers as many buyers are priced out of the market?  Not sure what it means yet but feels different from the past three years where the market here has absolutely been on fire.  Is anyone else seeing this? 

I agree with Bill that the HOA could make or break the deal. We just had a similar deal with a Lakewood condo but it was a 3/2 with 1,700 sq ft. Rents for $1795/mo, HOA was $260 and buy price was $187k with renters in place.

Hello - my company Atlas Real Estate Group is looking for a new residential agent to lead our Colorado Springs expansion efforts! Please see below for specifics and let me know if you are interested or if you know of anyone who is interested. 

About Atlas Real Estate Group:

Founded in 2008, Atlas is a full service realty group, specializing in real estate investments, brokerage, and property management. Atlas was founded by principals who have personally owned and managed over 1,000 residential and commercial properties. The company was built on the belief that in order to serve and understand a client’s needs effectively, you first need to understand their perspective as an owner of real estate. To learn more about the full scope of Atlas, visit www.RealAtlas.com.

Responsibilities:

Atlas Real Estate Group is expanding some of its unique product offerings to the Colorado Springs market and is looking for a seasoned real estate broker to help network, grow brand awareness in the area, and transact on related new business. This position will work with one of Atlas’s institutional investment buyers as well as promote our investment platform that uses real estate as a vehicle to build long-term wealth.

Hello BP community.  I have an investor looking for rentals in the Twin Cities.  Any recommendations for brokers specializing in residential rental properties?  Not necessarily a strictly commercial broker dealing with large apartments but someone with the 2-4 unit niche. 

Our company, Atlas Real Estate Group, just received 50 single family rentals to lease from a large institutional investment company.  What have other Denver investors seen in the singe family space for demand around Denver?  Any areas having difficulty renting or areas that are hotter than others?

@Scott Heiman Our company works with investors to find deals and we are actually closing next week on a townhouse in Bear Valley. It is a 3/2.5 for a buy price of $187k and rents for $1795/mo. HOA is $230/mo. These deals are out there and seems like it might be along the lines of what you were looking for.

Thanks for the great discussion guys.  Overall, I worry the demand will weaken for the peripheral markets around Bend if the overall market softens.  I think these areas are seeing strong growth now as buyers/renters are being priced out of Bend but if the market dips I think these areas would be hit harder than Bend.  I don't see people moving from other areas of the country to live in Redmond or Prineville like they do for Bend.  Seems tempting to search for yield in these areas but it would keep me up at night to own investment properties in these areas.  

I tend to look at real estate investment like a stock analyst.  Would I rate Bend a Buy, Hold or Sell?  At this point I would rate a Hold.  I would not be a buyer because I see the likelihood of a pullback in the market in the next 3 years as 50/50.  To me the window of opportunity to buy has passed.  Although I do believe long term one could make a strong investment thesis for the area due to quality of life, population migration trends of millennial's and retirees, municipal capital investments being made such as new parks, ice skating rinks, white water park on the river, investments at Bachelor and OSU Cascades.  I also believe the entrepreneurial spirit of the city is still in its infancy, although we may not end up looking exactly like a Boulder or an Austin, I think Bend will see a higher rate of startups and entrepreneurs moving there from tech hubs on the West coast.  But who the hell really knows...

@Jay Hinrichs if you were a 20 or 30 something investor in Bend would you still be a buyer now or would you try and save cash to buy when the market softens up a bit? 

@Duncan MacDonald what are the details of the SFH investment property you are purchasing? Purchase price and what the property will rent for?