All Forum Posts by: Bob Vollmer

@Madeline Burke First off, welcome to the Fort! As you mentioned, we are in a very competitive market right now, but you can still find deals if you are prepared to act quickly! House hacking is a great way to start investing as long as you're OK with having room mates. 

Old town in definitely getting expensive, but occasionally there are places that hit the market that fall around your price range. If you're looking for an investment, it might be wise to check the emotions at the door. Make sure your numbers are solid. Learn the local laws for rentals (U+2, noise ordinances, etc). 

I've lived in Fort Collins for about 10 years and it's incredible how much it has changed since then. Obviously it is a very desirable place to live (for good reason) which makes it tougher to find what you're looking for. Being a licensed broker, I understand your concern and frustration as I see many people go through the same thing. As an investor, I highly recommend learning what different areas rent for, what property conditions warrant higher rents and what will best fit your needs. Just looking at $/sqft. will not give you the answers you're looking for. Run all of the math to determine if a property is a good investment.

Feel free to PM me if you want to talk more about our local RE market or have any questions about it or the town. I'd be more than happy to share what I know about our awesome slice of CO!

@Bill S. pretty much summed it up. The entire front range real estate market is absolutely on fire. Fort Collins is seeing an average price around that $400k mark with very tight inventory. At one point during the summer, we were at 2.5 weeks of inventory... That has since gone up, but only slightly.

We have seen the market take a breather over the past few weeks likely due to the fact that school's about to begin and families are squeezing in the last minute vacations. But we are still seeing multiple offers within just a couple of days. 

We are also seeing more and more people getting their licenses. So many of them see how hot the market is and automatically assume that it must be so easy! They couldn't be more wrong... Like Bill said, some agents are doing great while others are starving.

@Adam Rothweiler The market is definitely tough right now. There are deals, just not as many as there used to be and much more difficult to find. Got to be able to act extremely fast. I've actually started looking into the St. Louis area for some rentals because the numbers out here don't fit my model. 

Feel free to give me a shout once you're out here and we can grab a beer or something.

(970)988-4927

Hey Adam! Welcome to the front range! I'm originally from the other side of the river (near Belleville, IL). I've been living in the Fort for about 10 years now and have absolutely loved it out here. I will say, it is A LOT different than St. Louis. We've experienced some crazy growth in the past few years and the city is still figuring out the best way to handle it! I'm a licensed agent and also run a fix-and-flip company, so if you've got any questions about the local market, feel free to PM me!

Welcome to BP Matt! NoCo is a great place to be right now!

@Brian Armstrong  

Hi Brian,

Do you also insure flips? I know many companies do not like to insure uninhabited properties and if they do offer coverage, it's normally not that great and kind of expensive. 

Today I missed out on a property that went to auction strictly because of cold feet. ARV was ~$350,000, and after running all my numbers, I was prepared to bid up to $310,000. I've won two properties at auction before, but always start second guessing myself when very few of the "normal" bidders do not go for the same one I am. I start asking myself, "what do they know that I don't?, What did I miss?, Etc.". The property ended up selling for $307,000...

My question to other foreclosure auction bidders is, how do you get out of your own head and focus on the raw data? Do you use any tricks to prevent psyching yourself out?

$310,000 is a lot of $$$$, especially when you've never seen the inside! I'm really kicking myself for not stepping up this time around, but I'll be back at the courthouse next week. And hopefully with a steadier mind... 

Does anyone have any opinions on the Panama City area? Specifically for single family homes that will be used for long term rentals? I've been exploring the option of investing out of state since CO has become such a tough place to get good cash flow. Just beginning my due diligence, so any input would be greatly appreciated!

Hey @Scott Trench ,

I currently do not have rentals, but am hoping to pick up 3 SFR rentals in 2016. I live in Fort Collins and am having trouble finding properties that fit my criteria. With that being said, I'm mostly looking to fix/flip in and around NOCO to help build up reserves. Glad to see other young investors doing well in our market!

I'm seriously considering using the BRRR method to obtain some rentals, but before I pull the trigger, I'd like to know some of the pros/cons other BP investors have run into with this strategy? Was it worth it? Is your cashflow decent? Any advice/stories would be much appreciated!