All Forum Posts by: Rowland Smith

Hello:

I have real estate experience in specs but am just starting out in flips and rehabs.

I'm in Colorado Springs, CO and have noticed that while there are some distressed and attractive houses (able to add value to them). I'm hardly every seeing a house that can even get close to the 70% rule. I guess this is to be expected now since inventory is so tight.

  What are you all using for guidelines on initial analysis of houses? Are you doing more houses for lower margins to make up the income loss per property? Interested if anyone is making a full time job out flipping in such a tight market....or do you have to mix with other investment methods to make it a career?

Thanks....would love to hook up with other investors in the Colorado Springs, Colorado area if you read this.

Rowland

Hi All:

Excited to have found this community.  I live in Monument (Colorado Springs) area and want to start looking at flips/rehabs and finding some less expensive rental units. Starting small and learning the business first...seems that is common advice from most. I want to make sure I understand what's required before using real dollars for deals.

I used to build some spec homes with my brother, so I understand construction, dealing with contractors, etc...  but have never flipped a house before. So I feel comfortable around the real estate and building/remodeling game, but am learning the foreclosure market/process.

I did go witness a trustee sale last week and will try and go this week as well, actually walking through looking at a couple of properties and seeing what I might be willing to pay....maybe it will give me a feel for working through the numbers and seeing where the crowd actually values the property vs. myself.

Anyway...would like to hook up with anyone in the Springs area sometime that might be willing to talk shop.

Thanks!

Rowland Smith