All Forum Posts by: Ruth Lyons

Hi Angelo,
You’re going to have a hard time finding a decent home or townhome in a decent neighborhood for $300,000. Unfortunately, prices have gone up and stayed strong in Colorado Springs. Fountain, Colorado is very close to Fort Carson. There are some decent neighborhoods and lower prices that Springs zip codes. I agree with the other comments about finding a good agent. I have a suggestion for you if you want to message me. I’ve been working with this agent and she understands Investors and first time buyers. While property taxes are lower than some states in Colorado, homeowners insurance is quite steep. Just a heads up on that. I moved here from Maryland and was thrilled with the lower property taxes, but very surprised when I went to get homeowners insurance.

Thanks for this discussion. It makes me so angry that these legislators sit in their offices and try to figure out more ways to tax us. What are the unintended/intended consequences of this? Why do they want to tax this? Let's see -- force the small investors out by making it unaffordable. Another example of big government over-reach through unneeded regulation and taxation. 

Hi Brian, I purchase in Colorado Springs. Can you connect with me and send details? Ruth

Robert, I'm sorry you're going through this. It might be best to remove any personal belongings that are important to you as it sounds like things the mortgage company and HOA are moving forward to salvage what they can from the situation. I hope the counseling agency has some good advice for you.

I hesitated in responding because I am trying to understand your predicament and the steps you took. You moved out of a house you own to pay rent on a property you don't own instead of paying the mortgage and HOA on a property you do own?
The mortgage company has every right to foreclose and your HOA has every right to put a lien on the property and force a foreclosure to collect what's owed to them. I must be missing something... 

Foreclosures are coming. The government has artificially affected the market and halted foreclosures with programs and printing money and then handing that money out to people. The primary cause of today's inflation is due of the influx of newly printed money making every dollar that was available before less valuable. Basic economics. Bad government policy causes inflation. Now everyone's budget is stretched because gas and food cost so much due to inflation. That's the housing bubble that's going to pop this time. The government's meddling with the forces of free markets will come to a day of reckoning...foreclosures are coming. 

Ozzy Sirimsi I have two 2 bed/2 bath condos with good paying tenants who want to stay, one in Parkville renting for $1295/month and one in Owings Mills renting for $1425/month. I also have a 3 bed, 3 bath townhouse in Windsor Mill, also tenanted at $1850. Tenant pays late, but always pays and lease is now month to month. Finally, I have a single family home in Windsor Mill, 4 bed, 1 bath, no basement with fenced in yard, currently rented for $1500/month. The tenant wants to move when the lease is up next February. I am looking to sell all of them off market (I'm an agent but the properties are not listed yet and I'd prefer to sell them tenanted as most of the tenants want to stay/are in the middle of their lease term). All are well-maintained and in very good to excellent condition. I'm not looking to take advantage of anyone -- I will sell for fair market value determined by a local independent appraiser. 

 I’m also selling mine and moving to a different state. I have 4 available in good sections of Baltimore county. Hit me up if you’re interested. 

Hi Jessica,

With "no experience in real estate", I don't advise flipping houses! Yes, the TV shows make it look easy but unless you know what you are doing, have a team in place and are able to successfully mitigate the risks, it's unlikely you'll turn that $80K into serious wealth. It's more likely you will lose money on your first flip. 

Is there a reason why you and your mother in law don't work? You're right that $80K isn't enough to buy a house, but it can be a large downpayment on a house. To get a lender to provide additional funds, you need a decent credit score and a job. That's where I would start. Bank the money, prepare yourselves to qualify to purchase a primary residence and move your mother in law in with you and your husband once you get it. 

Weighing in on the discussion, yes, the HELOC rate can fluctuate and is typically 1% higher than the prime rate. It really depends what your strategy is. I use the HELOC for temporary financing of projects and for that purpose, it can't be beat. Using other people's money, like hard money, is very expensive. And I like the fact that when I'm not using the funds, there is no interest and no payment due, unlike a refinance where you have a regular payment to make.