All Forum Posts by: Colm McCormack

Thanks @Sam Dangremond and @Nancy Allen. I appreciate the compliment.

Yup, I  live in Colorado Springs and have been flipping in Pueblo since 2006. 

It's very easy to loose money in Pueblo because the ARVs tend to be low. It's dangerous to look at a deal from only a percentage view alone and it is wise to also consider your straight flat rate dollar return.

About flips, often outside investors come to Pueblo and rehab based on what the market/buyer they left (NY, CA, TX, Colo Spgs, Denver, etc) would want a rehab to look like and not what a Pueblo buyer will expect. Don't over fix it!

About rentals, it comes down to managing the residents with firm and clear expectations, which begin with making it hard to get into a place upfront. We reject several applicants before "allowing" someone to live in one of our units. Having done this, our evictions are low and renewals high. Because the buy prices are low & rents are strong in Pueblo the ROI is high. Wonderful rental market!

Shoot me an email if you would like a 1- 2 hour tour of Pueblo neighborhoods and look at past deals we have done. We also have plenty of whole sale deals to flip to you.

Just threw my vacant rental on Poslets. Thanks for reminding me about that site. I use to use it but got away from it b/c CL had been doing the trick.

The score doesn't matter to me. But they seem to scare themselves off pretty quickly. Yes, more detains of what I expect over the phone would help. One tenant told me tonight he has a conviction for being "with" a minor.

OK, guys. After talking to the potential tenants who look at the house, it seems that the problem is the back round check. A majority of them are nervious about their credit, criminal, eviction & income issues. I guess they are saving me the hassle of screening them myself. Thanks for your help. Merry Christmas!

Hi guys! Thanks for taking the time to look this rental vacancy problem with me! I appreciate it! Here is the Craigslist posting http://pueblo.craigslist.org/apa/3424445274.html

The issue is not the rental price. I know this b/c I am below the market rental amount (I’ve done my homework), have done a price reduction already and prospective tenants all know the price before they look at the house. This house is in an established neighborhood 4 blocks from a great HS in Pueblo, CO. All the houses were built within about 10 years of each other (mine is 1960) and have similar floor plans and sizes. So, in short, it is a “cookie cutter” neighborhood & “easy” to comp.

I can do better at getting feedback from the tenants and believe this is the key to finding out what is going on. Thanks for the reminder and I will contact the manger to get a list of names and numbers to follow up with.

Also, I will WALK the block today and look at my neighbors to see if there is a “White elephant” (power lines, rough looking houses, etc) on the block I am over looking. Tahnks for the tip.

My gut tells me he issue has to do with the time of year and that I may be weeding some tenants out b/c my rental criteria may be too tight. A lot of landlords pay water and trash for the tenant, but I don’t. Although the application fee is reasonable at $25, I don’t have a W/D in the house. However, I have said I am willing to supply them at no charge. I have a $1,000 quote to have the front yard landscaped but hesitate form doing that b/c it's not too bad now.

Take a look at the pictures posted on CL and let me know what you think of the condition. Thanks again!!
-Colm

I have a 4/2/1 rental in a desirable area that’s about 1,700 SF and I can't get it rented! I had a motivated seller call me on my bill board, negotiated the short sale, bought it and had it fixed up so it’s clean & pretty. I have had it on the rental market for 3 months and get 8 showings per week! To date, I have only had 1 application, which I rejected. The house is on Rentals.com, Craigslist (three different times!!), in the ReMax manager’s advertising system, has a yard sign and even neighborhood directional signs. I lowered the rental amount so I am now the lowest priced rental in this area for its size. I have even allowed for some (small) pets. Anyway, do you have any thoughts on getting it filled? Feel free to ask me any questions to get a better idea of the situation.