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Conifer, CO Real Estate News

By Joe Marino
(Your Castle Real Estate)
Investing in Real Estate 4 – Small (2-4 units) Apartment BuildingThis blog will discuss a type of real estate investment, small apartment buildings, in the Conifer area.What this investment is:  Purchase of duplex, triplex or quadplex to be rented to tenants, usually for 6-12 month terms.  Usually what the rental home / condo landlords graduate to.  In most markets they cost a little more than a rental home, but are much more likely to cash flow on the average month.  Less cash flow risk; if one unit is empty you have other tenants that still help you with the mortgage payment so it doesn't all come out of your pocket.  Many owners will start to delegate some of the property management tasks to an on-site assistant (typically the most responsible tenant), such as yard maintenance and sh...
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By Joe Marino
(Your Castle Real Estate)
Investing in Real Estate 3 – Rental Condo or Rental HomeThis blog will discuss a type of real estate investment, rental condos or rental homes, in the Conifer area.What this investment is:  Purchase of a residential property to be rented out to tenants, usually on a 6-12 month lease term.  This is how most new landlords get started.  You can hire out all of the property management functions, but in many cases you will do many of them on your own.  There are smaller down payment requirements than for larger rental buildings.  The purchase process and financing process is very similar to what you experienced buying the home you live in now.  It's a great way for beginners to get started.Equity needed:  Currently 20% - 25% Downpayment.  In some cases you might be able to do it with 10% dow...
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By Joe Marino
(Your Castle Real Estate)
Investing in Real Estate 2 – AssignmentsThis blog will discuss a type of real estate investment, assignments, in the Conifer area.What this investment is:  An investor who is interested in Assignments gets a property under contract for an attractive price then assigns the contract to another buyer, usually another investor.  The first investor will be paid a fee for the work.  If you don't have much equity to work with, and/or if your credit power is limited, assignments can be a way to get started in real estate investing.  You will need to have a strong "sales" personality to succeed at it, though. Equity needed:  None, just earnest money.Importance of credit:  Not important, since you are not purchasing the property yourself.Importance of experience with contractors:  Not important. ...
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By Joe Marino
(Your Castle Real Estate)
Topic:  Special considerations for Investor loans The talk around the water cooler these days is all about LOANS. Who can get them? At what price? What if I already have a few loans, do I still qualify?  A year or two ago the question was at what price do I get a loan (those were the days!).  Today it is "am I still in the game?"     Here's the deal:  if you have an owner occupied loan and 3 investor loans you cannot buy any more properties and get Fannie Mae / Freddie Mac financing, meaning you can't get a conventional 30-year fixed loan. Now, my hope is that someone reads this and tells me I'm wrong. That would be great!  But as far as I know that is the case.    Where does this leave you?  You can pursue loans that are warehoused by lenders, meaning they are not sold on the backend t...
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By Joe Marino
(Your Castle Real Estate)
Topic:  Investor Series:  Why sewer scopes are important  A LOT of agents don't advise their clients to get sewer scopes when they purchase a property. This is a major mistake.  A broken sewer can cost between $3,000 - $10,000 dollars to repair and it only costs $99 ($99Rooter - others are more expensive) to have a tech put a camera down the sewer pipe and videotape the sewer all the way to the mainline. This will tell you  and the-buyer what the condition of the sewer is.    So let's see, we pay to have the furnace inspected but a new furnace will only be about $2,000. We pay to have the roof inspected but that's probably a $4,000 job. So why don't we always inspect the sewer?  One reason is because, let's face it,  Realtors want closings. Many figure if they keep their mouth shut and ...
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By Joe Marino
(Your Castle Real Estate)
Topic:  Investor Series:  Estimating Rents A lot of clients ask me how to figure out what market rents are in a neighborhood. This is a critical input into the calculations an investor needs to make in order to determine what their return on investment will be on a rental property. So you don't want to screw this up!  Unfortunately, this is one of the many figures new investors get wrong.   One place people go to get rents is Rent-o-Meter. Rent-o-Meter is billed as an online resource to get accurate market rents. In my experience it is anything but!  However, I have a fairly simple solution. Multiply what you see on Rent-o-Meter by  80%  and you'll probably be close. I can't explain why but I find rents on Rent-o-Meter to be about 25% high, so multiplying their rents by 80% will get you...
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By Joe Marino
(Your Castle Real Estate)
Topic:  Investor Series:  Things to look for when you look at roofs Have you ever driven through Aurora North looking for a rental property and taken a close look at the roofs?   Here's what you'll see: a bunch of 1950's ranches in varying states of repair or disrepair, lawns that are often grassless, old handcrank windows and roofs in almost perfect condition!  This surprised me at first and perplexed me for a long time.  Why, in a neighborhood devastated by foreclosures with properties with massive deferred maintenance are the roofs in such condition?  Really!  Stand in the middle of a typical street and looking at 10 roofs simultaneously, you'll be amazed. Well, it turns out the answer is pretty simple. There was a huge hailstorm in the mid-90's and most of the roofs were replaced by...
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By Joe Marino
(Your Castle Real Estate)
Topic:  Investor Series:  Things to keep in mind when seeing a foreclosed home As investors we face a number of very real and very scary challenges. Making sense of this market is no mean feat and one has to be very careful with his or her investment. However, we usually think about danger as financial. Unfortunately, on rare occasion it can be even worse than that. The majority of the homes investors are buying these days are vacant and once in a while people break in and live in these properties illegally.  The last thing you want to do is walk in on someone camped out in a house, perhaps conducting illegal an activity.    This is no joke, you want to be HEARD when you walk into a property that is supposed to vacant. So make a lot of noise when you're at the front door. I always knock...
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By Joe Marino
(Your Castle Real Estate)
Topic name:  Investor Series:  Understanding Egress Windows  A lot of investors ask what an egress window is and when one is needed. Technically, it's a window for a room below grade that a municipality has deemed large enough to be safe for exit in case of emergency.   While there are some variations, the window needs to be large enough that a firefighter with an oxygen bottle on their back could get in, then carry out an injured person in a fire.  Most often, it's associated with a basement bedroom window, making it a legal bedroom. Basement bedrooms without egress windows are illegal.  Installing an egress window makes them legal.    The confusion is that different cities, counties and agencies have different size requirements and height-above-floor requirements for these windows. Th...
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By Joe Marino
(Your Castle Real Estate)
Topics for Investors:  Basement Kitchens You walk into a property you're looking to buy and rent and you walk down into the basement and voila! you find a full second kitchen.   Great!  You start calculating how much rent you could get if you could rent the downstairs separate from the upstairs and the cashflow is out of this world!  But wait, there are a number of very real problems with this scenario.   First of all, it's illegal unless the property is zoned for more than one tenant and the property has been converted to non-residential use. But there are even more practical reasons why having two separate tenants is often not a great idea. The first is the utilities. Since it's a house there will only be one bill for Excel and water. Who's going to pay it?  Can you really get the ten...
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By Tupper Briggs
(Tupper's Team - Re/Max Alliance Evergreen)
Million Dollar Views!www.11633Braun.com 11633 Braun Way, 3BD, 3BA, 2724 S.F., 0.9 acre, 2 car garage. Private, high ceilings, big windows, open floorplan. Hardwood & tile floors, center island, stainless steel appliances, granite counters. Family/media room, gas heat, comm water/sewer. Quick Hwy 285 commute. $485,000; Braun Subdivision; Conifer                                              Nestled into the hill on a private cul-de-sac, this incredible home is drenched in sunshine and offers unparalleled views of Pike's Peak and Cathedral Spires. Convenient main level living is yours with an open floorplan featuring combination living, dining and kitchen areas plus a sumptuous master suite with soaking tub and private deck. There are high end appointments throughout, including hardwood & ...
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By Cyndi Early
(Coldwell Banker Residential Brokerage)
We have been listing and selling property in the mountains outside of Denver in Conifer, Morrison, Pine, Bailey and Evergreeen. It seems that most of the properties are going very quickly. We have had 3 properties that have a contract within 3 days of going on the market. We are mountain specialista and know all about wells and septic tanks. We can provide excellent inspectors for home buyers in our area.
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