I don’t quite know how but I do know that I am driven to find a way to change the face of affordable housing here in the Springs. There is a disparity in the most oft requested price points vs. what’s on the market. This disparity isn’t one that’s easily bridged for a renter, or someone who isn’t in a position or doesn’t want to buy.
Wired has 7 options here…I really like the idea of the modular homes and think something like this could be done here.
Good morning! I have to run out the door this morning but here’s the link to my new app, packed with useful links and information. Please check it out and let me know what you think!
That’s a good question.
The long answer: “A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. ” (Investopedia, 2015)
It short answer: it’s a loan backed by a home.
What kinds of mortgages are there? There are a number of options you’re best served by speaking directly to a lender on but there are some basic types such as a Veterans Affairs (VA) loan guarantee (also called VA loan), conventional loan, FHA loan, or an Adjustable Rate Mortgage (ARM).
Looking to rent a home in Colorado Springs? Interestingly, there are 124 MLS listed Single Family Homes (SFH) w/3+ bedrooms on the market at $1500 and below. There are 87 on the market at $1501 and above.
This differs from July by a total of 4 homes, which makes for an interesting market.
If buying is an option, I’d be honored to earn your business!
DATA SOURCE: PPAR MLS derived statistics
This is a REALLY GOOD QUESTION. And the answer is not short. Rather, the short answer is: that’s complicated.
Generally speaking, no. There are a number of methodologies out there on the Internets that speak to ways to do this but my advice here is (pardon the caps): PROCEED WITH CAUTION.
The circumstances of a flip are so varied I’m struggling with how to capture this is a broad overview post. I would suggest that flipping a home is not for the faint of heart. Nor should you do so (in my opinion) without a Plan B. Plan B is this: can I carry the house for the length of time it needs to sell or will it rent out for the carrying costs?
Specific to ‘no money out of pocket’: a real estate transaction costs money. There’s no two ways about it. Where does that money come from? Could be an investor, could be your account. Always, always account for these costs.
If you want to take specifics about the Colorado Springs markets, please give me a ring at 719-440-6626!
He’d probably also say something about logic and housing markets.
These are pitched as terms for ‘newbies’ but I’d add they are terms every investor and homeowner (as potential landlords) should be familiar with.
The first step in your real estate venture should, in my humble opinion, be education! I know it’s cliche but knowledge is power.
BiggerPockets: 16 common investing terms
Looking to buy or sell in Colorado Springs, I’d be honored to earn your business! Call Rob @ 719-440-6626
I don’t think this is a good idea. This could have a lot of unintended consequences.
What say you?
From the Gazette, here’s a rundown of eight spots to cool off in Colorado!
We’ve down the hot springs — well worth the journey!
Have any you’d add to the list?
