My wonderful friend Candy and I are partnering on this deal! Another Rich Woman partnership…that’s 2 in the same week!

Can you believe this Diamond in the rough has FIVE bedrooms and TWO full bathrooms? It looks so small and cute from the outside, you’d never guess by just passing by…

It’s like jabbing a hot fire poker in my side when I see a Realtor trying to play an Investors role when they don’t have a clue! Arrgh!

For example, I found a property that has 4 bedrooms, 2 baths, and a 1 car garage with 1666 sqft in the Pikes Peak Park area of Colorado Springs. Because of the neighborhood, a seasoned investor would know that the house will only afford 120k – 130k tops no matter what time of year.

Don’t get me wrong, I don’t mind other people making money with Real Estate, there are plenty of houses out there. My beef with this deal is that the Realtor playing Investor paid 10k too much for the house, spent a minimum of 20k to fix the place up, and is now asking 10k too much for the property. It’s listed at 139k when they should know that they will only get 130k TOPS! I almost feel bad for the person (ALMOST), but it burns my butt that the Realtor works with the listing company and they so happen to outbid all the other investors AND will only end up breaking even AT BEST!

Realtors: Do your job and be a Realtor.
Investors: Do your job and be an Investor.
Don’t mix and match, it just messes up the comps and makes us mad.

There is obviously a story behind this, it would be extremely difficult to work a deal this quickly without one…

A good friend of mine, Michael Jake, secured this property under contract and wasn’t sure what he wanted to do. Buy it for 73k, put 20k into it and then retail it for 125k…? Not a bad deal. A mutual friend of ours, Shane Bruckner, had a buyer for the property that qualified for 90k. The buyer really wanted the house before Christmas, but could not buy it in its current condition.

Michael calls me up and asks if I wanted to buy the property from him, fix it up to meet the buyers’ lenders conditions and then sell to the end buyer for 90k. It sounds good, but it’s getting a little skinny now.

I called up a couple of my contractors to see what they could do for me. I told them the situation and I got one to work with me. We put less than 5k into the property, took a week to fix’er up, and the rest is history!

Normally I wouldn’t do something this skinny, but that’s the joy of being a full time investor. I was able to do this deal, give someone a nice Christmas present, and keep my contractor working during the hardest time of year. Even though I didn’t make a lot of money on this deal, I was happy to just to pay it forward!

Cost of Aquisition: 78k
Cost of work: 5k
Sales Price: 90k
The smile on everyone’s faces who participated in the deal: PRICELESS!

Before pictures:

Come check it out June 17th between 2pm – 4pm. Wine, Cheese and Chocolate for all! Bring a friend and receive a free Starbucks gift card, “On the House”.

3317 N. Prospect Street, 80907
3495 Charwood Lane, 80910
1965 Tanager Way, 80906

All are priced between 125k and 135k…

Here we have a newbie investor scoping out a potential deal. Kevin is our first episode of Real Estate Fear Factor! Watch out for ghosts Kevin! Is that a SPIDER on your hat?!

What really happened here is that my friend Kevin decided he wanted to learn Real Estate Investing. Last Sunday I took him with me to go look at some properties and to show him the ropes. On this particular property there is a ‘crawl space’ or ‘basement’ (not sure what it is) under the house that is really damp and creepy. I had fun sending him down there to check things out. He said he felt like he was on “Fear Factor” with how creepy and scary it was down there…so, ‘Real Estate Fear Factor’ is born.

Stay tuned…

50% LESS REHAB-Excellent Townhouse (Short Sale Pending)

4513 Lamplighter Cir

Needs little paint and carpet cleaning.  Would make a great rental and easy cash flow.

Comps $100,000

Your Price $50,000

70% LESS REHAB IN GREAT LOCATION UP NORTH (Short Sale Pending)

5185 Mira Loma Cir, Colorado Springs, CO 80918 – (Vista Grande) 70% less rehab

This is a true fixer upper.  Needs new roof, new bathroom, carpet, Linoleum, paint, landscaping, kitchen, and appliances.  There is an addition to the house and it leaks in places.  The upstairs of the addition has no insulation.  The sunroom leaks water in places as well.  I just made an estimate on the rehab.  Do your due diligence.  This is currently a 3 bed home, but there are 2 rooms without a closet so it could be a 5 bed.  2,526sf

Comps $220,000

Your Price $115,000

70% LESS REHAB in Woodland Park (Short Sale Approved)

402 N Baldwin St.

Needs paint, carpet, mold remediation in baths and basement, regarding, new deck

Comps $200,000

Your Price $115,000

70% LESS REHAB near the Broadmoor (Short Sale Approved)

2028 Mt Washington Ave

Needs Paint and Carpet.

Has a studio apartment in basement with separate entrance.  Would make a great rental.

Comps $200,000

Your Price $130,000

PERFECT RENTAL 75% less rehab in Fountain (Short Sale Approved)

901 Daffodil St, Fountain CO 80817 (Countryside) 80% less rehab.  Needs paint, carpet, and appliances.  This is a very nice house that would be a great rental.

1,909 SF 4/2/2  Year Built 1989

Value approx $185,000

Your Price $132,000

GREAT LONG TERM HOLD 80% less rehab in Fountain (Short Sale Approved)

2. 1380 Lords Hill Dr, Fountain CO 80817 (Heritage)

Needs paint, carpet cleaning

1553 sf 3/3/2  Year Built 2003

Value Approx $180,000

Your price $143,000

If you want to make an offer on one of these deals, send me a comment and I’ll get back in touch with you asap!

Just an fyi…2233 Cortez has been WHOLESALED & SOLD and is no longer available.

I have a waiting list for the next house, and will let you know as soon as it is available….

3 Bedroom, 1 bath, 1 car garage

ARV 115k

Rehab 15k

Your Price 75k