“What’s the last thing you would expect a gold fish to notice?” It knows if you get close to the bowl you might feed it. That stupid castle is always in it’s way. The plastic plants? Nope, the last thing a gold fish is going to notice is the obvious, it’s water.
Daily I get asked for the really “great” real estate deal. The property I’d buy, the one you pass on to friends first. And there are some “great deals” out there right now. Don’t pass up the obvious!
Investment property: Anybody who has lost their house isn’t going to be able to buy another house for years, but they have to live somewhere. Search for houses that are easy to rent. They should be in good shape, problem free, close to where people work,employment areas or where people go to school. The rent should be around the average for the area. Although some higher end houses are renting quickly. Look for multi-family properties like duplexes, four-plexes or apartments.
Luxury Property: Look for great luxury properties that somebody put to much money into to begin with, they may have overbuilt the area. The house was built for somebody elses taste. These properties were usually priced by the owners that thought they could someday get their money out but now reality is setting in. If a property has come down 1/3 or more now might be a good time to start looking at it. If the property has dropped more than 1/2 get on it, figure it out, make sure it isn’t currently on fire 🙂
Vacant Land: Most sellers (not all) purchased these outright for cash. Owners may or may not have a loan on them. Look for property that is listed for what the seller purchased them for years ago. This can mean the seller is serious about selling the land. If they aren’t looking to get back all of the taxes or HOA fees they might be trying to raise money for personal reasons. Maybe they are asset rich and cash poor.
Fixer – uppers: Fewer buyers are looking for this kind of property but there are a few. Look for property that will take more labor than dollars to fix up. Maybe a bucket of hot water, scrub brushes and yard work. Look for property that will be easy to get financing on. If a buyer comes along to buy this property from you they might be impressed with the appliances and the colors you painted the inside but if it doesn’t fit their loan requirements it won’t sell.
The Business Residential Combo: People are becoming more practical. We get calls ALL THE TIME for commercial properties with residence attached. Have a building downtown that has a apartment above? Have a house with a huge commercial garage in the back? Can somebody work and live at the same address? Is the property zoned for the business / residential buyers? Also look for buildings that can be “re-purposed” Look for churches, sometimes they have living quarters already attached. They may have some land associated with them.
Contact Dena Stevens to buy or sell your next Fremont County, Canon City, Florence or Penrose property. (719)369-9087