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This Month in Fort Collins

August 2, 2010

This is move in weekend for all the students at CSU so campus town is a zoo. Parents and students are arriving, there are literally people everywhere! It also is New West Fest this weekend, and what a great weekend to be in Fort Fun! Big kudos to the Bohemian Foundation for putting on yet another amazing festival in Old Town Square. And thanks to the Foundation, there is no entry charge to get into the festival grounds, the music is all free! This year the headliner is none other than Earth, Wind and Fire. I would say that is top notch talent for a town of less than 150,000 people. Here is the link for New West Fest: http://www.newwestfest.com/

Things are going pretty well for Fort Collins right now. Our economy continues to be strong, with a lower than average unemployment rate and real estate values holding pretty well. This is in stark contract with most of the country, which we all know could be doing a lot better. This recession is not over, not by a long shot. Until we fix the root problems of this crisis, we will continue to be in limbo. It is a scary time for a lot of people. I give thanks every day to be lucky enough to have a home, a job, and enough money to pay the bills. Many others are not so fortunate.

The housing market is struggling still, I think we all understand that. It is a rough time if you are a seller, but a GREAT time if you are a buyer. In fact, I don’t know if there will be a better time to be a buyer in the next 20 years then this next year or so. Interest rates are RIDICULOUSLY LOW, and somehow they just keep going down. There are lots of properties on the market, so you can have your pick of the litter. There are amazing incentives out there if you are buying new construction.

I just closed on an unbelievable deal in Loveland….a 2000 sq ft Victorian 2 story built in 1899. It was a Dept of VA foreclosure and we got it for a steal. This is a long term investment for my family. I plan to hold onto it and rent it for the next 5-10 years, and when the economy turns all the way back around and it is a seller’s market, we will fix it up and sell it for a nice profit. I have been seeing lots of people take their assets out of the stock market and other investments and buy real estate. There is just no better time than right now! The key is this: YOU MUST CASH FLOW THE PROPERTY. In other words, your income must be significantly higher than your cash outflow. If you can make money every month from a rental property, you are doing well. If I’m an investor, buy and hold is the best strategy right now. Nothing wrong with fix-and-flip, just that there is a lack of buyers out there right now. And the rental market is SUPER strong. Can you guess why? It is because of two factors mainly: people losing their homes to short sale and foreclosure, and people not being able to qualify for a loan due to much stricter underwriting standards. So consider talking to me about investment property — I am an expert in these deals and I can show you all the important numbers.

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