Fix and Flip This! Real Estate Investor’s Message to Fort Collins
The hard truth is there’s no money being handed out by the banks right now. The answer is simple though, and it’s the mantra of our modern age… Go local.
There are always investors in every community that are willing to offer up fast money in the right situation to the right person. If you are looking at buying a property to fix it up and flip it for a profit, but are having a hard time getting a loan, chances are there is someone willing to take the risk and help you out, as long as you have some collateral. The kinds of lenders you want to look for are successful real estate investors who consider lending a civic duty and a form of patronage to their community as much as they consider it a business. You may think it’s impossible, but Fort Collins is a place full of creative surprises and unconventional ideas. People like Mike Vogel of Mike’s Hard Money are stepping out of the real estate crowd offering real solutions for hungry investors who are held back by the banks.
“There is no need to have a healthy real estate market being ignored because people can’t find the funding. There is so much opportunity out there right now, especially in this economy.” And Mike is dead on. In Larimer County alone right now 30% of current sales represent distressed sales and 15% of all homes nation wide are delinquent. That means a whole lot of opportunity for investors who like to “buy low – sell high.” With so much opportunity it’s good to see the Northern Colorado market on a positive upswing. “I see Northern Colorado as an oasis of beautiful land and homes just waiting to be put into the hands of competent owners. That’s why I started Mike’s Hard Money and co-founded ICOR, to encourage cooperative investor-to-investor relationships that harbor positive results for the community.”
Free advice in his new Q & A column as well as links to hot fix and flip properties as they become available in Northern Colorado.
Clearly this way of thinking has spread to other businesses in the real estate industry, and it should. “We love working with lenders like Mike because it’s essentially a win-win-win scenario for everyone. Not only is the investor able to purchase the property to rehab and sell, but we are able to work with sophisticated investors and new families buying their first home. It works out great for everybody,” says Dave Lund of High Street Real Estate. “This business model has received such a great response that we’ve created an association called ICOR (the Investment Club of the Rockies) to help educate successful real estate investors and create a networking hotspot for real estate opportunities in Northern Colorado.” At HighStreetRealEstate.com you can search the MLS for Northern Colorado properties, view community reports, request home evaluations and find funding all in one place. “We love being stationed in the Café Vino building because we have everything we need under one roof, lenders, agents, and several meeting rooms. Not to mention the fact that great coffee encourages a wonderful rapport with clients. And afterwards you can get a massage, visit the chiropractor and get a new hair style, all without leaving the building. Our clients find that quite convenient.”
Although the term ‘hard money’ sounds difficult it doesn’t have to be. It’s quite easy and rewarding to simply watch each others’ backs when times are tough. Fortunately, with plenty of local investors getting into the game of lending to other investors, it’s not a tough thing to achieve consistent success in a rocky market.
Join the next ICOR meeting! Visit www.icorockies.com for more info.