Distressed Property Workshop

The Wells Group will be sponsoring an online webinar on October 20 from 5 PM to 7 PM dealing with "DISTRESSED PROPERTIES". Those properties would include homes subject to a short sale, homes that are currently in foreclosure, and homes that have been through the foreclosure process and are now bank owned. Generally speaking, a buyer can get a very good deal on these types of properties, but there are certain "landmines" that one must be very aware of when making those purchases. That is just part of the information that we will go over in that webinar. In addition we will do virtual tours of approximately 40 properties currently available that meet those criteria. Most of these will be Durango real estate or Bayfield real estate.

If this interests you, please send me an e-mail asking for the webinar login information and I will send that to you as soon as that password system is set up. You can click on this link to send me an e-mail.

Home on 9 Acres Bordering National Forest

Team Lorenz was recently retained to help market this Bayfield Colorado home just 25 minutes from downtown Durango. If you're looking for some privacy, direct access to national forest and a thoroughly modern home, then this one could be a good fit.

This warm and inviting 3 bedroom, 2.5 bath, 2800 square foot home on 9.7 acres is nestled amongst the towering trees and backs to National Forest for unlimited hunting and hiking access. Enjoy peace, quiet and freedom in Bear Creek Canyon which offers no formal HOA and minimal restrictions.

This beautiful and spacious home has been recently fully remodeled and is finished in Art-and-Crafts period style with every detail intact. Enjoy wood wainscoting, hard wood floors, gorgeous custom wallpaper, claw foot bathtubs, and many other features.

Large screen-covered porch and a nice established garden invite you to relax with your favorite book while listening to the birds and watching wildlife stroll by. There is also a large open space for your horses’ corral. Big living room windows allow you to watch wildlife come and drink out of the seasonal pond. Whatever you enjoy the most: hiking, hunting, picking wild blueberries, peaceful setting, or craftsmanship, this is a home for you. Priced at $315,000 this may be the perfect home for you. Please give us a call and anyone on our Team will be happy to help you.

Log Home on the Pine River

If this isn't true Colorado, I don't know what is. This fabulous hand hewn log home even has its own sand beach right on the Pine River. Fish from your own property while watching the bald eagles do their fishing right in your backyard. The Pine River is the outflow from Vallecito Reservoir, so not only do you have protection from flooding, but you also have nice clear waters most of the time. This unique property offers a main home with two bedrooms and 2 full bathrooms but it also has a small children's guesthouse (complete with electricity, radiant heat, and a wood stove) that is of cabin construction and is cute as a button. In addition the entire second level above the garage has been made into a mother-in-law quarters complete with two bedrooms, a living room, and an efficiency kitchen. With the beautiful setting and guest quarters, your biggest problem is going to be getting your guests to leave. You will likely end up having relatives that you didn't even know about that will want to come and visit! With irrigation water right out of the Pine River, you can keep the lot nice and green for the entire season.
They're really just isn't any other way to say this, but this would be a home that could easily be featured in a log home magazine. You'll definitely want to look at the additional pictures and information on the following link: Pine River Log Home
Team Lorenz would be tickled to show you this property, of course, please just give us a call. 970-375-7007

INVESTMENT OPPORTUNITIES IN DURANGO COLORADO

As I have discussed in several posts, the lower-end market in the Durango and Bayfield area is not real strong. In particular over in Bayfield where there are two new subdivisions, some of the builders are getting a little nervous. Unlike big cities where US Homes and Pulte Homes often times come in and build 300 to 500 homes per year, we don't have that here. Here's how it works here. Carpenter Fred builds two or three homes per year; carpenter Mark may build two or three homes per year, etc. We don't have mass building. And for Carpenter Fred and carpenter Mark, their ability to hold and sit on these homes after they're built is not the same as Pulte’s ability. Some of these builders are a little bit nervous. With Labor Day just around the corner and plenty of $200-$300,000 homes still on the market and those buyers being few and far between right now, this could be a great opportunity for an investor to pick up a brand-new home and use it as a rental. Conservative person that I am, I recommend a 30% down payment for rental properties and with that type of down payment you should be able to find something that would cash flow or maybe have a very small feed. Remember that that low-end buyer no longer qualifies for a loan and as such has been put back into the rental market so rents have been firm and vacancy rates are lower.

If the residential rental market is something new to you, please give me a call and I would be happy to mail you a copy of my 25 page white paper on Single-Family Residential Investing. This paper walks you through what is the best time to have your leases end, special clauses to be sure to include your lease how many bedrooms is the best amount and much more.