Posted by Damon L. Chavez on Thursday, June 30th, 2011 at 11:24pm.
Recent Your Castle Real Estate Success Stories A buyer's success story: A client mentioned she was paying $700/month rent for her condo and asked whether it made sense to buy instead. After a search of about one month, she found a HUD listing one block from her current apartment. Because she liked the neighborhood and wanted to stay there, she agreed to look at the listing. It was a 950 sq. ft., 2 bed / 1½ bath unit with a garage and a partially finished basement listed at $50,000! Of course the property needed a little work, but it wasn't any worse than her current apartment. After getting the contract (the second time around) and dealing with the subtle nuances of HUD she recently closed on the property. Now her total payment including HOA dues is almost $100 less per month than her smaller rental! A Seller's Success Story: A client was facing foreclosure on a beautiful 5 bed / 5 bath house. In this instance a short sale was the best option. The original loan was for $1.3 million. The new buyers offered $460,000 plus golf membership (the property is on a golf course) and the seller’s bank that held the mortgage accepted it! The buyers are thrilled to get such a beautiful home at such a deep discount and our client avoided foreclosure, making it a win-win situation for everyone! An Investor's Success Story: Now is a great time to buy and hold investment property in the Denver Metro area. A client purchased a duplex on Reed St. in Lakewood recently and got a smoking deal! Each unit has1,072 sq. ft and has 3 bedrooms, 1 full bath, and shares the 2-car garage. The property backs to a large set of fields with a high school on the far end. And it’s in great shape! It has hardwood floors throughout, updated windows, a newer roof, and systems that all passed inspection. It’s on a quiet street with little through traffic and a lot of single family owner-occupied homes on the block. And the best part is that the property came with two Section 8 tenants and the rents are $1,075/month for each side, guaranteed by the government. The purchase price was $199,000 and the clients put down 25% so their monthly PITI (Principal, Interest, Taxes, and Insurance) payment is $1,039, meaning they’re getting $1,111 in cashflow every month. Monthly cashflow is significantly more than their payment! Please call or email with any questions, or start your home search here: http://pheep.ycrehomefinder.com/search/ Warm Regards, Phil Heep www.YourAgentPhil.com 303-588-6885