40 Burst results for "Denver"
Fresh "Denver" from Colorado's Morning News with April Zesbaugh and Marty Lenz
"Sports Park in Waterworld in Adams County, the tester free and available to anyone without an appointment around a virus cases across the globe have soared past the 20 million mark. Along with that comes the grim fact that almost 734,000 people have lost their lives. With the U. S. Leading in both counts. The director of the World Health Organization stresses it's never too late to turn things around. The White House is looking at temporarily blocking American citizens from returning to the U. S. If they have or are suspected of Having Corona virus rules are already in place to ban foreign citizens into the US, But a draft proposal would add Americans and permanent legal residents to that list. Federal agencies have been asked to provide feedback on the proposal, but there's no known timeline for implementation. The Denver City Council wants to let voters decide whether to repeal the city's pitbull ban. The council voted to put the repeal measure on the November ballot. A similar measure was passed by the council earlier this year. But vetoed by the mayor. The proposal has to pass a second vote before can officially be placed on the ballot coming up next year. On Colorado's morning news. Artie is looking at reallocating resource is away from armed security to mental health and social workers. And those resource is we talked our TV about the reasons behind this move. That conversation in a moment. Your driver now John Morrissey, what he's seeing on the roads. I'm seeing problems started pile up. Now it looks like South tonight 25 Crash it 84th. That's one of the worst spots tohave a crash, but we have a lot of them. They're pretty popular place for accidents South and 25 84th. That's a center lane crash. Back up. Go back to Thornton Parkway, You're slow from 58th into downtown. Because of a stalled gravel hauling semi broke down right in the middle of something I 25 at 30th Park Avenue. Just after I 70 that Aurore drive south, found 2 to 5 is awful. Backed up solid back to Alameda because of a crash blocking several lanes at Parker wrote. I'm telling you, maybe Havana would be a better idea for you. You can take it south. It'll turn into a hand and take you right to I 25 but big delays in the Aurora area on top of all the usual slowing way. I'd like that to 70 drive across Commerce City heavy in both directions. University in Arizona. It's a new crash coming in just east of Wash.
Apparent drive-by shooting wounds 9 at family gathering in park
"30. And Denver police now say 10 people were heard in a shooting in a park, located in the 1400 block of West Byers place that's near Alameda and Pecos. Nine people were shot. Three others injured by other means. It happened during a family gathering. None of those injuries are
Fresh update on "denver" discussed on Golic & Wingo
"Speaker. Just ask Alexis or Google Toe play, ESPN Chicago. Four seconds remaining falls into Anthony Davis. Looks like Davis hands it to Cooze three for the win, and he got it. Kuzma hit the three. There are 30.4 remaining in the game, and unless the Nuggets pull off a miracle, Kyle Cruise was just beat him. 23 in the game for coups and what a night for him. Dave Rothenberg with your ESPN SportsCenter sand courtesy of ESPN, 7 10 Koosman knocks down that Go ahead three with under a second to go giving. The Lakers won 24 1 21 victory over the Denver Nuggets. Kuzma First go ahead shot he's made inside the final five seconds. In his entire career. To this point news from Major League Baseball, Our Jeff Passan reporting that the MLB has had preliminary talks about a bubble type format for the post season, the league would need at least three hubs to complete its wild card around before shrinking to a two humped format. For the divisional. Siri's Big 10 presidents expected to meet in under an hour from right now to decide on their football season, according to our Heather Damage League president considering pushing back the start of the season, potentially to September 26th or postponing it all the way with spring of.
"denver" Discussed on Denver Real Estate Investing Podcast
"Now, I briefly mentioned quite a few details about you know different lending options. Different things can do with Pmoi how to manipulate numbers to make it better cash flowing I mentioned that really quick But in a few weeks after this podcast releases, we are publishing the ultimate house hacking guide for Denver, which is a technical guide to building a Denver rental portfolio, your house hacking that goes through all these details. If you have any interest in house I can you know Manning, make sure you read the book or listen to all the podcast a fifteen part podcast, and also about a fifty thousand word book that comes out. Content similar just depends digested. The book will definitely have a little bit more. be more succinct and concise in the PODCAST So depend how you WanNa, learn or or consume the information, but I would definitely recommend reading or listening to that. If you have any interest in doing House Act because that goes on all the details and lots of examples about how to manipulate all the different levers that you can pull as an owner occupied investor. All right. So that's the ultimate house that can guide. That should be coming out in August twenty and twenty. So just a couple weeks after this podcast comes out. All right. So couple of things, and then we'll wrap up here. I get a lot people asking me. Hey, what about flipping? Oh, about the by Rehab Rent Refinance repeat the bird strategy here in Denver. So, these two items are definitely not our specialty We're very much focused on buying rental properties, ourselves and our clients, and that's really because I. I always tell people this don't keep saying this probably for the rest of my real estate career. That's flipping and burning is not direct investing. Buying rental properties is more operating, starting a business, not theirs anything bad about it, but just like, Hey, starting a waiver franchise or becoming a real estate agent or whatever it is, you're starting a business. Understand that take a couple years, things off the ground up and running. And that? Any be proactive bill your business, you know that timeframe in your mind, you're not gonNA come into Oh. I read a few books on bigger pockets as the PODCAST I wanNA. I WanNa Bernau extremely hard to do. and. I highly doubt that one contact or one agent will give you everything you need to do. because. You're still leaving parts on here. So many people are doing both successfully, but there are a lot of times more seasoned veterans and they're also taking that business approach. So some general tips for success here. Make sure you network with everyone's much as possible agents,.
Fresh update on "denver" discussed on Colorado's Morning News with April Zesbaugh and Marty Lenz
"Comes to, and that would be the final score. Kevin Harlan with the call on TNT last night, as Nuggets come up short against the Lakers look to bounce back on Wednesday. When they face off with the Clippers at sports and grainy, Crystalline Ko in his radio home. The Broncos thanks P. K 6 47 k. Away news time Our top stories on Colorado's Morning news. We're learning more about a weekend shooting at a Denver park that left nine people wounded, police say. Six of them were under the age of 18. The youngest was three years old. All of the wounded are expected to live. 1/10 person was heard after being hit by a car while running from the scene so far. No word on a suspect. RTD board member's gonna be taking up a resolution, which would shift money from security to bring on more mental health and social workers as well as medical professionals, And if approved, the proposal would mean the transit agency would terminate contracts with security company allied Universal as well as local police departments. It could happen by the end of the year. There's also another option under consideration to ultra RTD security and a smaller manner. Tonight's meeting to be held virtually starting at 5 32 more covert 19 test sites are open in the metro area, The governor says quicker her 19 cloven 19 test results will help limit the Corona viruses spread sooner that you know that the quicker that you Khun asked to.
"denver" Discussed on Denver Real Estate Investing Podcast
"So if I go out there and buy a property that rinse out for thousand dollars a month. What's that? That means I should go out there and buy a property. That's one hundred, thousand dollars. Yeah. We don't find those in Denver or Hey Fitz two thousand dollars a month in rent. We should go out there and buy property that is two, hundred, thousand dollars again, we don't find those. So understand those are generic rules of thumb from a website that's not Denver specific So ignore those rules because they did not work in Denver, and you'll miss out on all lot of long-term wealth billionth. That's what you focus on. The other rule of thumb to forget about is that fifty percent rule. Again, this is another thing from bigger pockets. The fifty percent rule states that fifty percent of your rental income will go towards all the property operating costs. So basically, everything except for your mortgage payments for your principal and interest payment. In the DENVER, Metro, we're typically seeing between a twenty five to thirty, five percent of rents going towards operating costs. So we use the thirty three percent rule. Or. The one third rule as a quick rule of thumb saying, Hey, about one thirty or pry your rental income will go towards all your operating costs. So don't use a fifty percent rule because that's just way too high here in. DENVER. Now as I go through these numbers here on this presentation on our other presentations, I want to stress that we underwrite conservatively and realistically. Because if you've been analyzing properties, you've probably seen listing agent say, Oh, this is a seven percent. Capri property. Great. We underwrite it's a four point seven percent Capri property. WHO's right? I mean I. I think I'm right. But in reality it depends how you underwrite the property. And so we underwrite realistically and conservatively. and. So if you're hearing our cap reforms that sounds low, make sure you dig in the numbers and compared to the way you are underwriting it or another investor, another agents underwriting because it probably comes down to the details and this Erin details we out time into. So I have on the slide here. Some of the rules of thumb that we use If you want the details on here, definitely check this show notes from a high level. We put five percent for vacancy. Most are property managers charged seven to eight percent per month? Will we underwrite an eight to ten percent? A month I'm sorry, eight to ten percent on gross rents to help account for Lisa fees and other miscellaneous property management cost repairs. Reserves be anywhere from five to ten percent paying on.
Fresh update on "denver" discussed on Golic & Wingo
"Him. Dave Rothenberger. You're ESPN SportsCenter that sound courtesy of ESPN 7 10 Koosman knocks down the go ahead three pointer with under a second left, giving the Lakers a 1 24 1 21 victory over Denver. Koosman, the first go ahead shot inside the final five seconds in his Short n BA career. He's averaging 44.4% from three during the NBA's restarts. That's incredible brought to you by my computer career training. For a better life. Jeff Passan reporting it will be a preliminary talks about a bubble type format for the postseason league would need at least three hubs to complete its wild card round. Before shrinking to a to a format for the divisional. Siri's and Big 10 presidents expected to meet later this morning to decide on football. According to ESPN. Heather Finnish League presidents are considering pushing back to start All of the season to.
"denver" Discussed on Denver Real Estate Investing Podcast
"We've been in what we call the goldilocks stage, and if you go back to whatever you know and that fairy tale, but nursery tale, that was you're reading you read as a kid were things are just right now, not too hot, not too cold, but just right run a goalie lock stage right now where while it's very competitive out there. The fundamentals make sense. We don't have extreme assails across the population or really low sales as well. So in two, thousand, nineteen Sales are only eight percent higher than in two, thousand four, which was the peak I just talked about. But since then our population has grown by more than twenty, five percent of people. So against supply and demand. All right. So let's move on to rent trends because as landlords and rental property investors, we are really concerned about tenants paying rent. So starting back in was in April or May, I started doing some monthly Denver property management updates and these on podcast and blog posts. So I'm going to summarize the last three or four I've done with you know about four or five property managers. Overall, we've seen very strong rent collections across all the property managers. They're basically within a two percent margin of rinse collective at same time or at same month of twenty nineteen. So. May Twenty nineteen compared to May? Twenty? Twenty. You know some property managers were at the same levels. Some were slightly higher. Some are slightly lower and it was right around that plus or minus two percent mark. So they are still collecting all the rents or you know very much similar the rents, the big difference here is out a higher number tenants, payment plans, rather getting full rent by the fifth of the month, they're getting it now by the twentieth or the twenty fifth, but overall majority tenants are paying rinse on there. We have continued to very strong leasing activity. March April when we're during that lockdown, it definitely slowdown, but as things eased up early, May, it was just incredibly strong leasing activity. That property managers have seen a higher percentage of tenants that are staying in their current place renewing their lease. Just you know probably figuring people don't want to move So we're seeing a lot of tenants stay there. At the time of this recording, the eviction moratorium is set to expire, but there's a thirty day notice period and allow property managers have concerns for big backlog in the courts state, the governor will extend the moratorium and. So and they also don't know how big the backlog will be court of the process. So with everything going on, it's probably not the highest thing totem pole. So the property managers recommendations are to work with tenants rather than going through conviction process. So Hey, working at a rental payment plan doing cash for keys or something like that to avoid the fictions because that's just frankly and probably everyone's best interest for a pragmatic standpoint..
Fresh update on "denver" discussed on GSMC Basketball Podcast
"Maybe, six games would probably be the the. Where a lot of people would think the with go a six game series. Honestly. If the Basma, upset here, it will be because Luke average thirty, ten and ten in Christoph average like ten, ten, twenty, five, and ten. In. St Louis. That's about. Fifty. Five points between the two. It's all you gotta do with this offense, the number one offense in the NBA. A. Yo Tim, Hardaway some shots. You know everybody else makes plays, Mavericks Easley Se here in just score. With the best of them. So the clippers deaf be on their PS and QS offensively going against an offensive Juggernaut Light Dallas can be, but but the Dallas. Mavericks owner cues because remember they're not the greatest defensive. So, yeah. You may be out score guys, but they could outscored you too. So, we'll have to see how it all comes together when it's all said and done with with the mavs. Obviously, that was a big win against one of the best teams in the League. So they clearly show they can play against a team like that in high scoring game. But they they're capable of winning those types of gaming is those types of teams. Then, we have three six matchup. Nuggets, in J.. So. This series is probably the one series. That people. Aren't necessarily going to tune in to the most out of all the western conference. I, in my opinion again on who the Lakers play in the first round. But if they play like Portland. I think this would be the series nuggets and jazz that might not get the same views and an an ratings like other series because. Denver's an interesting team, but they're not a team that. Sparks out to the General Public and Utah has not looked like a team that. Also jumps off to you. And they haven't really played well this bubble, and so the way it's looking. If the Doug it's are on their PS and QS Michael Puerto Team to to play hard and Jamal Murray gets back. He can play like he plays and joker still plays well, and with the death Denver has they should be able to take care of the series, maybe five games. The jazz obviously are missing by Donna Vich. They don't have a second score really outside of him. And they're not the same defensive, they were previous years either even though they're still a good defensive team. And I think the Denver Nuggets have a lot of advantages on them. You. Know. They just they stick their deeper in the more talented. and. So I think they're going to be able to get out of the series in, don't want to the next round. I. Think Five six games would be probably around the estimate for me of where I would go. I think a lot who would agree with me as well. like I said, support from the series I wanted to want to seize is Michael Porter. Because he's played so well. Ever since that big game and. I listen I. Maybe he won't affect it this year. But. If he becomes the star that we all think he can be with his talent. The numbers can have another star in their hands and then with joker Jamal Murray in reporter junior. It. Immobile, if he comes I mean Denver looks like they have four stars on the team. And, they will be a team that you definitely have to be reckoned with the next. Few. Years in the. Western, conference. UTAH. Just outside of John Mitchell. Michael. Collins has played better. But still just isn't what they thought. They were going to get him. Obviously? Rudy? Gobert. They've tried to get Radio Gabor involving the offense, the bubble. But I'd be like. Rudy Gobert, Office of guy in terms of he's GonNa drop thirty on you every night. Off. Instantly. Just. Not If he hasn't missed batch. He'll. He'll. He'll get you that twenty plus probably, but he's not a guy in this matchup going joker who can play in Bobo. They come off the bench. I don't think it's a match where he'll just dominate on the post like I said, there's no Bogdonovich. Joe Ingles kind has been new so-so I j just filling the jazz just don't have enough scoring to really compete. In this in this series in beat, the nuggets might be so I think winning about five six games. and. Then the last series going to get into. Four five matchup. My to me, one of my most intriguing series. The Houston. Rockets and Oklahoma City. We. Both teams? Quality that. It's the battle of small verses. The young guns? You have Houston, you got two of the best players in game? James? Harden. Russell Westbrook. Small. Everybody there's nobody in their starting line or really who plays over six seven. So there you go up and down shooting things and getting to the rim. Going, against, Oklahoma City led by Chris Paul. Veteran. Showing people, he could still play might even look. This is the revenge series against the team who traded him. You got. Steven Adams still doing his name. He should have a big series because of the match up. You know. Shay googlers Alexander. Galadari all them. was going to be interesting I. Don't think he was talking about it then Schreuder..
Amy Spowart, Head Of The National Aviation Hall Of Fame
"Many years especially when right field was more impactful when the foundations of today's age were taking off so much research with here at Afrl, and there's all kinds of research and aerospace research places that are here. It made a lot of sense Scott Crossfield even said to me once amy, you're not a pilot unless you through right field everybody who's anybody flies through right field, and of course, you know in the early days, there were Ayla celebrity who always came on China and it was John Wayne and Jimmy Stewart. Who's who I remember? My first enshrinement in nineteen ninety, nine Ted Williams came at Joe Foss. We've had John Travolta Dennis, quaid miles, O'Brien all been and sees it the hall of fame event but I would say following the economic downturn of two thousand nine and companies started to pull out of the Dayton area. It was harder to get that kind of support. So while the city of Dayton wholeheartedly loves having the hall of fame here we also Need people who can sponsor because we receive no federal state or local funding at all whatsoever. So we have to depend on aerospace aviation companies industry to support US and in Trimbe it was a big help us getting brand recognition. It's never been moneymaker. It's part of our mission to memorialize. So we need people to support our education and support are learning center through sponsorship. So what we decided to do in two thousand seventeen is actually take quote unquote. Show on the road, the Oscar night of aviation left Dayton and we went to Dallas first, and then we went to DC in twenty, eighteen and Denver and twenty nineteen than we were supposed to have a homecoming here in twenty twenty. But of course, the this year has been postponed until two thousand, twenty one we're working on getting is back to the National Aviation Hall of fame in Dayton use an abbreviation there a F- on the Air Force research. Lab. So. Here Wright Patterson Air Force Base. Employees. I think it's twenty to thirty thousand people in. Southwest Ohio, and only about less than half of those are active military. So there's a lot of research scientists here, and that's where the United States air force does all their most important research everything from what they're going to build aircraft out of to what their munitions do and Jet Propulsion. It's all located here in Dayton at Wright Patterson Air Force Base. Still is very much a hub of aerospace activity. especially from the military and. Speaking of which there are signs that the or the appeal of aerospace is not resonating with the youngest generation do you sense that and if so is the hall responding in some way? It's hard because it's just like covert. The company's nonprofits that survive cove. It are the ones who are going to adapt and react to the situation with kids with this next generation they're not so much looking up lake weeded or the generation before me did Neil Armstrong stood in one place and what's fair to the sky and we all know the Wright brothers played with a little plastic helicopter type thing that inspired them. So we need to appeal to kids in. What interest them? So that might be if they're interested in the environment, they WANNA make less noise from aircraft. They want less jet fumes from cargo plane. That kind of thing we have to say, why not you? Why don't you figure that out? It makes me think of enshrining clap Myra who wanted a safer jet plane. So he thought about it and thought about it and he Allen Clapp mark came up with this idea of putting a parachute on the top of. A plane and everyone's like that's not gonNA work except the vision jet is pretty remarkable. So what we need to do is have kids interact or read about or they have to know who Bill Mayer is, and it isn't just Alan Shepherd. It isn't just the astronauts it isn't just the inventors it's all the Chinese and they can inspire kids more than just an aviation. It could be designed it to be dreamers that could be artists, but if we all have. Heroes. That's what gets kids going and if we give them a problem like make less noisy aircraft or might be a kid who's a Gamer and they sit on the computer all day, they're actually going to be fantastic drone pilots. We just have to recognize what they're doing and adapt to it.
Coins and Cash: Shortages, Hoardings, and Threats
"Walking money for the rest of us. This is a personal finance show on money how it works how to invest it, and how to live without worrying about it. I'm your host David Stein today's episode three, Zero Eight. It's titled Cash Coins. shortages. Forty and threats. Weeks ago, my daughter and I were at a bakery buying a couple of loaves of bread. We didn't have the exact change and they didn't have the coins to make chain. So they rounded down, we got a small discount. This week I was going through the McDonald's drive through, and there was a sign that said due to treasury shortage of coins, use credit or debit cards. Round up to the nearest dollar, donate the different to Ronald McDonald house charities or use exact change on cash transactions. There is a coin shortage in the US right now. Federal Reserve Chair Jerome Powell told Congress last month. What happened is that with the partial closure of the economy, the flow of coins through the economy, it has gotten all. It's kind of stopped. We've been aware of it. We're working with the meant to increase supply while working with the reserve banks to get this apply to where it needs to be. The Agency of the US Treasury responsible for minting coins is the US. Meant it was established in seventeen ninety two by Congress when it passed the coinage Jack and it chose Philadelphia as the site of the I meant. Now, the US mint operates production facilities in Philadelphia, San, Francisco Denver, and West Point. Every two years, Congress requires US Treasury to give a report on the US mint its budget and its cost to produce its coins. In twenty twenty, the US meant projected that it would produce fourteen billion circulating coins. Including eight and a half billion pennies. One point, three, billion Nichols two point, four, billion times. One Point, eight, billion quarters. Now. Due to the coronavirus pandemic, the US mint cut back production of circulating coins in March and April. Year to date through July, they had produced eight point, two, billion coins. They said, they were back up to full capacity by mid. June anticipate producing one point six, five, billion coins per month. That would equate eighteen point, one, billion coins. But here's the thing about circulating coins in the US and other countries. The meant only contributes a relatively small percentage of the new circulating coins each year twenty, nineteen, it was seventeen percent. New. Coins. Going into the supply chain? The remainder came from third party coin processors are recyclers as individuals by things they get back and there are machines where you can put your spare change and it will sort it and this recirculating process. Make sure there is a sufficient supply of coins that has broken down. A couple of weeks ago, meant issued a bulletin, which said, we ask that the American. Public start spending their coins, depositing them or exchanging them for currency at financial institutions or taking them to a coin reduction kiosk. The coin supply problem can be solved with each of us doing our part. This isn't the first time that there has been a coin shortage. There was one in the early nineteen sixties in the US.
"denver" Discussed on Denver Real Estate Investing Podcast
"If mean if if you WanNa get in something like that and read out, the rents will continue to go up to but. It just depends on what your strategy is. Anxious. When you exit. Are you ten, thirty, one and other properties or you just take chips off with the House you live in yet ten thirty lakes change and all that stuff and make sure your legal there through doing all that and like other new builder Yeah Yeah and the one was as primary so it was just tagging. Than Yeah one of them was. Yeah, but I mean it's if it's an investment strategy there you want to get in and just you know sell off once you feel like it's come up a good amount I just can't believe that strategy increase over. That's insane. Let's because it was the first house. So it's Dirty and then you have one house and then everything else is dirty. They got that price and then months later and houses were selling for one hundred thousand more. Than what we got in. Like we were literally. He's when he was one element and phase one and that was what Michelle is really good at it. She knew how there's only like four or five houses that are really including phase one and then every four or five they kind of increase it but yeah. Just dirt. So. A, twist on how sac which is what I thought was pretty interesting because that's what everybody in Denver's looking for is, how do I get into something and at a low basis can live in it ran out some other rooms and then a couple years move on and yeah and that's I think you guys kind of uncovered interesting. Nugget there and they're being thing is is cool too. It's just a different solution for. For people coming in town that are just GonNa be there for a short time they want to stay in a hotel maybe they got a bigger family especially the the bigger houses I found a lot of the.
Denver's Stapleton neighborhood renamed to Central Park
"Stapleton neighborhood in northeast Denver has a new name. Central Park. The land on the former international airport was named for Benjamin Stapleton, Denver's mayor for parts of the twenties, thirties and forties. Stapleton was at times a member of the
Why Is There a Coin Shortage in America?
"At grocery stores, convenience stores and hardware stores across America. Curious signs are popping up asking customers to pay with credit cards, debit cards, or exact change. Is it because cashiers don't want to handle physical dollars and sense that could be contaminated with the coronavirus? nope. It's because the United States is currently experiencing a coin shortage. So? Where have they gone? America's pennies, nickels, dimes and quarters haven't disappeared. The covid nineteen pandemic has simply disrupted the normal cycle of coin circulation. According to the US Treasury, there were forty seven point, eight, billion dollars, worth of coins in circulation as of April twenty, twenty, which was actually four, hundred, million dollars more than April, two, thousand nineteen, but those coins are not moving through the economy like they should be. The Federal Reserve gives several reasons as to why this is happening. Banks and businesses nationwide closed their doors during the lockdown phases of the pandemic including cash and coin heavy sectors like convenient stores, public transit, and laundromats. The US mint also slowed its production of new coins during the early stages of the pandemic as staff was reduced for safety reasons. The men's Philadelphia and Denver Location's. Even as the economy reopened, consumers are opting for contactless payment and generally using less cash and coins. Meaning more coins are sitting at home in Mason, jars piggy banks, and under couch cushions. So. What does this mean? Retail stores are feeling the pinch of inconvenience and passing it along to their customers. The national, Grocers Association and several other retail industry trade groups sent a strongly worded letter to Federal Reserve Chair Jerome, Powell and Treasury Secretary Steve Mnuchin in late June saying that the federal rationing of coin shipments to banks quote threatens the functioning of our member businesses and by extension the needs of our customers. In their letter, the group cited economic statistics showing that cash is still very much can in certain sectors and among certain consumer demographics, for example, between forty five to sixty percent of sales at grocery stores and convenience stores are cash payments, nearly half of all transactions of ten dollars or less are paid in cash and consumers with an annual household income of twenty, five, thousand dollars or less pay in cash for forty, three percent of their transactions. So what's the solution? The long term solution is to wait for the economy to return to normal at which point coins will naturally flow back into circulation. But in the meantime, the Federal Reserve and the US meant are taking action. The meant has ramped up coin production outpacing its usual one, billion coins a month with one point, two, billion coins in June and one point three, five, billion a month for the rest of twenty twenty, according to The New York Times. The Federal Reserve announced in June that it was rationing out its inventory by sending banks and credit unions smaller than normal coin shipments based on historical demand. The Fed also convened an emergency, US coin task, force composed of government and industry leaders including banks, an armored car companies. The task force is expected to come up with a set of recommendations by the end of. July. One of the task forces early accomplishments was to create the Hashtag get coin moving which banks and credit unions are plastering across twitter to encourage people to cash in their piggy banks to get more coins back in circulation.
10 Ways to Defund the Police Today
"If you haven't yet listened to yesterday's episode of the breakdown, this is really a two part series, and so I would encourage you to go back and listen to yesterday's episode where I break down the pushback that the movement to defend police is getting from some people. It's really rooted and misunderstanding. And introduce the work of the scholar Alex Towel in his book the end of policing. A brilliant must have book one of the most important books for this moment. And then I share Alex broke down ten ways that we could de-fund police, but increased public safety and yesterday I share the first five and today I wanna get to the final five. Step, number six is that we need to fund school wellness centers. Now, unsurprisingly, putting more people and more police rather in schools has only fueled the school to prison pipeline and what else did we really think they were going to do if they weren't going to be an arrest kids, police are doing in America schools exactly what we thought they do. Police officers don't have specialized training in adolescent or childhood development. They're not mental health experts. They're not social workers or psychologists. They're not school counselors are educators. They are literally law enforcement officers, normally whose primary training is in how to use a gun. Okay. And you put them in schools and what they do is they be arrest people. It is better safer and cheaper. If you fund school wellness centers in cities, like Minneapolis have started to experiment with replacing armed police officers with something called students, safety coaches who specialize in mental health and restorative justice in de Escalation and building positive relationships with students in one school arrest decreased by eighty percent arrest decreased by eight percent after implementing this program. We need in in defunding police and removing them out of schools and many school districts around the country, including Seattle, and Denver, and Minneapolis. If said, you know what we're moving the police out of our schools. And we need. When we remove those police, we need to fund school wellness centers, which takes me to step number seven. We need to dispatch dispute resolution experts to handle neighborhood and domestic conflicts listen to this. Domestic and. Neighborhood. Disputes. Are. Among. The single most common calls for law enforcement accounting for up to fifty percent of all calls in most areas. Now, the vast majority of those calls are not violent in most end without an arrest. But in some jurisdictions police listen to me, police are required to make an arrest in some of these calls. There's no evidence that these arrests generally reduced domestic violence and in fact, many domestic violence victims. Actually, don't call law enforcement at all because they are afraid of the legal repercussions. There is a better smarter response. What we need to do is to dispatch non law enforcement, first responders to respond to calls, involving disputes and domestic disturbances, social workers, and teams that are experts in working to escalate these disputes are less costly and more effective, actually resolving the conflicts. These crisis response teams would-be, specially trained and credentialed in the neighborhoods that they work in bats key. This already works in other countries all around the world. This is the primary method of intervention in France where trained mediators respond to the vast majority of calls involving interpersonal conflicts. In America though they send an officer or two officers or for or five or ten officers with guns, ready to shoot you or tasers you or spray you an arrest you in jail you. Other countries are already doing this better, which takes me to step number eight. We need to provide support not police for people who are experiencing homelessness. This is so simple and so important. Police spend an absurd amount of time in resources dealing with people experiencing homelessness, who has a result often become victims of unnecessary arrest in violence that only further disrupts their lives by creating specialized trained homelessness outreach units. We can reduce these harmful and pointless police confrontations and replace them with positive interactions that build community trust and help people find true stability.
Protests across the country lead to clashes with police and arrests
"Were clashes and even deadly violence at or near Saturday Saturday night protests in many parts of the country on Tom Phony, police say a man was shot to death at one of the demonstrations in Austin, Texas, when he approached the vehicle and the driver inside opened fire. Another nonfatal shooting occurred in Aurora, Colorado, near Denver. In Oakland. There was a court house set on fire in Seattle, dozens of arrests and confrontations with local police and in the epicenter of the recent protests, controversial federal law enforcement agents again used Tear gas in Portland. They use it as a way to suppress our right to protest and it's a way for them to make sure that we can't gather in the East Police in Richmond, Virginia, trying to disperse a crowd that set a city dump truck on fire.
CBS New York reporter dies after moped crash
"Who worked at news 12 in Norwalk, Connecticut and W. V. M in Maryland. It's now dead after a crash this weekend. Nina Ca pour was involved in a moped accident Saturday in New York City and died at Bellevue Hospital. She was a reporter for WCBS TV in the city joining the team a year ago. Welcome to CBS and New York. I mean, a rapport with the latest 26 year old had just tweeted last week about returning from a five day Denver vacation and was ready to get back to work. Matt Piper.
Trump Administration Aims to Block New Funding for Coronavirus Testing and Tracing As Schools Try To Re-Open
"As school districts scrambled open in the middle of the coronavirus, pandemic educators at Colorado Eh across the nation say they'll need more. Support from the federal government. If they're going to open safely, school districts will need more teachers, substitutes and custodians more buses for social distancing and personal protection equipment Denver area high. School Teacher Emily Mohan Berg says teachers are eager to see their kids again, but many are also terrified. We don't know if we're going to have to purchase our own hand sanitizer kids going to be responsible for. Does that mean that I should also go by my own box of disposable? Disposable masks just in case, one of my students shows up without one new guidelines released by the American Federation of Teachers Call For holding back on reopening schools in districts until the number of new covid nineteen cases drop for at least two consecutive weeks. The Union is also calling for ramping up the capacity to test trace isolate each new case President Donald. Trump is threatened to withhold funding unless schools reopen and points to Germany, Denmark and other countries where schools have. Have reopened without problems
Colorado squirrel tests positive for bubonic plague
"Ah, Squirrel has tested positive for the bubonic plague in Colorado. Just put this on the list. Public health officials have announced a squirrel in Colorado has tested positive for the demonic played in the town of Morrison, Colorado, just west of Denver. Squirrel is the first case of the plague in the county this year. This year is possible for humans to be infected with bubonic plague through bites from infected fleas about direct contact with blood or tissues. Infected animals, such as a call for a bite. So there is the squirrel. Running around Colorado. That is that could could have potentially given in the middle of the Corona virus. Pandemic could potentially give you Plague. That is literally usually only heard of in like Western civilisation, history books,
Squirrel in Colorado tests positive for the bubonic plague
"The town of Morrison, Colorado, which I guess is just west of Denver, made the startling announcement that a squirrel is the first person or thing to have a case of bubonic plague in the country. They tested for covert as well. There's plenty of covert tests of hearing the animal before I catch the Tigers, I think have all the Corona virus tests right now lobbied for that giant feline at the Bronx Zoo. They've got on the corner for the Koven test. But how do you know how in the world would they even know if a Squirrel out of some random squirrel. They just caught it and tested it for the plague. Somebody was bored. Just a random Monday and Morrison, Colorado, the county Public Health Department, said that cats are highly susceptible to the plague from things like flea bites. Rodent scratches bites. Ingesting an infected wrote it because what they're concerned with here is that a tic or flee from this easier infected squirrel could jump onto your cat. And now the cat's got it in your house and all hell breaks loose. And you could get infected some by the fleas from the cat. And I mean the bubonic plague. Sounds awful. Doesn't it sounds worse than Cove it to me. It is potentially deadly, but I mean, if you catch it early enough that responds to the antibiotics and what you're fine.
14 players who could get long-term contracts this week
"We're going to start off the last segment talking about. Deadlines as Their short time remaining for long term contracts with the deadline for franchise tag players to work out. long-term deals is now less than a week away. As Wednesday at four PM Eastern Standard Time draws near that is the deadline for any club that designated a franchise player to sign, said player to a multi year contract, following Wednesday tag player cannot signed an extension until after the final game upcoming regular season, and thus far of the fourteen players tag ten have signed their tenders and none have agreed to long term contracts so. With the economic uncertainty, due to unpredictable future amid the COVID, nineteen pandemic NFL insider Ian. rapoport reported Friday that it appears as if several will be playing on their one year deals including Tampa Bay Edge Shaq, Barrett. Washington Guard bread and sheriff in Jacksonville Pass, rusher, Nick In jock, who so? Those who are remaining to sign their tags are Djakou Denver Safety Justin Simmons Cincinnati Wide Receiver Green, and Chiefs Defensive Lineman Chris Jones. We talked about earlier, so the players who have signed their franchise tender is deck press got of course for thirty one million dollars temp Tennessee's Derrick Henry for ten million Hunter Henry sign through ten point six. Joe Sunni in New England sign fourteen point eight for his franchise tenure Washington. Brennan Sarah Sign Fifteen million. Leonard Williams scientists sixteen million in New York Baltimore's Matthew June signed for sixteen point eight Pittsburgh Buzzed depre- signed for fifteen point eight, and Minnesota's Anthony Harrison for eleven point four so. Of the franchise fourteen, each of them had their own story, but as a whole few seemed destined for long-term signings, many seem to have some contention with the tag and lease who are filling filing grievances regarding the position that they were designated ad
Restaurants are dying, but their ghosts are delivering your food
"In the before times starting a restaurant was a big investment location tables, chairs, utensils branding marketing a bunch of employees, but now with predictions that twenty five percent of small restaurants could close because of the pandemic entrepreneurs are finding that all you really need is a kitchen and online menu and a way to deliver food usually through a delivery APP UBER's plan to buy post mates for more than two and a half. Billion Dollars is in part a bet on food delivery in at least the near pandemic future, and a Weiner is a contributing writer for the New Yorker covering Silicon Valley. She wrote about all this and a piece called are ghost kitchen future. They're all over the country. I think they're primarily in cities. You know they're in Denver and Miami but I also note that the idea of a delivery only or takeout. Only restaurant is not new. This is something domino's has been doing for decades. Are these ghosts kitchens targeting a wide swath of people, or is it primarily expensive food delivered with a EFI attach a lot of the food's being prepared in Ghost. Kitchens is fast food or you know priced. At the same level as slightly more expensive, fast food, one of the things that I thought was really interesting when I was researching is that the food is not actually being cooked on site? Exactly it's being prepared, but the food comes from US foods, and so I don't know it's just this place. Instance that sort of pervades the model that I think is interesting and. Unusual and might account for why some of it is less expensive than what you might get from a local restaurant chain that has three dining restaurants in a commissary kitchen to expand the delivery footprint. Let's talk about the economics of delivery because traditionally, that hasn't been a good business, and as far as we know still isn't. It's an exploitative business model and a lot of ways when you have a trailer in a parking lot, and maybe two or three people are preparing meals out of that trailer that represent six or seven restaurant brands that don't actually exist anywhere else in the world, except you know on the delivery APPs and in this in this parking lot that is so many fewer. Employees than six or seven brick and mortar restaurants would employ have on payroll and potentially give health insurance to and. You Strip away a lot. Not just this sort of community in person, interaction dynamics restaurants, but also you know who who restaurants are serving on the back end. This is sort of like Bene- trend that's been accelerated by the pandemic and feels in some ways like the future of restaurants at least in the short term right I think that's right and I think that qualification is important. Important that this feels like a trend that has been accelerated or intensified. Hopefully there will be an end to this moment, or there will be something on the other side, and so to say this is our future in the long term. I think is probably a little bit of an over an overshot. Do we have a sense of what might happen if like for example in California? The State is trying hard to force. Let's say Uber and post meets and lift to reclassify their workers as employees. Is this bet on Ghost kitchens predicated on the idea that there will be a huge labor force that can be classified as independent contractors. I think that the entire business model is predicated on the vulnerability of underpaid gig economy workers. Yes, I think that that's why these companies have been fighting. Something like eighty five in California, they've been fighting the classifications the classification of their workers as employees. I think that that would be. That would undermine the business model entirely. Anna Weiner is a contributing writer for the New Yorker. Despite what we may lose as a society, the research firm Euromonitor predicts that ghost kitchens will be a trillion dollar business globally by twenty thirty.
Denver mayor emphasizes importance of face coverings, not having large gatherings
"Sounding an alarm about covert 19 trends in Denver. Cases are on the rise and 4.5% of people tested in Denver. Coming back positive for covert 19. Complaints about lack of social distancing and wearing masks are up 60%. The mayor says Denver has to do better. Don't gather in large groups keep your personal social interactions to his few as possible, and the mayor wants to make one thing very clear. Face coverings are required, Mayor Mayor says says if if hospital hospital space space becomes becomes scarce scarce cases cases doubled doubled two two weeks weeks in in the the positivity positivity rate rate hit hit 7%. 7%. Drastic Drastic measures measures would would have have to to be be taken taken Jury Jury
Supreme Court rules states can remove 'faithless electors'
"The faith of voters in a Colorado case the court rules states can punish remove so called faithless electors who go rogue. Denver attorney Chris Murray says the 12th Amendment language about the Electoral College is vague. It doesn't really say what can and can't do when it comes to bind them their life. All it says, is that the state may appoint the electors in any method they choose. The case involved a Colorado elector who refused to vote for Hillary Clinton in 2016 after she carried Colorado's popular vote. The court had another ruling today. Americans passionately
Positive coronavirus tests force Nuggets to close practice facilities
"The Denver Nuggets have had their practice facility close and Saturday after there were several positive Corona virus tests within the traveling party heading to Orlando. The Nuggets do plan on reopening their facility based on the results of ongoing
Carl Reiner, actor, comic and 'Dick van Dyke Show' creator, dies at 98
"And legendary comic actor and writer Carl Reiner has died. Reiner was among the writers on Sid Caesar's legendary show of shows in the fifties. Along with Mel Brooks and Woody Allen. He gained famous the creator of the Dick Van Dyke Show, and as the Straight Man to Mel Brooks is 2000 year old man character. He directed the films Oh God, starring George Burns and John Denver. All of me with Steve Martin and Lily Tomlin and the 1970 copy of comedy Where's Papa? He also authored several books, including Enter Laughing, An autobiographical novel and My Anecdotal Life. A memoir. Rocks native Carl Reiner was 98
Where to Go and When
"Love Buddy and welcome to another episode of this week in travel name is. Gary Aren't coming to you from quasi quarantine here in. EXCITING MINNEAPOLIS MINNESOTA. With me is usual that laughter you can hear in. The background is Mr Chris Christianson. How're you doing Sir I'm doing well? Living in a much less exciting city and I'm okay with that. But you are keeping busy. Oh Yeah Travel. Lot Of? Zip because twice within the last nine days. It's pretty good I do that on a daily basis just because I'm walking distance from like the next ZIP code. They say much also from Sunny California gentlemen. Are we doing jen? Guys happy to reconnect with you and I've been doing travel daydreaming and excitedly looking forward to a day trip to L. A. This weekend. Wow, so that'll get on the horse. That'll take you about a day to get there I assume and then exactly exactly. And what are you GonNa? Do in La we are going to have a distance barbecue with my husband's cousin. which is more exciting every day that we're still saying? In between Minnesota and California, is our guest Sherry coming from Denver Colorado? How're you doing sheriff? I am great. Thanks for having me. You've been on the show before right. A long three or four times, but yeah, it's like. Himself or so? But, it's been a while actual as in say. The last time I saw when I moved to Denver, so that was three years ago. Well. There's so much travel stuff going on now. people are just leaving their houses and going to places. We. We do have a couple of stories This one. I thought was great and I was kicking myself after reading it because. I hadn't thought of IT I. there is a woman in China who made. Over a half, a million dollars buying travel insurance on flights she predicted would get delayed. And then cashing in on it. and. You know this I. There was I. think it was windy. Perrin was like last year or the year before she made like ten thousand dollars when her family was going to go on a trip and she was in new. York and the flights got cancelled like she had a flight cancelled. Then the next flight got canceled. Whatever whatever like storm went through? And I? Wish I'd kind of put it together like if you know like a big storms, coming or a hurricane or something like that, just by like one hundred tickets get them all canceled, and then like have the airline reimburse you or something? I think you could do that. I don't know if it would actually work. But. I guess the Insurance Company that are the company's. She had different accounts that she used to to not draw attention to herself. Closed loop hole, so you can't really do it anymore. Well. That's in China I. Don't know. Maybe you could still get away with with abandoned in the US. But I know that like the Happens a lot. We have these overbooked flights and they'll you know they'll? They'll say. I'll give x number of hundreds of dollars in a travel voucher. And I also know from friends who work in the airline industry that are sites where you can look to see because they do like a non ref flights disea- If a flight is booked, so part of me always wonders if you couldn't book such a flight and then just. You know arrange it such that. You could then get the. Flight Coupon. Canceled A ticket. Get your money back and just keep doing that.
"denver" Discussed on Denver Real Estate Investing Podcast
"Everyone a quick note before we get out the podcast episode today so I, was originally going to release this couple months later in this year so like July August. Because this episode is an interview with a house, hacking client and I include their interview in with a new sears. We have called the ultimate house. Hacking Guide for Denver which are going to be a deep. Deep detail dive into everything house hacking for Denver because I've talked to probably hundreds of people now over the last few years, and the great conceptual knowledge on how sacking, but they don't know how to apply here in Denver so this God is meant to be deep dive, so people understand the Denver market and unique opportunities and challenges. It offers for house accuracy here so. This is going to be a or it is an interview with a client. Hope who helped by House Act property with, and I was including there because it's just a great story about how they found the property, run the numbers, and just a great success story, however, they also share some timely news updates on how they leased properties offering bring their properties during the covid pandemic cy one included a earlier rather than later, so enjoy the show and the next month or to look out for the ultimate house hacking guide for Denver. You're listening to the Denver real estate investing podcast where it's all about helping you grow your Denver real estate portfolio. Here's your host Chris Lopez. Everyone welcome back to another podcast episode..
"denver" Discussed on Denver Real Estate Investing Podcast
"That as really good practical questions, and you guys really outline practical financial information for now for the future and. Then I was really interested in it. It sounded like a really great tool for financial peace in the future so. And it was like normal people there, too I always tell people. You know there's other normal people that go into. Is People that are like against having your day job than. Those Startup Startup entrepreneur super brave people. There are people like you and I and so yeah. It was very interesting to me. So. Put together time on here. Ben So I. Know You guys route in Nebraska right and bought. Two houses over there. So. Closed on my first house. and December of seventeen. Back and then. I got wind of Job Opportunity Out Denver about six months after closing. And that's when we kinda. Came into the coin term Accidental landlords. And, so then we moved about a year later out to Denver On say late twenty eighteen. and were. Were renting renting a condo pain monthly rate. For someone else's mortgage? that we never saw any return on. And it was what was your monthly rent? here so far at during the time in Denver. We are just doing one bedroom one bath and it was about fifteen hundred dollars a month. Okay and I know you're here for a bit. The Hank you connected over bigger pockets or something. We got connected the United met then. And then I think that's a few months sitter. Allison came to the house, Acting Class, right? And that was like what that was. Winter. Spring the House on right. Yep so as we are. You know I remember as we were kind of talking in. You know come up with a game plan. You guys had some specific criteria. You wanted when you bought a house AC. What were those are? What are they actually? What were.
"denver" Discussed on Denver Real Estate Investing Podcast
"Everyone a quick note before we get out the podcast episode today, so I was originally going to release this couple months later in this year, so like July August because this episode is an interview with a house hacking client, and I include their interview in with a new sears. We have called the ultimate house hacking guide for Denver, which are going to be deep. Deep detail dive into everything house hacking for Denver, because I've talked to probably hundreds of people now over the last few years, and the great conceptual knowledge on how sacking, but they don't know how to apply here in Denver, so this God is meant to be deep dive, so people understand the Denver market and unique opportunities and challenges. It offers for house accuracy here. this is going to be a or it is an interview with a client hope who helped by House Act property with and I was including there because it's just a great story about how they found the property, run the numbers, and just a great success story, however, they also share some timely news updates on how they leased properties offering bring their properties during the covid pandemic cy one included a earlier rather than later, so enjoy the show and the next month, or to look out for the ultimate house hacking guide for Denver. You're listening to the Denver real estate investing podcast where it's all about helping you grow your dentist, for Real. Estate portfolio. Here's your host Chris, Lopez! Everyone welcome back another episode so today I've got a special interview with House hacking clients then and Alison is far so just over over a year ago, they bought a great house. A great house hacking set up in our Vada, and so we're going to sit down and talk about their story. Their process refining it how they run AIRBNB while living there, and then how AIRBNB is like post, covert or during Kovin, so should be doing guys. I'm excited to have you on here. Yet Chris, thank you for having us? Thanks for having crest is great. So? Let's just start off because you know. How'd you get started real estate investing? What's your? What's your background? And what? What major? What a minute quick for you? So if we go back a little bit I think actually started on a road trip with a buddy of mine. We're driving. We're just talking basic..
"denver" Discussed on Denver Real Estate Investing Podcast
"The Denver Investment Real Estate website and this is transactions able to help put together with clients have also got press at Newbury on here. Who's also an agent and part of the team pressing? Glad to have you on the show your feedback Chris. Thanks for having me on. So this is a Location I because our our clients they their main goal was not to get a Maximize cash so that was not their main goal. Now of course they want a property that performs it pays for itself does cash flow but being the best cash was not their main goal. They want to be in a great part of town So that way they had strong. Demand hopefully get more rental increases more appreciation over the next couple of decades or so so based off a you know their goals and timelines what they wanted. A we started hunting for properties. And they're like hey great it makes sense. Let's look at it. And so this one came across our radar off market four plex But just in a great location. It's on south Broadway. So that's you know Broadway south of five if if you've been there before You know there's a lot happening there lots of restaurants retail lots of you know new class a apartment buildings and there's also walking distance to the light rail station that too far from there so just a great location there or the basics are real estate is always if you you can change everything about the property but not location so their priority was a great location and finding a good investment within. They're wanting to make the location. The priority base with a long term plan of the castle now and ride the wave of change in appreciation at that change can happen or takes long-expected great the property. Still you know cashflows and pays for itself and the other thing. I made his property interesting. It's a mixed use building. So it's got some residential units in there before plex. It's got some commercial just a a small Mike Office part and it's got some retail stores so when you look at that that can make things trickier especially with the lending side of things so we had to really Play with lending game. We'll talk about that minute because it's you know just one things that makes us proper unique. Elkhart the lending here in a minute but all events. We're one bedroom run. Bathrooms at the sellers. Were originally. Ain't GONNA WANNA sell for seven forty five real down to the low seven thirties. So that was You know that's always nice. We can get a few dollars off again just to repeat why we liked it. Location location location at an a property had been updated fairly recently so good cosmetic work And allows other times well so should be a great location. The property in good shape. Now press with a contract on here. Walk US through this. Yeah so as you mentioned. This one again came from from our network and it just happened to be a great fit for clients with The location and all the goals they had in mind So you know. Kinda working forward from there. We reached out to the seller and I talked about some terms and kind of figure out where everybody needed to be in based on a rental income and just some of the comps in the area. You know figured it was going to be a little bit less than Than their original asking price so after we started through all that you know we were able looking for the price that works for everybody and You know after we started going through the inspection Kind of an interesting thing happened. We were There one of the vacant units and discovered a pipe that adverse. Luckily our GOTO inspector is very very thorough and notice that there was a bunch of leaking water and water damage on the unit so notified the sellers right away and That was kind of one of the big big ketchups for us was making sure it. All that got sorted out so You know between the broken pipes and punch list items. There was one water heater that needed to be replaced and also a broken window so not too big As far as that goes but definitely wanted to get water. Damage sorted out so Luckily the seller being An apartment flipper Was able to get crew in there right away. And they got all the water damage fixed and everything sorted out and sellers very pleased and then the financing. We weren't through a local bank because they wanted to do an arm product on get lower interest rates and also just lend directly to an LLC so you know the bank knew from right away that yeah. It was a mixed use building. It did cause confusion as Underwriting went to loan committee so there was some back and forth a couple curve balls in. They're all like technical stuff. But in the day we're able to get the loan on their Just took a little extra time so end up being a commercial loan on their since mixed use building. The appraisal came at value as precedent talked about no seller concessions since they took care of all the inspection items. Nope PMOI AND NO INTEREST RATE DOWN. So we took the number share. I got a couple screen shots from Joe Massey's rental properties spreadsheet wants to the numbers yourself. I can go check the blog post which was in the show notes here or Sensiti Mel will send you a copy. This spreadsheet Seat yourself but will get highlight now. So they put twenty five percent down as property. Purchase price is seven. Thirty three So all in for about one ninety five or so.
"denver" Discussed on Denver Real Estate Investing Podcast
"For a new loan for a minimum of one year from the modification date. That's a big impact. And you just WanNa be aware of that. You WanNa make sure that you know what you're getting into and if you're gonNA position you work in hospitality your travel and you're laid off furloughed. I get it. That's what these programs are there for is to help you. Just make sure you understand the long term implications because especially if you're listening to this podcast we know you're interested in investing in real estate in Denver probably in the future the in the soon in the near future this is going to impact you and lock you out for at least twelve months. If not more so just be aware of that guys. Sony said you have to. The person has to qualify for the modification. Is that like another? Are they underwriting? The person to go through the approval process like what does that approval or a qualification mean. Yeah so we go back one slide. You could request forbearance with no verification of hardship. Okay because there's so many people out of work. There's no way that mortgage can keep up with WHO truly needs it. So they're just giving it to everyone but then when it's time to do your loan modification they're gonna ask for things like hey. Have you been laid off? Can you provide us with your plan to go back to work? Can you provide us with your bank statements showing that You were not able to make the monthly payments then all of a sudden if you provide that information and you've got fifteen thousand dollars in the bank and you were up at work the entire time your service or might say you know what we're not gonNA provide you with the modification because you weren't under any hardship you just took advantage of the forbearance plan and we can see you've got the money in the bank and send the money to pay this ninety six hundred dollars for your four payments all right. Let's vacation guys is not Necessarily an equal negotiation. Because you've already signed the note that says Hey I promised to pay and now the servicer is working with you if you run into a hardship. What if they can verify that you haven't been in the hardship? They can demand payment on that. So it's important that it's going to be different right. It's not one size fits all. It's going to be different for each person. What is important to understand? It's not just a rubber stamp of up. I got a forbearance. I skipped for payments three payments. I do loan mud. It's going to be fine Think we're GONNA see some folks that are gonna be troubled by this in the future so Kind of shift in the next point of forbearance do you have any type of stats as far as like you know national averages and what's going on in. Denver COLORADO ARE WE AT national rate below above it as far as like forebearance rates or any insight into that. Yeah so national. Average is seven point. Eight percent of people are in forbearance and For us at Catholic mortgage we track our for America's. We are almost spot on with that. I looked at it just yesterday. We were seven point eight seven percent. So we're right on But of course we're in thirty five different states so we're trending very close to the national average here in Denver. We don't have a big population Or I guess an overly saturated population of hospitality travel and tourism. Because that's the area that's been hit the hardest So I would suspect that we are below the national average although I don't have any stats on it but I can tell you what I do. Know is our office in Las Vegas Like two thirds of the town is out of work because it's all possibility related right. There's casinos and hotels everywhere and even if you're a plumber or a construction worker you're usually working on casinos and all of that has come to a halt so I would think a town like Las Vegas that is heavily weighted towards those industries. Going to be much higher here in Denver. I think we're pretty average with our hospitality and travel So I think we're probably going to be below the national average but I don't have any. I don't have a graph stats. We can put up. But that's just kind of what I know about knowing our economy. Well if they ever do release at the local data definitely definitely no. That's what I was really curious on. Just how then? We're comparing to the rest of the market. Because as you know malicious now the Denver real estate market but much easier than the national market in terms of I know we've been on the always one of the lowest states with lowest foreclosures lower short sales I know allow the homers Up Equity so our times the Denver market doing better than other markets. I was really curious. No if there was data for four barons have the data but I would agree. I think we're doing better than most awesome. Well this touched on topics that I wanted to talk about jobs there any other data that we want to talk about before we wrap this one up. Think my closing message Don't panic the the market is okay. this is not a time to freak out and and Make rash decisions and your investing strategy. I think this is. You know. We're GONNA look back in a number of years and say man oil remember the corona virus pandemic. Yeah we do and I think the people that stay the course with their personal investing strategy are still going to do very well or going to weather the storm. This is the reason why you have reserves. This is the reason why we tell you to account for vacancy to account for repairs maintenance. Is The reason we tight? As six months reserves for every property for these types of things I have no doubt that. I'll have you know one or two of my properties that attendants aren't able to pay and you know we'll be less than we would have thought An income for that month. But that's the we save. Our money is for when you have a rainy day and Yeah it's a little drizzly out but I think it's going to be okay. Long-term that's I definitely agree with all the point. You said there and Canada's going back to the whole forebearance all that stuff is it. Give me recommendations worthwhile for people to. I'm GONNA wait for six months to see if there's a bunch of distressed properties for sale or Hey. Now of interest rates are super-low advice on that. Because I got my opinion kind cures here European. Yeah Yeah you know I think right now. Now's a great time to buy because interest rates are really really low so you find something that meets your metrics or maybe is close to your metrics but your borrowing costs. Are you know three and a half percent for thirty year fixed? That's GonNa make those numbers attractive considering that three and a half percent is inflation protected. It's Never GonNa Change what you're gonNA see. Prices are going to go up. Rents are GONNA go up And you'RE GONNA make a lot more money buying right. Now when rates are low Is there an opportunity that things might decrease in the future certainly possible but all the stats? We looked at earlier. I don't see it. I don't see anything that's going to drive that see anything that's going to dictate that I do expect. Interest rates remain low until the presidential election Reason for for my optimism that is interest rates. Go up after every presidential election regardless of which side wins. You'll see interest rates. Go up a quarter to half percent shortly after the election. So I think between now and November is a great buying opportunity Look at your metrics look at your core values and goals for your investing and look for properties that meet that or maybe five properties that are pretty close that low borrowing costs. Make them still worth it. Yeah I I agree with everything you said. Because it's been an interesting debate or not. Debate discussion out of the bunch of clients. Like as it worth waiting for. Six months in the sideline may be when some stuff starts coming out. Because I think we will see higher than normal distressed properties that are been seeing last couple of years just because there will be people that can't make their payments or there will be people that unfortunately dumped their properties. Outings would be enough to like drive. The market down Angles marked to be out there. I think they'll still be few and far between The day like I don't WanNa see people like get foreclosed on. That's just you know it's just you? If you put yourself in other people's shoes like still people have move out of the house which is never fun out always comes down to interest rates so far looks like rental rates are holding pretty steady so. I agree if it if it makes sense for you your finances. I think it's a great time to buy because if you hold it for five years ten years fifteen years. That's often what going that. That's what makes the difference is the proper flogged drunk. That's what makes you a lot of money. I agree all right. Well Joe thanks for joining me today every night there. If you got questions requests for future monthly round let us know we know this is crazy. Time if you've got questions reach out to us and definitely make sure you check out. The podcast could be released either right before right after this right talk with four property managers on what the rental market is doing and I plan on doing that every single month as well so you can go out there and can't get a feel for what property manager seeing. I can tell you I record all those right for hopped on call Joe. It was very interesting and I definitely had some surprises in there. So everything for this thing Joe. Thank you Chris. Appreciate Man. We'll see next month..
"denver" Discussed on Denver Real Estate Investing Podcast
"Seventy five thousand. So if you've got somebody buying the seven eight nine hundred thousand dollar home. They might be struggling. To get that financed. So what happens? Is You have one or two. Or three of these bigger properties that don't get financed and sit on the market. And then you have one or two or three additional properties at three hundred thousand that do get finance. Do get closed while these. You're you have more. Transactions occurring at the lower end fewer transactions occurring with higher around. That brings down that average price because you have more occurring at the bottom and and fewer occurring the top end but prices did not actually go down. Would you can see in the median Indicator will so the median as a indicated that I like to look at Because it's really going to give you a more Accurate representation and so the medium price has actually gone up twenty thousand dollars as compared to last year and that four point seven six percent appreciation. That's exactly what we would expect to see about five percent year over year so really very stable. Yeah excuse me. And so we're not gonNA cover days on market because that's all skewed up right now the MLS has actually taken a lot of data down because when there's no showings days of market is not a great indicator of punchline from days on market because that's another indicator about how long property on the market Joe You know even in a seller's market since two thousand twelve two thousand thirteen a long time to well now with the pandemic things have shifted right so this is exactly the line that I wanted to talk about. No things have not shifted. We were in a massive housing shortage on March first prior to the pandemic. We are now here as we are still massive. How housing shortage and the way you can see an indicator on this graph on this data is look at your median days in the MLS last year eight days median listed now five days median on the MLS and look at your clothes price to list price. Last year properties were selling at ninety nine point six six percent meaning that you were getting a point. Three four percent discount now. Properties are selling at ninety nine point nine six meaning. You're getting point. Oh four percent. Discount Peop- lert price in the properties appropriately. And they're going under contract very very quickly even in a market where we can't get out and look at homes we're seeing properties go under contract with virtual showings Facetime showings So no this is not going to provide just a glut of housing or can go out and start offering you know twenty percent Undervalue and get these contracts accepted. Were actually seeing the exact opposite that people are having to pay closer to list price. Maybe even over list price in order to get properties and our contract right now. So that's that was the punchline that I wanted to talk about as we were looking at the stats above There are no indications that we're headed for a downturn none whatsoever and I can tell you know from the agent side of the table that we put an offers for especially for a house ex You know we're still bumping up against quasi offers coming in You know four or five Ted offers some properties like it still competitive out there So it is still very much a seller's market and we talked about foreclosures or mentioned foreclosures minute ago. So Joe you know how. Many foreclosures are were in April here in Denver Metro in April Denver. Metro I'm going to go with twenty five three look that I was off by three hundred percent so give context in two thousand ten. They're six editor twelve and for a short sales. This is an interesting stat a year to date there. Twenty six short sales and during the same time in two thousand ten. They're close to twelve hundred short sales now to give this data context you know The the pandemic hit six weeks ago seven weeks ago for short sales and foreclosures if they were going to happen to start happening there take longer than this month. Start happening So you know. Don't use that so my gosh things are not happening. Things are happening. Just reality is like the process of foreclosure short chills. They take a while to happen. And I imagine with forbearance going on as well. That's could delay things as well if they do happen now. Joe Are you sitting around waiting for a bunch of closures hidden six months? I am not Cristiano actively buying properties. Today just like I was sixty days ago just like I was six months ago. Just like I'm GONNA be six months from now. I look for for transactions that fit my criteria that the metrics that I've defined and if those come up in good markets or bad markets that's my long-term criteria and I'll buy those properties so no I'm not just Sitting on my hands waiting for the market Change Quote Unquote and I'm just looking for properties that set my criteria. And I think that that's this is kind of like we don't can kill you guys with a staff if you want the play by play a stats click the link this show and you can see all the stats there to go. Read Them Yourself But end the day are still increasing. Inventory is still very low. It's still very competitive market out there for buyers at so far. Rents have not fall off a cliff so I agree with Joe if number is make sense and if you're a good financial position since I know blow job markets and jobs out there getting walkie I still see no reason not to go heddon and buy properties like the numbers make sense and there's no indication so far that we're GONNA see a huge change. The market Sometime this year. So Joe Any other data point you talk about four move onto forebearance no. I don't think so. I love this this one pager that we get from the MLS from Demar. And I think this really hits the highlights. You know if you if you just zoom out and like unfocused is you see a lot of red and you're like Oh my God. This must be terrible. It's not everything's fine. This is not a time to panic. And if you really dive into these numbers that's what you see. Prices are increasing Discounts from list price are decreasing which? That's a leading indicator for what's going to happen prices. They'RE GONNA continue to go up so now this this tells me do not panic right. So let's talk about forebearance because this is an incredibly confusing topic. And there's been a handful. Tom's real McCoy. We're like three articles that I e Mail Joe or called Jones. Hey Joe I was asked. This is now. Now that's incorrect. So I'm sure I'm not the only person out there whose done that So can't give us the rundown as to what's on forbearance. Alright right so really important guys forbearance for stuff you want to just understand what is what is what. Forebearance is basically just putting your payments on pause Fannie Mae Freddie Mac suspended foreclosures number one. They've also suspended evictions for at Least Sixty Days and bars have the option to request a forbearance plant with no verification of hardship so many servicers have simply set up Automated Systems where you call in and they say hey press five. If you're calling about forbearance you have five. You put in your low number you put in the last four digits of your social and they say congratulations. You have a three month for transplant But it's not as simple as just stopping making your mortgage payment. You can't just say send the check this month. You need to contact your servicer. You need to set up that plan and then you need to understand. It's complicated all right. It's not one size fits all and the are gonNA depend on a lot of factors. You'RE GONNA WANNA pay attention to what's going to happen to these payments it's not your mortgage company you know wells fargo or chase or castle mortgage. It's not us just saying. Hey you know what you can skip three payments. You're good for it. We totally know that They're not free guys. You'll remember the old saying is no such thing as a free lunch. I would say there's no such thing as free money and it's never been more true than now After the end of the forbearance plan what's going to happen? Are they going to ask you to make all the payments right then? Are they going to amortize? And add it to bounce of your loan. Are you going to do a loan modification? What's going to happen? These are the questions that you're gonNA WANNA be asking. I'm walk you through the most common forbearance plan that we see and that is all the payments become due at the end of the forbearance period. salt show you that on the next slide and before doing that job and ask you a question because one of the things I saw. Was that You know the government gets Fannie or Freddie these guidelines said they had specific like a forbearance. I what you call it. You know getting the loans back on track like this specific guidelines for or is up to the loan. Servicer up the loan servicer right now. It's too unfortunately. It was rolled out in a very hasty manner that they said. Okay everybody can go on forbearance in one of the unintended consequences of that as you don't figure out nobody thought through how we're GONNA come out of forbearance right and so that's going to be a process that's going to be challenging in the coming weeks. And months as he's forbearance programs start to reach the end of their useful life and most likely what's going to happen is people are going to have to do a loan modification Because let's say you do a three month forbearance and then in the fourth month you've gotTa make your payment and you've got to pay the three months that you didn't pay all right so now all of a sudden you gotta make four monthly payments. So let's walk through how that might happen. You go into forebearance. You skip April first. You Skip May I. Did you serve union slides? Here come back to that okay. We'll go to that one of the next one and then you've got to make four payments on July first. I don't know about you Chris but would it be difficult if you had to pay four times your mortgage payment all of a sudden. That's a very big chunk of money. If you had been out of work. Would that be difficult? Yeah secondhand even more difficult right so one of the things that you're going to see is people are probably GonNa have to do some sort of modification end of that forbearance period and then you also want to understand if you go through forbearance or similar solution It's going to impact you long-term reason being.
"denver" Discussed on Denver Real Estate Investing Podcast
"Is Chris Lopez? I'm a real estate agent and your cast real. Estate and coast is Joe Massey. Whose a lender at Castle and Cooke Joe. How's it going Chris? Fantastic brother great to see you. Thanks so much for having me on here. Always appreciate being a part of the monthly round up the podcast and the webinars Really enjoyed doing these and Excited to talk about this. You know we've been doing this for the past year and last year it kind of got to be some of the same old stuff you know and now we've got some new stuff to talk about Challenging stuff different stuff but excited for this month. So we're GONNA cover today is we're going to cover An article that was very interesting with some great data. Point will touch on some main trends here going on the Denver market. And then Joe's GonNa talk about some forbearance and lending updates as a quick note. I just got done recording quality podcast with different property managers around town. Send a question right now is who's paying rant. How much rinses being paid all that. I went out and talked to four property managers month and got dated for April and May so make sure that episode. Because that's GonNa be a deep dive into what the rental landscape is like because all this landlords when I know getting paid this month and next month and the following month so can get a deep dive into that so all all of us mortgage guys. WanNa know if. We're getting paid this month the next month to I guess that to So this really great article came out in Colorado Real Estate Journal last week and it's title impacts from previous macroeconomic so it's exciting title there. It's a very long article some great graphs so I would definitely recommend if you're in the data. Spend the ten minutes read it. The link is in the show notes but Joan. I can touch on a couple of really interesting points on here and you can just you can survive seeing the grass but I a couple points from to me so I wanNA cover those Because they did a really good job of comparing normal data and then back to the DOT com bubble and then back to the two thousand eight financial crisis so they comparing this current crisis to last two crises. So it's got some good data so they start off saying how the national multifamily Housing Council reported that eighty four percent of apartments nationwide made a partial or full rent payment by April twelve now by March twelfth. They rent ninety one percent so ninety one percent by March twelfth last month and four percent by April Twelfth and then in April Twenty nineteen by the same date April twelfth there at ninety percent so all year year they are about six percent lower than what they had seen last year soft head. I actually thought was going to be worse. You know from like the national averages so I think that's a good sign for landlords but since we all live and invest in Denver. We really care about the local Denver data and so they pulled some great stats here from the Colorado Apartment Association and this is survey based off of seventy five percent of the units in Denver Metro area. And this is all like these. This is the big units not the stuff that love that we own. The four units six units this is more the institutional bigger properties out there And so this is the data. They're collecting from them so they report that ninety one percent of renters were able to make payments in April. And if you compare that to last April through my notes on here it's one point eight percent so I get link Quincy Delinquency is higher by one point. Eight percent thank you yeah. I miss my their notes on here. So based on all of this. They're saying that ninety one percent of enters paid their rent in April so to me. That was better than I expected. I mean I didn't have an exact number in down but jobs. You have a feel for what you're expecting from like overall market data. No I think I think reading this. It's it's spot on with where we were at last year. In April you know unfortunately one of the realities of being landlord is sometimes plays and not everybody pays on time and so for April. There was not a big swing of you. Know what by the middle of the month we expect. Ninety percent of people have paid. Oh my gosh worth. The middle of the month and only sixty percent of people have paid. There was nothing like that. It was spot on with where it was last year. In April now I think may might be different and I think that goes to some of the podcasts that you were speaking with other property managers. I think may you might see. Some people start to fall behind You may also see some people start to fall behind June Unless the economy reopens and we're back at full steam ahead by first or June fifteenth But no I don't think this has been the the catastrophe that everyone thought it would be. Yeah a rental standpoint. And that's the punchline like rents and rental payments have not fallen off a cliff at least as of now they may next month but based on the data and talking property managers. I don't think so The other thing is article talked about is effective rink growth versus occupancy around Denver so they got a really great graph here. But I'm just GONNA read a couple sentences from the article here at the historical relationship between the two are that rink growth is rapid when occupancy is above ninety four percent. So that's when vacancies less than six percent. So when rent flattens occupancy drops to about ninety three percent which is seven percent they can see and then rinse actually begin to fall when occupancy go falls bill that ninety two to ninety three percent range so basically. What it's saying here is that we see rent growth when vacancies six percent or less rinse are flat. When we're about seven percent they can see and we'll start going into negative territory when vacancies above eight percent. And as of right. Now there's really no great numbers. Snow can see is Just because we don't have all the data through yet and also sense you know there's an eviction moratorium going on right now. Allow people are not moving We don't know what that is right now. But prior to this vacancy was nowhere near seven or eight percent. There was less than three less than three for the overall market. It was. I think it was two point. Four percent In the most recent month we have statistics which would have been march and so I mean. We'll jump up probably a good chance. It will. But that's kind of gives you an idea there's listeners as to like hey how high does vacancy to get until we might start seeing flat? Rinse or negative rink growth based off of this year. So Joanna you own you know quite a few rentals. Are you changing any releases right now or rental rates not everybody has been paying on time? everyone That's not true. I take that back. I had one where they paid three days late. So everybody else has been paying on time one. That was three days late and was actually not related. The pandemic They had a baby and they were in the hospital over the end of the month and they came back and said. Oh my gosh. We're so sorry that here's what happened. And they called right they called and said. Hey we gotta get you the rent a couple of days later in the hostile. You no problem right. Congratulations on the new roommate So that was you know completely isolated We haven't had any issues whatsoever in just out of side. One of the questions that I've gotten from several people is hammill landlord. Should I reach out to my tenants and say hey we wanna work with you. Let me know if you're having troubles and you know I think that's a very kind thing to do but for me you know number one. I have a property manager but I don't think that that you do that. I think it's just like we're going to talk about a forbearance if the tenants or if the person that is making a mortgage payment is having trouble. It's their job reach out. Otherwise we've assigned lease with a signed agreement. That says rent is due on the first and you call me if something's different but otherwise. I'm assuming that that you're ready to go in the first and I think that's been Very positive I agree with advice. All right so guys. Those couple couple of data points was article. I definitely highly recommended reading it because reading it and seeing the grass. We'll do far better justice when I did try to describe it on the link in the show notes and spend ten minutes to read it. I think it's really great data. So let's transition to allow the stats. We talk about on this monthly podcast and that is just the market stats from the MLS. On how April shaped up now this is the first full month while we were under the pandemic because you know things got real right around like Middle March and so now April was first full month. We have so we always compare you know. April twenty twenty table twenty nineteen because sees Audi here in Denver so it gives us a much better baseline for seeing how the market is doing This month compared to a year ago going able to neil comparison as April April the previous year now over before getting the data. And we're not going to try to put your soup with a bunch of staff will give you the the the the main point here. The date actually came back better than expected. I expected to see kind of like worse numbers across the Board Joe from like just a little point of view. What was your bets versus. Reality came out the same thought we would be down significantly not in prices. We're GONNA talk about that. Which is down in unit count and it wasn't down nearly as much as I thought. Now it's GonNa be a little surprising to see what happens in. May because I believe in. May We're GONNA see unit count go down further simply because it's been difficult to look at properties in April And we'll talk about those implications but The short answer is I was surprised. It's not as bad as I thought. So we'll kind of go through the things here so one of the big surprises to me was just the total active listings and this inventory for single family homes townhomes condos. We are about sixty eight hundred five hundred and this April last April. We're at seven thousand. So we're only down about two percent or about two hundred properties from last April and I expected from seeing some of the week by week stats. I was seeing and kind chatter from other agents around town. There's a lot more Owners withdrawing properties from the market because. Hey they're working from home now. The kids are at home right now. They don't want twenty people come through house and possibly infect them while they're trying to do their zoom schooling all that stuff so I expect to be way less than that Were you surprised by this? Joe I was. I thought that you know inventory would be going down. We'd have more people taking properties off the market But that there has been some withdrawn. But I think they're gonNA come back. Keep going though because there's a couple of stats towards the bottom That that I think are really really telling for what's going on in the market but keep going on the listings outlets all I want to say about the listings Kind next here. I want to talk about the the under contracts So Watson April there about six thousand properties and our contract. This April was about thirty two hundred prisoner contracts. So that is a significant drop of about forty five percent is Allen assessment. Talk about you not yet but in closer so just just keep going down. Yeah all right the one I want to talk about was price. A lot of people WANNA know what price was going to do. Because I've had my fair share of people saying hey you know I want to start making mobile offers on properties. I WANNA buy foreclosures and again. That's out of the market right now so The average price from this April two last April was five hundred and three thousand compared to four hundred ninety. Five thousand so a one point five percent increase now. The medium price was four hundred forty thousand compared to four hundred twenty thousand or almost a five percent increase so of those indicators showed prices go now and to give everyone a quick refresh on stats. The average is retake every single property. And IF THE PRICE. The median is retake the middle number in there and go from there now. Joe I think this is. What's on the lending?.
"denver" Discussed on Denver Real Estate Investing Podcast
"I reviewed all my numbers three nights ago. 'cause like wow stuff is getting serious here. Hey we may see some dropped income. I may have some tennis not paying rent. Let me go back and just sit down and plug all numbers. Write them down and make sure I'm on track with everything. I'm happy to say that I am you know summer. Five point eight months summer six point five months but overall I'm running on a six month target go I have and frankly if I tighten expenses. I can make that money lasts longer to if I need to. So zero money stops coming in every single part of my life right now his funding for six months. And I'm saying that for a couple of years now so my clients. I hope people out there listening. I hope you guys have taken that advice to heart as well because this is why you do it if you haven't get your plan together. Sit Down reviewer numbers and figure out what you need to do the other reason. I'm sharing this and talking about this is because about maybe right around March I I one under contract on a house in southwest Denver with an eighty. And so you know. It's a a better above average deal because there's a house in eighty rental income so it's a six plus cap for a single family home with pretty conservative underwriting. So that's you know if you guys know single family homes around Denver. That's a really good deal around Denver. If you're getting six plus caps around tout so I've definitely been thinking the last week. I'm Mike. Let Me Review of my finances how to stick with my plan all the stuff so my plan is to continue forward with the property purchase because all my finances are lined up and ready to go. I'm a comfortable position and plus knowing what I know with. Denver market currently With you know. They're still high demand that they're both in the rental side and both from the buy side. I am comfortable moving forward because whether this takes two months or six months or nine months or a year you know life will get back to normal and Denver still very strong market so I still WanNa buy properties and stay focused on my twenty thirty year. Investment Plan for buying rental properties. Plus somebody else forgot to mention that the earlier protest podcast. I've got that condo vacant and a vacant unit at my four plex and they both went live with the last week or two as far as on the market. They both had good showings good interest So I'm very comfortable in the rental market now. I'm also prepared for possibly having it take a month or two longer to rent because you know life is slowing down or maybe it just takes longer to rent. I'm also prepare thing. Hey if rinse after. Drop a little bit. I am fine with that so I'm comfortable with what I everything I know. What the current market so one the share that with you so you could get a brief snapshot what. My plan is hope. That gives you some ideas what your plan is. And it gives you the motivation to go. Look at Your Plan Review. Your plan or go create a plan and my plan going forward is to stick with the plan thousand. The biggest lessons I learned from two thousand eight is have a plan in place. Make sure you're sticking with that plan through the good times and the bad times and I'm I've been speaking with my plans to the good times which keep high cash reserves and that way during the bad times hopefully You know we can weather the storm. All our properties can weather the storm because in five or ten twenty years. This will be a footnote in history And you know life will get back to normal at some point so if you guys have questions I would definitely recommend going that big pockets form throughout. Put a link to in the show notes. Because there'll be lots. Hopefully lots of account Terry on there if your client online. Of course you always reach out to me. I've been talking. Allow clients is last week or two. We've been talking through scenarios a discussing items You know figuring out. Hey wasn't make sense. Ford was it makes sense to sideline yourself a couple of weeks or a couple months. And we're having those conversations right now so if your client of mine reach out to me and also stay up to date on the podcast because I will be publishing more information and also just random. Note that pop. My Mind I've mentioned that Denver Real Estate Investing Guide. I just actually on Friday. I'm recording on Sunday. I got the first proof or the first printed proof of the twenty twenty guide so I am going to be proofing that this next week and we will be releasing a week or two around sometime. I should not we could do. We'll be racing sometime next few weeks and original plan for that was just kind of hanging out. The clients had an classes. Get on people's hand obviously won't be doing that for awhile. Now so I'll send an email and I'll definitely share the Amazon link And this year. I'll probably put up on kindle to that was just an easier way for people to read because I I think this is more important than ever to be reading plans and refining your strategy and also staying to your plan if you guys have questions definitely reach out to me. All Right Man Art. Everyone stay healthy and stay safe..
"denver" Discussed on Denver Real Estate Investing Podcast
"We buy to a final asking price. As inventory increases discounts will slowly increase so to the surprise of most sellers. Buyers usually will not make an offer on an overpriced home. They just move on the next house. A house needs be priced within one to three percent sales price to get any offer. So what does here is that Yeah even though he's seen though of inventory growth in three nineteen or I'm sorry twenty nineteen and now it's come back. Low balling is not the game even when the market is not extreme seller's market. You can't do extreme. Low Ball offers Now of course you have a full-time person. You'RE GONNA acquisition manager and they do fifty offers a week different story but for the average investor Doing mobile offers. It's just a waste of everyone's time in my experience but we do actually like is older properties not sure if I pass society it or not but properties of the market for a while I they get less traffic and a lot of times we highlight those properties and WanNa go talk the seller and see because as it says it usually had had no offers so we call the agent. We talked to him and say. Hey what's up? What's up property and we see what type information we can find out now. You know a you know some of the time the solar stuck on price the other time agents like you know what? Bring me an offer. I know it's over price. I need something. You'll show my cellar like great. We will go check it out and talk to you later today okay. So here's the sales concessions looking at home. So concessions are once your contract. I the sellers giving the buyer a concession. Lot of times has has to do with inspection items. So you know you you go under contract. You put your earnest money out. They need go do the inspection and homes always having section issues. It can be brand new and there's inspection issues And so you know. Three things generally happen The two parties seller and buyers can ingredient thing they terminate deal falls apart secondly the seller says you know what great I'll fix these items or thoroughly the seller says. I don't want to deal with it or the buyers says hey I had to deal with it myself and the seller will give us a credit at closing so a seller credit so that'll be concession there That great we're getting a concession from the cellar so if you look through the history and this is from two thousand fifteen It's really bounced around from about twenty five to thirty five percent African sessions. As every INO- homes have gotten concessions. It's been between twenty five and thirty five percent and enright around that fourth quarter in two thousand eighteen. We start creep up an as because he inventories creeping up in so sellers starting. What's going on here? Whatever I'll give you a couple of thousand bucks just can sell it and that's not have to another mortgage payment or to. At least that was our experience so in quarter four two thousand eighteen. We up to forty one percent. Which is the High Said Ben? Sense on this graph going back to twenty fifteen and then fifty eight percent in quarter one. Twenty nineteen fifty eight percent fifty six percent and in fifty three percent in quarter four twenty nineteen Which makes sense because we that Kinda mayors inventory building and then the inventory buildings Dr into just a shrink a little bit again as well so again when there's more of a Tory sellers one deal but more to sell their house a lot of times. We don't know what the prices or at least honest sharpen are experiencing anywhere from a couple thousand dollars. We've had a couple of deals. It was ten to fifteen thousand dollars and the deals. We've gotten the highest concessions on or during this timeframe where there's larger inventory build and so tells him and a lot more willing to negotiate with us so how does days on market change over market cycle. So the answer again. I'm reading from the graph here. The average over fifty years is seventy days on market so looking at a quote unquote normal. Seller's market in the seventies is about sixty days on market and so that's below the seventy average below the recession in the eighties about ninety days on market. Go the nineties. Normal Seller's market is about fifty days on market. The recession to thousands was a hundred days on market now current market cycler in or about thirty days on market so again. This just is another way to mirror. What part of the Market Psych Orrin? And obviously we're in a seller's market still because we have so little days on mark I mean we are more than half below what the average market is now. I like this. It's cool graph. Look at 'cause it's very it's They did a very good job of visually building. An Out But it kind of goes to show if you'RE A long-term buying whole investor Can you don't need time? The market now by now and five or seven or ten years depending on what the current market cycle is. You may not sell that place tenth interim by something else you made from their year or two or three and then sell ten thirty one up But if you buy and you bite smartly and you buy good property today and you put reserves away and especially utilize these low interest rates like. We talked about the beginning. There's a really good chance that you'll have success in the long run right. So let's talk about some population. What I hear okay. So population and unit sales basically. We are not in a bubble censor selling exactly the right amount number of homes. The city's population not like two thousand five. So what does does this is. A chart actually shows the relationship between population growth and residential sales so highlights three areas the boom area the boom phase the recession phase. And then what they have classified as the goldilocks phase. So think back to the goldilocks story. From when you're a little kid you know too hot too cold just right and says the market is just right. So in the early two thousands we had a bubble and we saw big spike there as far as the number of deals per the population growth and then the recession. We saw much fewer deals than per the population growth and now on that gloomy likes phase. We're right around the right number sales. That should be happening. So I'll describe this'll be a better here Because in the bubble we were about. Let's see two point. Five million people In population and the number of sales was about fifty thousand transactions. So that's about ten thousand transactions higher based off the population that we should be in And then during the recession based on population growth we had about getting close to two point. Seven three million people. The number of deals done in the low thirty thousand. So that's almost like a you know. Fifteen twenty thousand sales swing and now the goldilocks phase which is right around the twenty fourteen. Twenty fifteen period on this graph We're still Nagoya locks face and I really like this example because to me this is a great high level. Keep it simple stupid analogy for. Hey there's no crazy stuff going on in the market that the speaker yes. Prices are increasing. Yes we don't have inventory but there's not craziness going on in terms of number of people here. There were buying homes. And so here's an interesting stat too. So sales in twenty nineteen rolling about eight percent higher than two thousand four but the metro. Denver population has grown twenty five percent more to population growth percent. Sales Rep eight percent again. That goes along with normal narrative on just More demand than supply. But I would definitely look at the slide on the show notes at slide. Thirty seven And says the relationship between population growth and residential sales. And look for that. Goldilocks phase Because my plan is to buy a lot of properties right now in fact. I'm recording on a Monday on Saturday or Sunday so two days ago I wanted to property on another rental property because on a bye. Bye Bye right now because. I think it makes no sense over the next thirty years and so as far as population growth Here the two metrics. I like to look very high. Level is population growth and job growth. I'm of the mindset that there's two types of cities. They're either growing or shrinking. I want to buy that are growing. And that's just my attitude towards everything started business out of business. A growing market not a shrinking market place. I'm a buy real estate onto by really growing marketplace not a shrinking market place. Y- do we get the same cash flow that you get out there in Midwest. No they took those demographics bio cities. It's scary. They are shrinking. While when there's fear people there that does not help with rents and prices one day and so Denver has population growth and job growth. So Denver had three million population and and the fall of two thousand fourteen and the next ten years. it's expected to increase about fifty thousand people per year. I mean that's a big number fifty thousand new people per year all right so one of the final slides on here. Let me get to my notes. Because it's a little more complicated This is actually looking at construction trends so this is looking at the number of permits pulled relative to how much new inventory we need to keep up with growth so there's two types of permits on here there's permits pulled to build the Sal and permits pulled to build to rent so build the salads like you're single family stuff your homes or condos your townhomes and to build to rent or those big multinational which are typically going up in downtown. Denver seeing that you know one or two cranes over there in the skyline so currently more than half of all permits pulled are for least unit that's rental units on apartments and the result is that there is not much home and condo construction taking place in Denver and now enough to meet the demand so on average we need about twenty one thousand seven hundred new units per year about fourteen thousand for sale but seven thousand for rental to keep up with population growth of fifty thousand new residents a year. Now if you look back to two thousand nine which was the smallest number permits pulled there about four thousand pool or actually a three thousand pulled for construction to sell about thousand for construction to rent and parents every year. Both of them were permits. Have Gone Up but non until twenty. Sixteen were enough permits pulled in that one year to meet the growth for that one year of about twenty-one thousand permits needed so even though and twenty sixteen twenty seventeen twenty eighteen. We are slightly above them Permits needed for that year. We still have one two three four five six seven eight nine about ten years of years were there are not enough permits pulled. So they're still just a huge backlog again that's why we have no inventory. And so looking at twenty nineteen they were forecasting to have about just enough permits. Pulled Four to meet that twenty one thousand change permits needed a year. Okay let's talk about rent and vacancy so this chart shows the correlation between rental vacancy rate and the median rent since Denver and so basically what it shows is that in times of high vacancy. We've had lower rent growth and low vacancy. We've had higher rent growth. No big surprise there Against supply the man when there's too much supply. Great Brent. Prices don't grow that much when there's more demand great us landlords can charge more. So here's what it basically says going back from the early nineteen eighties to present. When the Denver rental vacancies blow six percent? We experienced rink growth now from nine hundred ninety one to two thousand nineteen. The average rent growth was four percent and that data is pulled from apartment data of five hundred and above That's where we get a lot better. Rental Data and vacancy data than all the small mom and pop landlords but from the the big investors and the big property management companies. They have that data so looking from Mike. Two thousand to two thousand thirteen had high vacancy of eight percent. The average drink growth was point eight percent year then in two thousand fourteen. To two to present we've had low vacancy an average of four point eight percent and the rink growth has been ten percent and change per year. Go back the nineties. Low vacancy four point seven. We'd hiring growth of nine point five percent in the eighties high vacancy of close to ten percent and low rank growth of point three percent so two things that stick away for me to hear Is that? It's going to have time to rent growth and times of like pretty much flat periods But overall the hours out to be about Four percent growth in the long run but was interesting in non these periods and they're all about ten year periods. There's not been any negative rent growth so no rent slides on there now of course very like ten percent growth but that just can't sustain forever But we've not seen native rink growth in the forty years history here in Denver sets of buried promise to me so if you buy a property and let's just say man vacancy y'all creeps up tomorrow and rinse stay about the same sex couple years. Great numbers still work for you. Your cash flow may not increase as much per year. But he's still making the debt pay down the principal reduction and hopefully appreciation as well. Oh One last slide here. case you haven't seen any headlines mortgage rates. More rates are very low by historical standards and have been declining over the last few months. So we'll talk more about this in a future podcast But you know I know the interest rates just took a little dive again here. Last couple of weeks They'll probably creep up again so sometimes people forgot my gosh there four percent now. I missed the three point. Seven five range. Go look back. Five years will go look back ten years ago. Who gives a like?.
"denver" Discussed on Denver Real Estate Investing Podcast
"And we often do compete with cash offers as sometimes we lose but we win a lot to you know compared on what we talked to other agents. I think we'd do better job of winning overall. And that's just because it's not just hey price and all you cash or not. We do a lot of things with our contract for example to write like we we call tight contract so hey three weeks before we close Sometimes say hey. We'll put limited inspection on him in there. We work with really good partners. Lenders that can also get the job done. They've gravitation so do la things that stack the offer in our favor and it's not uncommon for us to win a win a property. And even though we're not the highest priced offer now would always get the details of the offer but we've had numerous deals Asher numerous agents say. Hey I like the way wrote the contract terms and here I like the one you're using. We're going with you even though you're like five thousand dollars less than the other person and that's because the stars like great is make sure this gets sold and I don't fall a contractor issues so hey that helps us win now. There's always absolutely not. We definitely lose our fair offers But there's other things we can do. Were cash is not the only thing You do and sometimes what else we do is if you do have the cash to buy a property. We might read as a cash offer but but terminology financing. Hey Great We're going to buy the property cash but we reserve the right to bring in financing if does not materially affect the closing the property. So He'd done a handful of times as well More of The Times you've done what's known as a I think. The technical term is called delayed financing which by the House cash and if you put financing a place within thirty or sixty days it's basically like putting financing place in the get-go little bit more advanced there but there's other ways you can either use your cash to buy property but of course you know an owner rental property long-term with Kathy interested inefficient use of funds out there but even though cash offers do can produce a cash discount. It doesn't mean you can't compete with them as well so don't get scared by them. And no fuck you have to use cash. Just make sure you have your act together when you put offers them. Oh so here's a really interesting one. The last couple years always been the talk show. There's a recession coming in a year or two or three will that year two or three has come and passed. But they're still our session might come And now everyone's saying at least from the articles I read though there might be recession but will be after the presidential election because politicians. They don't want the economy falling apart During election cycle or I guess he the Party in power doesn't the partying and not in power. Does but you know politicians. They're going to Seller feature out today to make everything look good today is Kinda my pessimistic view on him But here's some data from core logic and this is that homes and what they state. Here's at homes have appreciated in three of the last five recessions at the national level. So this is the nineteen eighty recession nineteen ninety-one nineteen ninety two thousand one and two thousand seven recessions. Now I can remember the two thousand one. Two thousand seven sessions. There's other ones. I was too young. I was alive browsers. Too Young to understand them I remember two thousand one thousand seven people get Denver Metro Denver home. Prices have appreciated the last four out. The last five recessions so a recession does not equal a housing crisis now. The one recession were Denver. Did prices did go. Down was two thousand seven. Well that's because that was a housing crisis that led the recession so whenever eventually this recession happens Cool there's a really good chance that we will still see prices. Continue appreciate if they don't. You'RE STILL BE MAKING CASHFLOW DEBT. Pay Down and appreciation. Keep that in mind and again you keep money in the bank to help hedge hedge the bets against any issues the with recession here so moving on okay. So here's an interesting one. This is looking at inventory and population so even though I mean just for the slide I I talked about the graphs so there is not a relationship between inventory level and population. There is not the number of homes. Active on the market in two thousand sixteen to two thousand. Eighteen relative to the population was at the lowest level ever. The mentor is less than a third of the historical long-term average. So what this is saying. Is that as the population grows as everyone knows here. The population Denver Metro is growing The more the population the more inventory shed on the market to help that current population go out there and buy homes so as a population has grown. The number of homes to number people is at its lowest record level. So I'm looking at the chart on the very right hand side of slot if you're following along with me or come back and look at it and see inventory of active homes per one thousand people in Denver Metro so what this does say. Hey great how? Many homes are available. Kerr one thousand people that live in the Denver Metro so looking at In the nineteen nineties which is a quote unquote normal seller's market It was five homes per one thousand people then you go up to the recession and the two thousands. It was ten homes per one thousand people so it practically doubled. Then you come back your current market since you know twenty fourteen or so its narrative two point one homes per one thousand people so looking at the average or last thirty five years. It's about six point. Seven homes per one thousand people and right now we're energy. Averaging about two point one homes per one thousand people not sure how you get a point one home. Sound like sensative where you can. Have you know two point four kids? I guess But he hit. The gist of that here is that we have really low home inventory per the population growth in Denver Metro. So what's the likelihood of the deal to close? So the percentage of homes that fall contract has remained steady at around sixteen to twenty percent so about one and a five homer contract will fall on a contract and that's if you're a buyer or seller that's just kind of stats for both sides of the deal there now..
"denver" Discussed on Denver Real Estate Investing Podcast
"Awesome deal do sweetness bop I give him the the buy and sell side. We definitely did when I was a one man show. I definitely had that as anybody that brought me a deal I I would have them. Be Our agent to represent us on the back end The way that we Kinda came to a good agreement for both sides is one they would see the big picture and hopefully they do volume with this so give us a bit of a price break on Commissions on the back end in turn we want to make an easy scenario for them where they are putting in very a little man hours that we're doing all the work to get it there. Were really using them as the conduit. Because that's not fair for me to ask for discounts. They're doing the same amount of work as they would've traditional seller try that'd be favorable sides and come at it from from that perspective but yeah absolutely. I think that that is just a a nice way. And that's also parlayed into almost almost the the networking side of things that we have bought deals from agents and we have said you might have a client that is is on the fence about listing. Their house you know like the horror example is a classic one where we do a couple and buying a couple hoarder properties a year we are happy to compensate an agent outside of the transaction if that helps get the deal done for everybody if the seller things. OEM quote not paying any commissions. No one wants to work for free and nor nor should they so at ask the same amount and that they get compensated and they have a certain breakpoint on what they want to sell. The property for versus me compensating somebody outside of it. We're happy to do doing and we want it to be a win win scenario so we've worked with certain agents Especially early on traditionally buying on the lesson. Some people that said. Hey this is you know kind of that. Pocket listing if you will and we're happy to compensate them in or outside of the closing and whatever makes sense. This is really good advice. Oh so something else I would recommend and kind of curious is your your opinion on Harris. You're starting out 'cause you know as I think most listeners. Now I focused on the rental aspect. I'm not fixing flip is not my not my cup of tea but even with my people I wanNA buy rental properties we meet we come up with a game plan of criteria. Hey we've got they've got. This month's capital provide work this part of town. This price point can have basically this capita this cash flow and my mind so great when we get one of those deals. It's pretty straightforward. Hey we'll we'll check it out all this but You know once they pass on to something like once or twice like that. I'm like okay. What's what's the real criterion here? And I'm assuming when you were working with investor-friendly agents and they're bringing media deals if they brought your criteria and the criteria you act fast and pull the trigger. Yes and that's an important thing. I want to stress because a lot of people they talk about it or are they they give loose criteria. Were that really conference so yeah. Here's my that meets act fast. Now read it. I'll wired Check three hours from now if it makes sense. That's that's a great point and I think I think actually I go back to when you and I are putting the series together and we said we'll people want to know where to find a deal on how to find a deal. I right right so we should start with that. And then we kind of backed into the way that we at elevation run our processes. You have to have your investment guidelines setup so you know exactly what you're looking for and then you see how do you analyze those so exactly you can get back to that person and say fits this target. I can definitely move And then we at we kind of looked for for two way street. You're right it's got to be fair to them. If they're sending me three or four really good deals that check a lot of our boxes. We should be able to move forward and virtually I tell the folks work with early on is. Please don't waste your time and don't send me thirty deals. That are marginal. This is our guidelines and I'm going to save you time to not find those and and if you keep sending them to me we ended up conversely kind of not really working with them verses somebody you know our hands down our best deal this year. this really cool property. We just sold Englewood when we're very blessed for it to be a six-figure net profit and came from an agent and I I love her and She calls me three or four times a year. And that's it those three times. I literally say art kids. Hold on. Dad's GonNa pull over like this is serious. We need to take this call wherever I am because I know she's got a good opportunity and we got a great deal out of it so it again saves them time and Energy and then for me you gotta be able to act in as long as it's what you told me and went and saw that property immediately and didn't even very fair price didn't even try to negotiate down done-deal close the next week take and that's I mean and to talk about this. I think this is important though for you know whether you're talking with a couple agents like there to help mind the MLS and bring you some deals or if you're out there networking with people or wholesaling. I'm always I'm always surprised. He's actually not really surprised by muffins. Flower Gas. I'd have to say when I just meet someone networking events from like. WHOA Hey I want to find a good deal Mike Cool? It's a good deal. Well you know a good deal MC no I have no freaking clue what a good deal is to use but like if you can clearly articulate in four bullet points hey I want properties that meet this this and this and this. Then whether it's an agent working molest for you or various wholesalers out their orders people you network whether it's you know at the holiday party in three weeks or so at a real estate up somewhere if you don't know what you want to tell people that people aren't bringing deals and that kind of goes for all for these areas Yup so that's super super important for both sides of the table for that person looking for deals for you and you've been able to trigger and not wasting your time too you can just get you. I know it's a sexy industry to be in. So you can just quote evaluate deals or think. Something's a good deal and do Napkin math. But you'll never end up doing something and if you do you probably aren't set up for success all right. So what's I know he kinda going down the MLS Quadri talking about working with a couple agents. But let's kind of. I actually want to start diving in specific things now also on the mls you got about fee said fifty. Five percent here deals practice shearn about thirty percent from last year though. Probably the the biggest source of deals last two years for you. It sounds like asides from whether you have an acquisitions manager a load of your time or couple agents working for you. What's what's the criteria are looking for? Are there certain searches. What's if any of the secret sauce can share on what you guys look for? Yeah and and kind of backtracking just a little bit too as if you're talking to three or four different people we tried. Set it up so that you have three or four different agents that are Either experts at certain price price points or experts. Ideally at a certain part of town. So there's a little less overlap for them too because it goes back to the old tradition of farming if you will an agent really really dominating their their neighborhood or their specific area I think if they looked at where do they do their transactions. It's probably a smaller circumference than all of Metro Denver. So we tried to have hopefully working with somebody that did different parts of town so again. We're making it efficient for everybody. So I think that was the first thing that was really important But looking into uh other aspects of how working with these agents is You know just being smart and working with them swift sufficient for you know everybody's time and now kind of going back to your operation with your fulltime acquisitions manager yeah Because I think what right now. We're in December. You probably have eight thousand properties and inventory of Denver somewhere around there. Yup so I doubt she's just pulling up and saying hey what's all new listings today correct. What's the the F. E. sitting down? What kind of like her workflow or her loose criteria and? I'm sure you can't share all the hopefully a few things that you can give give people ideas elder yup absolutely for us. We're really price point specific. So we immediately narrowed down the search to we're primarily looking for properties For single family homes between two hundred fifty and four hundred thousand dollars. So that immediately cuts out a nice chunk of inventory that would make sense for flip for condos and townhomes. We set that search at one hundred fifty. We don't find much you know at that price point but usually one hundred fifty to three hundred thousand dollars for condos and townhomes and so that's the first thing is setting up your price point search and then looking at those key words that a lot of people have set up some other. It's bring your tool belt. Handyman's special investor special official so working with those agents and setting up keyword searches. We WanNa look at anything along those lines that would make sense for a distressed ask property or property that is outdated or needs needs work. Structural repairs is another key term Sweat Equity As another term that a lot of folks put in their listing notes or as key search points and so that helps you narrow down what you're looking for And then we also oh do searches based on parts of town so again. I'll go anywhere we have A. There's a good opportunity right now. We have projects going in Longmont. Lafayette Metro Denver Littleton and we've got one. I guess it's Denver but right on the border of Denver Nora so we'll go wherever there's a good deal. Oh but we seem to gravitate just because of our network towards Sixth Avenue in South You know just. That's where a lot of our deals have come from because I think some of the the people we network with And then the other thing that we look at is there's so much competition so while I will look for a good deal and let's say the highlands Moore or Sloan's or kind of true hot areas. I usually get out bid for those properties so we don't end up buying as much in the quote hot areas areas unless it's an off market deal because we can find great deals in close lying suburbs And parts of Metro Denver. That maybe other people don't WANNA working and we've had great success ten miles outside of Metro Denver and do you Do anything with like days on market or property have canal contract a few times. I've noticed just from buying rental properties tape properties in the market for longer or in contract.
"denver" Discussed on Denver Real Estate Investing Podcast
"Welcome back to another episode and this is our third episode in our seven part series. He's at recalling. Elevate your Denver flip. So the first episode gave a quick overview about the series and just the basics on what you need to know to go out there and get everything in order to build up your foundation start flipping properties the last episode number two. We actually gave a very quick market overview and went through Derek Tehrik spreadsheet and how he analyzes deals and this episode is all about finding deals in Denver. So my mind this episode and previous episode really go hand in hand because it's about finding deals analyzing deals and it's like a chicken and egg question my mind which one comes first. I don't know but you need to know both so the way we're putting in. We talked about have analyzed deals previously. And now this one were we talking about how to go out there and find deals so derek will go through through and talk about his marketing his sources of deals. I'll be asking them a bunch of questions and he's got some really good stats here to talk about where he's found his deals seeing a good lay of the land About where to find deals in the current Denver market so back for this third episode is Derek Marlin of elevation ovation. So Derek could have you back thanks for having me of course so we are talking about finding deals here So right now we're in Denver Twenty nineteen so you spend seven seven days a week standing on the steps of auctions right. Of course no. I've actually never bought a property deduction every. Yeah and my six years of flipping and even buying Reynolds ten years ago. Never never did the auction thing. And I don't know if it's super viable for NON-INSTITUTIONAL ESTERS Denver's my opinion on that. So why do you say non-institutional because I've talked to a lot of People were they know six seven eight years ago they were buying a lot of properties back then but now like hey. It's basically wasted as the time. Yes so why do you say for institutional. Because I've not heard that yes so from what I've heard again. I've never been to the auctions but it's probably curtailed a little bit lately. But that it is hedge funds buying buying properties. Because that's how they did in other markets they just rinse and repeat. Think Denver's a good place to do that. And they're essentially bidding against themselves. So I definitely don't want to be the guy in the middle of Different hedge funds bidding against one another to get a portfolio number rather than a good deal ideal base. I'm guessing probably have a beer. Cashier strike the New York slightly a deeper pockets and they may have a lower return expectations to than what you need to run on your one hundred percent because think about it. They're taking all these properties they're securitising them or they're putting it into into their fund and generating a slightly above Wall Street rate of return. And I can't remotely compete with that. See I I stay with Martians. That's interesting okay. Yeah well I kind of joke. But that's actually really interesting. Thank you Great so I know when I've talked to people about flips when I I did my brief stint as a flipper with my one property this always came up. I mean what is the magic formula. Where do you start on here? Where do we dive in? Yeah I think think we dive in and we put together a marketing deal quadrant and really the best way to look at it and I can kind of talk about the evolution of how we've gotten our deals because it is one hundred percent changed over time but you have to look everywhere. It sounds cliche. But it's one hundred percent the truth so you kind of look at your four main areas. which for us that we've put together in our slide deck but I think those listening again in their car is you've got the MLS which is still a very viable option and we'll get into where we we as elevations accompany use that as a tool Duffy growing tool for us in two thousand eighteen Networking is a huge piece of of what we do in the Nice thing about that is it's way more cost efficient than a lot of options out there Working with wholesalers is also very good option to WanNa have your Feelers out there with as many good wholesalers as possible. And then we kinda group this together for lead generation and for us Anything probably many other investors. That's what other marketing capacity. Could you do to find a deal whether it's digital marketing whether it's As they call them bandit signs whether whether it's direct mail any really anything else kind of falls into that bucket and we use all of those and have gotten properties from every one of those In two thousand nineteen okay. So in the last year you've bought from all four different areas. Yeah we bought from all four areas. I went back and looked at our data From from this year and where we will end and for us we bought ten percent of our properties from wholesalers. We got fifty five percent of our properties off of the MLS. We we got twenty percent of our properties from the networking side of things. Then we'll dive into that here in a little bit In a couple of minutes and then the other fifteen percent was lead generation and so for us that was primarily digital marketing doing seo and doing A little bit of targeted facebook ads ads and then A few years ago we did some television which we held off on this pasture because of some of the election stuff that you kind kind of get lost in but we we've done in the past yet? Ten percent wholesale fifty five percent. MLS twenty percent agent and networking And then fifteen eighteen percent from lead Gen marketing buckets benefits of affect like teaching alive class. You know with people sitting with us. We did a survey before I. I can't imagine many people were guess that the majority of deals would have come from the. MLS Yeah Ya. Anne and I went back and looked two thousand eighteen for us was seventy percent. Were off market. So a combination of networking lead Gen and wholesale and only thirty percent was the I think that's a function of two things. Thanks for us. One is a staffing up. So I have a fulltime acquisitions manager that her whole job is to find properties for us and a big component of what she does is finds them on market and uses the MLS to write a number of contracts and purchase law. This property so I think part of that it is is just having the capacity to buy more But with it being a little bit less tight in two thousand nineteen inventories up so it's interesting because people say it's harder to flip currently in this year versus last year for example but we found that He still needs to be really diligent in your numbers numbers and and looking at your deal but the volume of deals is there's just purely more house on the market usually they're typically some sort of distress or in really bad shape so we can buy right that way Versus in the past there weren't as many deals on there so we were able to find quite a bit and then just be really upfront with with working with the other other agents on the other side and saying we are cash buyers were fortunate. Don't have to to use other lending sources. Yeah only look at something more for structural and a sewer scope and and then you know it is what it is and we're happy to buy the property if it's a good deal for both all right so I I want to ask you questions about all four years if an error because I just find and it very very interesting especially just the lead generation. That's always fascinates me because that's that's marketing always fascinates me do on jump into like a certain certain section or certain quadrant. How do you want to dive in his for? Just start like firing questions at you and knows all thrill I. I'm I'm happy to to to do rapid fire questions. And if there's something that we don't catch from certain bucket of our lead Gen quadrant here. The night can chime in but no. Let's just jump into your questions okay. Can kind of fill the gaps and account pickoff. Because we we started talking about this a little bit on the last episode and then we won the lump it on here and this more just the concept of marketing funnel or the sales funnel. I guess we should say eh deal funnel via which was just guessing about thinking about your kitchen funnel. It's water at the top smaller at the bottom and so any type of sales marketing marketing. No matter what business you're in hey you put more at the top and every step of the way you lose. A certain percentage right of your perspective Klein through your perspective deals fields or your perspective sales whatever it is always lose some some along the way right and you were talking about last time that Kinda I levels just a quick five hundred overview The second step is if it passes that you go into the plugging the numbers. The spreadsheet was shaky about ten minutes. And if it passes that that's the test you go into actually pulling up calm and getting a more accurate air. v Right right and so does that funnel change very much based based on the different quadrants or is that the basic funnel us for all of them. No that's a great point. That is one hundred percent we are looking to the same funnel the same evaluation Lens no matter matter where the deal comes from. Okay so we really try to make that an apples to apples comparison whether the we are putting a something under contract from the MLS or getting a inquiry from our website. If someone says I want to sell my home and will working directly with the seller we evaluate the exact same. Okay and then what I mean I'm curious to get one one deal and I'm drawing on my paper that no one else can see rebounding. Get One deal the success the funnel to get that one deal just from. We'll get all four years those squadrons. How many deals being put in at the top that have to go through that sifting and sorting process? Yeah that's a great point nine will now. I'm really interested though I'M GONNA I'm GONNA date inert. I heard some have to go back and really slice that up but from top level perspective. I'd say we're probably looking at at least one hundred. Let's call them General leads from all four sections of our quadrant to truly get to one property that we're going to buy look and and it's probably thinking about these splits of where we got our properties. That's about the number of deals that you're looking at in each quadrant so for example if one hundred general leads come in the door probably fifty five of them were seen on on the MLS Probably ten of 'em would be properties that we get sent to us from different wholesalers. The other twenty percent were people that we've we've got networking and marketing relationships with and trying to cultivate those and they're calling us a handful of times and and we get twenty calls from there and then the other fifteen percent would be digital leads. They're they're coming in from our website or some of our digital marketing and that would make sense that the majority of those properties come from the MLS. And you're looking at it..
"denver" Discussed on Denver Real Estate Investing Podcast
"New unions came online and absorption is a net change of the number of units rented in the current time period compared to the previous one. So that's just saying great there these this amount of Nina's on the market. How many were rented? And that's the market absorbing them again. That's another good thing Another good indicator and Jives with the lower vacancy We had more units absorbed than actually more new inventory that that came online. which is a good thing from the landlord's perspective? Yeah that's a good thing for all those cranes downtown as well all right so this is a as talking some new favorite side of our so. Joe You talk about this one. Yeah so you know. The last recession we had was two thousand. Seven seven to two thousand nine. Eleven twelve that's debatable when it ended So look at the far right hand side of this chart because that's our most recent recession Russian. We have in our mind that if there's a recession housing values are going to go down now. The reality is recessions and housing. Values are not not tied together and this chart is so timely because we see it on the news on CNBC ON CNN on Fox News all the time. Oh my God. There's a recession communist GONNA be recession the next two years. What is that GONNA mean That does not equate to a decline in housing prices. So this slide the The chart on on or what's the purple is that's Denver Denver right so the purple is Denver housing appreciation and then the dashed is nationwide Housing appreciation so in two thousand seven. You see nationwide average home loss nineteen percent during that two thousand recession. So we're GONNA start at the right and work our way over to the left in Denver. Two thousand session the average home loss one point four percent now the recession prior to that two thousand one the average home in nationwide gained six six point. Six percent in Denver gained two point seven percent nineteen ninety recession average. Home Price gained two point. Seven Percent Nineteen eighty-one recession. Average home price gained eleven percent nineteen eighty recession average home price gained seven point three percent so four out of the last five recessions sessions home prices have increased. Do you think you need to be worried about the next recession Chris Not I should not be laying awake at night worrying about got it. That's stopping me. From buying more rental property that's right according to the slide which this is isolated in our next session. We have an eighty percent chance that home values are going to continue intended to go up. Now I understand. That's kind of an off the cuff statement. And it's not of course a guarantee but recessions do not necessarily dictate that home values are going to go down so if you see that you get nervous about that that does not mean. We're in a bubble of a recession is coming. That is not guarantee that your home value is going to lose twenty percent the five percent ten percent. This just historically accurate data that in the past recessions we've still continue to gain value in home so take that for what it's worth. I think this is a really powerful slide. That recession and home values are not tied directly together. And this is A. I'm not keeping my mind the sideline I think it's a great time to buy I And I recommend my clients. I don't think you should keep your money on the sideline as well because trying to time. The market is a very hard thing to do. And I think it'd be winning a long long time until we see a major price decline and an interesting things note is that a recession does not equate to a housing crisis. Right But the thing was in that last recession two thousand seven it was a housing crisis that led to resolve the recession. And so that's why. We saw a huge huge decrease in prices. But these other recessions I was not. You know the Luba. I've read about them. I don't think those are housing crisis driven know that we're not Those are just general economic and whatever. The heck happens for recessions. I I want to add. Just one thing that that Chris touched on. We put our money where our mouth this I actually closed on a residential condo that I purchased about thirty days ago and I'm under contract on another property property Purchasing closing in December as well. So I know we're out here telling you guys it's a great time to buy But this is not just someone preaching Ching at you and not actually doing it. We are actively purchasing properties were actively participating in the market actively participating and transactions purchasing properties. Just like you guys. I want to point that out just as kind of a side note. Yeah I am too. I mean I'm I just Joe. Close May cash-out Refi my primary two days ago before record this and waiting for the wire hit things tomorrow. Yup I'M GONNA go out there and hopefully by two maybe three more rental properties the next three months ago. I'm not sending you a wire. I'm bringing you all twenty dollar bills. Wonderful Yeah and we'll meet in the the dark Alison Murdoch. It'll be great perfect. I like that plan. All right so last slide here and then we're gonNA wrap up and this is just more data from core logic some arena here verbatim. Tia Yeah core. Logic found that Denver property owners are sitting on a record high amount of home equity so. Don't expect foreclosures or short sales to retort anytime soon. Additionally Colorado has some of the lowest mortgage delinquency rates which is ninety days late on payments of any state eight in the US. There's no evidence of a bubble like we had in two thousand seven. So and the quote there Something just more data that the housing is looking strong. Don't wait around for foreclosures. Don't we rent it for short sales but the flip side of this is do what I just did. If you've got a lot of equity in your home comme WanNa tap into that to go out there and buy some rental properties and actually some very future near future episodes after doing this. I'm going to do a series on tapping into equity in your house and also your rental property and how to use it to go out there and buy more properties very high level. I call playing adult monopoly. Going from your you're one greenhouse to three greenhouses to a red hotel and understanding how to reposition equity and possibly tapping equity on your primary or rental property. You can be very smart. Move in the long run. So if you're one of those investors or property owners that have equity make sure you check our future series that should be hitting like four to eight episodes. It's after this recording comes out. That's going to be great one. Yeah all right guys. Well that wraps up for this as Joseph you guys have questions or request definitely reach out to me reach chat to Joe Our contact details are in the notes here or you can always go to Denver invest in real estate dot com for more details. So thank you for listening and Joe. Thank you for your time today. I always appreciate appreciate looking forward to next month's round up we'll see soon..