Zip Sheet: Hot Denver Real Estate Investment Opportunities

Echo Summit provides Zip Sheets to our customer base as a part of our services. Zip Sheets contain hard-to-find information on hot real estate deals in the Denver area. Most of the information in a Zip Sheet will have a shelf-life of only a few weeks, as hot deals tend to disappear quickly. If you are interested in subscribing to our Zip Sheets, please email me at scott@echo-summit.com



Echo Summit is coming across high-quality, ‘must sell’ properties in hot areas on a frequent basis. For friends and existing clients, we strongly recommend the Fitzsimons, Walnut Hills, and Cherry Creek Vista areas for the rest of 2008. Fitzsimons you have likely heard about, but few people are talking about the latter 2... yet.


Fitzsimons
While $billions have already poured into the project and the area, about $7 billion more has been committed for the next decade। This area, if you are not aware, will become the premier bio/healthcare-sciences research park and medical center in the country. The key point about Fitz is that the investments are now starting to become evident in the form of hotels and larger corporate presence (think Chipotle, etc). Property values should soar in the near future. At ~$155k for a good 3/2 SFR, you can easily get you into this neighborhood and cash flow with only 10% down. More investors will flock to this area when they see the investments and the physical changes to the area, so for Fitz, you should buy soon.

Walnut Hills
Simply put, Walnut Hills is one of the least expensive neighborhoods you can still be: 1) close to I-25, 2) in the ‘good’ part of the Cherry Creek School district, 3) walking distance to light rail and 4) walking distance to world-class shopping and entertainment (by Elephant Bar and CB & Potts off of Arapahoe)। I recently picked up a mint $275k property for ~$230k, which is literally walking distance to the Arapahoe lightrail stop (and feeds into the Campus Middle School and Cherry Creek High School). Rent is ~$1,550... phone rang off the hook the day I put it up for rent.

Cherry Creek Vista
Next to CC reservoir, walking distance to Light Rail and Del Frisco’s, good CC schools and streets with $500-600k houses, $700-900k houses, and $260-350k houses… ALL NEXT TO ONE ANOTHER. In the near future, the $260-350k houses are likely to experience a dramatic upward swing. In the meantime, this neighborhood feeds into the best schools in the state, has a brand new swimming pool and rec center, is a fantastic place to live, and has VERY FEW rentals. You could likely get into this neighborhood and cash flow with 20% down.



What to do next
If you are interested in Echo Summit tracking any of these areas for you and presenting you with opportunities, we would gladly do so. Remember, buying is free to you. Make sure you are pre-qualified and ready to move, however. Sometimes we will have to move fast to get the best properties at the best price.

If you would just like to sit down and talk about any RE topic, we would be happy to do that as well!


Scott Lukes
Founder, Echo Summit Properties
http://www.echo-summit.com/

Minimizing Out-of-Pocket Closing Costs #1

Instead of offering $97,000 for a property, offer “$100,000 with $3,000 in Seller closing costs and/or prepaids.” This allows you a ‘free’ way to finance your closing costs, and not pay for closing costs with expensive post-tax dollars.

Not only will this maintain higher property values for the area, but it really makes no difference to the Seller (they get $97k regardless… likely tax free).



Scott Lukes
Founder, Echo Summit Properties
http://www.echo-summit.com/

Did you pull a permit for that?

You are touring through a nice home and are admiring the custom enclosed porch, which has been included as a part of the properties square footage. Any time a properties structure has been modified (or even a new furnace installed), make sure that the Seller has pulled the appropriate permits and has performed all necessary inspections before making an offer.

Why is this important? Let’s say a fire starts in the wiring junction box of an addition that was built without permits. In most cases, your insurance company will not cover losses to any part of the property if they are caused by the addition. Also, if a fire breaks out in the main part of the home, damages to the non-permitted addition will also likely not be covered.

When you ask, make sure they deliver the actual signed permit paperwork. As a sanity check, visit county records to make sure any additions have been properly recorded. This is a good signs that the appropriate permits have been pulled.

Scott Lukes
Founder, Echo Summit Properties
http://www.echo-summit.com/

Contesting County Property Assessments - 60% of all assessed property is over-assessed

Statistically, 60% of all assessed property is over-assessed, and over half of homeowners who appeal are granted some form of concession. Fewer than 2% of taxpayers appeal, though. Especially if you have propertyin depressed areas (such as Aurora), you are likely giving free money to your local government.


Tips:

• Find your county assessor at www.naco.org.
• Write to your county assessors office and show your assessment is higher that recent comps in your neighborhood (found at www.domania.com and other sites).
• If possible, have a profesional Realtor (such as yours truly) prepare an official assesment... this will hold more weight with the assesor
• National taxpayers union www.ntu.org has a booklet on how to fight property taxes as well।
  

Scott Lukes
Founder, Echo Summit Properties
http://www.echo-summit.com/

Welcome... Echo Summit Properties

Good day, and thank you for straying over to our blog.

You are either 1) lost, or 2) hopefully a real estate investor or property owner looking to achieve your next level of goals in real estate. If you fall into the latter camp, please give us 2 minutes of your time. It will be time well-spent. No, this is not an infomercial, and we are not selling you anything.

Over the past 2 years, we have been putting together the framework for Echo Summt Properties (http://www.echo-summit.com/) a Property Management and Real Estate Investment firm specializing in the Denver market. Echo Summit was founded by Silicon Valley entrepreneurs... now professional real estate investors... who understand how to profitably acquire and manage rental properties.

Echo Summit, above all else, strives to become the de-facto knowledge post for Denver-area Real Estate Investors and property owners. True, there are a lot of resources already available on the web. If you are like us, you have your own personal 'hot links' documents and 'trades lists', linking together all of your favorite discoveries over the years. The first thing we did is consolidate a lot of those resources, so that you don't have to go on a treasure hunt every time you need a piece of information. Here are a few examples:



Real Estate Investment Analyzer (this is a link)
Allows side-by-side comparison of up to 6 properties. Includes CAP rate, Cash-on-Cash return, Cash Flow and other key metrics.



Analyzing Deals and MLS Listings
Fast and thorough analysis of potential deals is a critical skill for finding the hidden treasures. This detailed analysis shows a foolproof step-by-step technique.

Advanced Purchase Techniques
Ask not IF it can happen, but HOW it can happen. This is one of our guiding principles at Echo Summit. It is easy to say ‘no’ to an apparently complicated deal or situation. This is what most people do. This is also what helps set Echo Summit…and most of our clients apart. The tips below are proven strategies for acquiring, refinancing and even leasing properties.

Calculating Gain
Sounds simple, but most investors don't have a grasp on this one. This is a very serious area, as there are many deductions and formula variables that sellers (and their accountants!) miss regularly.



Denver Zoning Maps
Identify zoning classifications by address or map-click. View results via precompiled maps and related links.






Detailed Denver-area School Information
A detailed collection of resources for those looking to relocate or move.



So... many more posts to come, and we don't want to wear out our welcome. Thank you for your 2 minutes, and please visit our blog frequently.


Scott Lukes
Founder, Echo Summit Properties
http://www.echo-summit.com/