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Short Sale Addendum help answer questions
Mandatory Colorado Short Sale Addendum is part of the contract
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It continues to look like short sales in Colorado Springs are going to be here for awhile longer, and they are definitely a viable option for some buyers. Even though they can take some time to get short the sale acceptance from the lien holders, for a patient buyer, they can definitely be a good deal.
Having written two short sale offers this week for buyers, I thought it would be a good topic to discuss the short sale addendum that is required in Colorado. The Colorado Real Estate Commission has came up with a couple of forms called a “Short Sale Addendum.” These forms try to cover some of major and minor complexities a short sale brings to the purchase and sale of property.
The addendum should be included with the Contract to Buy and sell Real Estate between the buyer and seller and has several key points.
** The buyer enters details on how long the seller has to submit the short sale information to the lien holders.
** The buyer can also say how long they will wait for short sale acceptance.
** The buyer can also check a box regarding Early Termination that says either the seller or the buyer can terminate at any time with written approval. This is a very helpful clause for a buyer who has waited for months for approval; and essentially just wants to give up on this property and find something else.
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Kathy (719-287-1049) KTorline@msn.com
Homes in Central Colorado Springs, a little bit of history
Homes in Central Colorado Springs
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Every realtor has parts of town that they love; where they are always excited to show homes. For me, it’s in the Central areas in Central Colorado Springs. I find the old houses so interesting, only wish they could talk to me and tell me their story. Who lived in them, who did the last remodels, what have they seen during their life? Some of these older neighborhoods, have generations of families who have lived in the area for 40 to 50 years; and they are a wealth of information about the homes and previous owners, and Colorado Springs History.
I often get asked about different neighborhoods and the average prices in certain areas; and thought it may be helpful to share some information I put together on a few of the popular neighborhoods in central Colorado Springs. The information includes averages on the year built, price per square foot, and the number of homes that sold in the subdivision in 2011.
The Old North End and Downtown, continue to be very popular areas with home buyers interested in Historic Homes. Prospect Park and Stratton Meadows have became a very popular area with investors; as it’s a very popular area for renters.
This Colorado Springs Real Estate report contains information on Single Family Homes in The North End.
This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.
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Kathy (719-287-1049) KTorline@msn.com
Disadvantages of buying a new home
Interested in buying a new home in Colorado Springs
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- 6 things to add to your budget when buying a house
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I certainly understand the appeal of buying a new home. Nothing better than being the first owner of a house; everything new, everything in good shape. BUT, there are some
disadvantages to buying a new home. Since I spent part of this week looking at new builds and visiting model homes; it reminded me of some of these disadvantages.
Window coverings not included. Don’t underestimate the cost of what it will take to get window coverings on all your windows. If you are buying a $300,000 to a $500,000 home, I’m guessing you don’t want the cheap $20 blinds that you can buy a Home Depot. Make sure and include this in your budget
Landscaping is also important to include in your budget. Many of the communities include front landscaping, most don’t include back landscaping. But some new communities don’t include it and they required the landscaping to be completed within 6 months to a year after you move in. By the time you put in sprinkler systems, install sod, put in bushes, trees, rock, etc, it doesn’t take long to spend $5000 to $10000; and even more if you have to put in retaining walls or terraces for sloped lots.
And then there is the lot premium for the more desirable lot. The large cul-de-sac lot, or the lot with the great view can cost anywhere from $20,000 to $100,000 more. Granted the lot a house sits on is extremely important, but almost always you won’t get that money back when you go to sell it. There is some consideration in the resale market for a nice lot with a view, but it’s not even close to the amount charged when you originally buy the property.
Also, if you need to sell within a year or two, you are competing against the other homes that are still being built and can be customized. Buyers will almost always choose a brand-new home rather than a 1-year-old home.
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To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
Less Inventory = a more stable Colorado Springs housing Market
Colorado Springs housing inventory is down
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Why should you care that there is less inventory on the market?
Real estate has always been about supply and demand. When there are more houses on the market then the demand, the market conditions start to adjust and pricing goes down. When there is less houses on the market, pricing starts to stabilize and go up. As the information listed below, housing inventory, is down. In fact, it’s way down.
I’m not sure if this means we are going to start to see a rise in pricing, but I do think the market has hit bottom. As usual, time will tell ………………
Existing Single Family Homes on the Market
April 2012 4,433 Sales 2,289
April 2011 4,866 Sales 2,252
April 2010 6,228 Sales 2,382
April 2009 5,304 Sales 2,009
April 2008 6,787 Sales 2,298
April 2007 6,372 Sales 3,007
April 2006 6,114 Sales 2,725
April 2005 6,512 Sales 2,659
April 2004 6,181 Sales 3,068
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Kathy (719-287-1049) KTorline@msn.com
Sales of Historic homes in Old Colorado City remain strong
Colorado Springs Housing Market Report for Old Colorado City Homes, Single Family
Neighborhoods Include: Crown Hill Mesa, Colorado City, and Old Colorado City
Zip code 80904, 80905, 80903
Search for homes in Old Colorado City Area Colorado Springs
Search for Colorado Springs Historic Homes
Here’s a quick summary of the Real Estate Market for Old Colorado City Area Colorado Springs as of December 31, 2011
- Pricing decreased by 5% from 2011 to 2010
- Number of homes sold increased by 16% from 2011 to 2010
- Days on Market increased by 6% from 2011 to 2010
Most Expensive Sale in area:
- Address: 1710 W. Pikes Peak Avenue
- Price: $424900
- Square Feet: 2464
- Area: Old Colorado City
Least Expensive Sale in the area: Read the rest of this entry »
4 Real Estate Investor tips
Interested in buying Colorado Springs Real Estate Investment properties?
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Here’s 4 key points to remember when you starting to invest in real estate
1. What are your real estate goals?
Why do you want to purchase investment property?
Do you want to flip properties? Are you willing to take the risk? Do you understand home construction and remodeling? Do you have the skills to do it; or to manage the process?
If you aren’t flipping, how long do you plan on holding a property? 5 years? 10 years? 15 years?
If you are looking into buying rental properties, what type of renters do you want to attract? Would you prefer a duplex, a single family home, a fourplex, or an apartment building? Do you want to own near a college? Near a military installation? Near a hospital? Near major industry?
Do you want to finance a property, or are you a cash buyer? Have you already talked to a lender to understand your financing options? If you are a cash buyer, do you have fairly quick access to your money?
Would you prefer to be a passive investor? If so, flipping is probably not for you.
What percentage return are you looking for on your investment?
Are you looking for a property that may benefit future appreciation in pricing?
2. Decide where to buy
This is decision that will make or break your real estate investment. Consider places of good employment, development and decent growth. Don’t buy in an area where the economy is declining, unless you really want to own for the long term. Where’s the demand for properties? Where’s the strong demand for rentals? Remember your real estate goals.
3. Who should manage the rental property?
Are you going to be the landlord? Do you want to hire a property manager? Do you want to screen the potential tenants? Can you be gentle but firm with your tenants? Do you want to take the calls from tenants when things need fixed?
4. Remember, it’s strictly business
As an investor, you need to guided by your goals; not your emotion. Your goals and guidelines should be at the forefront of all of your decisions.
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To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
Manitou Springs home pricing continues to decline
Homes in Crystal Hills are in Manitou Springs
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Search for Homes in Manitou Springs
Zip Code: 80929
The Crystal Hills housing market continues to be a BUYERS Market, as there is currently a 5 month of supply of homes on the market. A 6 month supply of houses on the market is 
considered a “NEUTRAL MARKET“.
Single Family Homes in Crystal Hills were primarily built from 1965 to 2006 with an average age built of 1984. The majority of the houses are 2-stories, ranches, and raised ranches, with 2-4 baths, with 2-3 car garages. The average home has appx. 2000 to 3000 square footage.
You can reach the neighborhood by going West on Manitou Blvd, South on Crystal Hills Dr, South on Crystal Hills under Highway 24, then up the hill to Crystal Hills.
There are also several townhome complexes in the area including; Cielito Lindo which are priced from $365,000 – $625,000; and Crystal Park which are priced from $97,500 to $160,000.
The Manitou Parks in the area include Bill Bauers and Deer Valley Nature Park. The school District is District 14.
Here’s a quick summary of the 2011 Real Estate Market for Crystal Hills
- Pricing decreased by 11% from 2011 to 2010.
- Number of holds sold decreased by 15% from 2011 to 2010.
- Days on Market increased by 2% from 2011 to 2010.
- Price per FINISHED square feet decreased by 13% from 2011 to 2010.
- Price per TOTAL square feet decreased by 17% from 2011 to 2010.
- The pricing for homes in Crystal Hills in Manitou Springs is 19% above the average and pricing in Manitou is 24% above the average pricing for homes in Colorado Springs
|
Year |
Price |
Total Sold |
Average Price per FINISHED square foot |
Average Days on Market |
Average Sold Per Month |
| 2011 |
$291,157 |
14 |
$119 |
123 |
1.1 |
| 2010 |
$321,712 |
16 |
$135 |
121 |
1.3 |
| 2009 |
$356,283 |
19 |
$131 |
138 |
1.6 |
| 2008 |
$344,872 |
22 |
$137 |
156 |
1.9 |
| 2007 |
$310,893 |
17 |
$146 |
123 |
1.4 |
| 2006 |
$351,579 |
24 |
$145 |
73 |
2.0 |
| 2005 |
$297,923 |
17 |
$130 |
95 |
1.4 |
| 2004 |
$299,000 |
13 |
$121 |
34 |
1.1 |
This Colorado Springs Real Estate report contains information on Single Family dwellings in Manitou Springs area of Colorado Springs
This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.
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Kathy (719-287-1049) KTorline@msn.com
Don’t forget about the pipes
It’s important to check the sewer lines in older homes
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Related Articles
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If you are looking at buying an older home in the Colorado Springs area, especially a Historic Home, don’t forget about inspecting the sewer pipes.
Why should I check the sewer lines?
Sewer lines are buried underground and are susceptible to intrusions like tree roots and excess waste products and paper, not to mention the general aging of the pipes. Common sewer line
problems can include roots in the lines, holes, cracks, and pipe separation.
Once tree roots get into sewers, they are often expensive and messy to deal with. It can mean calling in a backhoe to dig up the your yard which adds additional costs to the sewer replacement. Also, it can bring up interesting questions, such as what if your neighbor’s tree rots finds its way into your pipes?
A residential sewer is critical in the proper operation of the whole home’s plumbing system.
Should I get my pipes replaced?
There are several different types of sewer lines, including clay (85+yrs old), cast iron (50+yrs old) and ABS or PVC. Clay can collapse on its own as it ages and can be expensive to replace. Some experts believe that cast Iron, is the best. A plumber can advise you whether you should get the pipes replace or not.
What is a sewer scope?
A sewer scope is a fairly inexpensive procedure performed by an experienced plumber, involves inserting a cable into the sewer line from the main in the home or in the clean out all the way to the connection with the municipal sewer or a septic tank. The clean out may be located in the basement, crawlspace or outside where the sewer line exits the home.
On the end of the cable is a tiny television camera that “scopes” through the pipes and detects blockage, breaks and potential clogs in the line. These images can be recorded on a DVD and may be reviewed by the homeowner and/or prospective buyer to verify the condition of the sewer line.
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To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
Visit Colorado Springs
55 ways to enjoy visiting Colorado Springs
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
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Since I used to be in tourism and hospitality before I got into real estate, I always keep a pulse on what’s going on with different tourist attractions in the city and continue to be a member of the Colorado Springs Convention and Tourism Bureau. Since I’ve lived in the area for over 30 years, I still enjoy visiting some of the attractions and usually have family come visit 3 or 4 times year; hence the new attractions list they published was a good reminder for me of the many things to do in the area.
There were even some things on the list that I didn’t know about, like the Wind Walker Challenger Course at the Cave of the Winds and the Olive Tap store in Manitou Springs.
They’ve put together a fun promotion called 55 attractions in 5 days. Sounds like an amazingly crazy schedule, but as I looked through options it did look like it was doable.
Here’s the link to 55 attractions in 55 days in Colorado Springs
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Kathy (719-287-1049) KTorline@msn.com
97% high school graduation rates are possible
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- I can’t be there to see it, now what?
- Private schools in Colorado Springs provide options
- District 11 continues to be the biggest
There are many different ways to evaluate Colorado Springs schools, but one measurement is the graduation rate. The percentages are based on a federal formula that takes the number of students receiving a regular diploma divided by the number of students who started 9th grade + students transferred in – students transferred out. Graduation rates are one indicator of whether the local Colorado Springs public school system is doing what it is intended to do: enroll, engage, and educate youth.
The complete reports are on the Colorado Department of Education web site, and you can download the data into an Excel Spreadsheet. For someone who loves statistics (which is me), it’s full of amazing information including the graduation rates by gender and by race; and you can even pull data by each High School in the districts. As an example, in District 11, Mitchell High School has a Read the rest of this entry »
Neighborhood Profile — Historic Homes in the Old North End
Homes in North End are in the Central Area in Colorado Springs
Search for Homes in Central Colorado Springs
Zip Code 80903 & 80907
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Single Family Homes in Old North End were primarily built from 1901 to 1981, with an average age built in the 1920’s. The majority of the houses are 2-stories and ranches, 2-3 baths, 
with 0 – 2 car garages, both attached and detached.
The Old North End housing market continues to be a BUYERS Market, as there is currently a 16 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”.
Here’s a quick summary of the 2011 Real Estate Market for North End
- Average Pricing decreased by 43% from 2011 to 2010
- Number of homes sold decreased by 53% from 2011 to 2010
- Days on Market decreased by 5% from 2011 to 2010
- Price per FINISHED square feet decreased by 3% from 2011 to 2010
The area is located in Central Colorado Springs, between Fillmore and Uintah, East and West of Nevada. There are several parks in the area, including Monument Valley Park The school District is District 11; and the majority of students to go Steele Grade School, North Junior High and Palmer High School. The neighborhood is close to Downtown Colorado Springs, Patty Jewett Golf Course, and Penrose Hospital.
|
Year |
Price |
Total Sold |
Average Price per FINISHED square foot |
Average Days on Market |
Average Sold Per Month |
| 2011 |
310932 |
14 |
$143 |
132 |
1.20 |
| 2010 |
$546,098 |
30 |
$164 |
133 |
2.50 |
| 2009 |
$282,417 |
9 |
$151 |
83 |
.75 |
| 2008 |
$219,127 |
13 |
$146 |
147 |
1.08 |
| 2007 |
$230,058 |
23 |
$148 |
122 |
1.92 |
| 2006 |
$255,873 |
32 |
$160 |
108 |
2.67 |
| 2005 |
$283,208 |
30 |
$143 |
98 |
2.50 |
| 2004 |
$297,817 |
24 |
$147 |
46 |
2.00 |
This Colorado Springs Real Estate report contains information on Single Family Homes in The North End.
This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.
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Kathy (719-287-1049) KTorline@msn.com
Cash continues to drive the REO Market
Cash is still King
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There was an interesting article in DS News about how cash investors are pushing down prices. According to a quote in this article “In December 2011, data collected for the HousingPulse 
Survey shows that the overall proportion of cash buyers in the housing market surged to a record 33.2 percent, up from 29.6 percent a year earlier.” There is also a Press Release put out by Campbell, that essentially was repeated by DS News.
I did a quick calculation of Colorado Springs home transactions for 2011 and came up with the following information on what type of financing was used for home purchases in the area;
Cash 19%
Conventional Financing 31%
FHA Financing 19%
VA Financing 31%
One of the reasons that the numbers are different from the national average in the Colorado Springs Housing market, could be because of the strong military presence in the area which is shown by the 30% of home buyers that use VA financing.
This article has several key points on why Read the rest of this entry »
Limited Service Listing
Can a Colorado Springs For Sale By Owner put their property in the MLS if they don’t have a Realtor?
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Home owners who have decided not to use a Realtor to sell their Colorado Springs Home used to be able to pay a small fee to some Limited Service real estate companies and list their home on the Pikes Peak MLS. Due to some recent commission statements by the Colorado Springs Real Estate Commission, this is no longer an option.
The Colorado Real Estate Commission, periodically issues Commission Statements to clarify their positions on certain topics.
CP-36 is a Commission Statement on Minimum Service Requirements of a Realtor. My understanding is that the statement came as a result of complaints that had been received by the 
Real Estate Commission about the minimum services a Realtor must provide
The statements details the minimum requirements which are exactly the same as the requirements a Realtor uses in the Exclusive Right to Buy document and the Exclusive Right to List document. The statements goes onto to say “A broker is not allowed to solely perform “additional” services which require a real estate broker’s license, i.e. offering the real property of another for sale through advertisements, without providing the minimum duties required by single agency or transaction brokerage.
Essentially a home seller can ask a Realtor to “just list their property in the MLS’ and the homeowner will take care of everything else, including negotiating the contract and receiving the Earnest Money. If a Realtor does this, they are in direct violation of CP-36.
I’m not completely sure why this commission statement was instituted, but in my opinion every Colorado Realtor by terms of their license is held to minimum duties required to be performed by a real estate broker; and if the only thing a Realtor is doing for a seller is putting the home in the MLS, the Realtor is not performing the minimum duties required. Some of the duties required are:
- Presenting all offers to and from the seller or landlord in a timely manner regardless of whether the property is subject to a contract for sale or a lease or letter of intent to lease;
- Accounting in a timely manner for all money and property received
- Counseling the seller or landlord as to any material benefits or risks of a transaction which are actually known by the broker; Advising the seller or landlord to obtain expert advice
- Seeking a price and terms which are acceptable to the buyer or tenant; except that the broker shall not be obligated to seek other properties while the buyer is a party to a contract to purchase property or while the tenant is a party to a lease or letter of intent to lease;
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Kathy (719-287-1049) KTorline@msn.com
Don’t Assume anything in Real Estate Series, #1
I’ve decided to start a new Series, Don’t Assume Anything in Real Estate.
This series is really just a bunch of random articles about the many assumptions buyers and sellers make when selling, leasing, or purchasing a home.
Search for homes in Colorado Springs
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You aren’t under contract yet!
Some buyers are under the mistaken impressions that once they write an offer on their dream home, or their first investment property, they are under contract to purchase the home. This 
is definitely not correct.
After they put together their offer, their Buyer’s Agent submits the offer to a Listing Agent, and the offer is then presented to the seller. The seller has many options on how they respond.
- They can reject the offer and not respond.
- They can counter the offer
- Or they can accept the offer.
THE MOST IMPORTANT THING Read the rest of this entry »
Neighborhood Profile — Downtown Colorado Springs
Homes in Downtown Colorado Springs are in the Central Area of the city
Search for Homes in Central Colorado Springs
Zip Code 80903
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Single Family Homes in Downtown Colorado Springs were primarily built from 1890 to 1924, with an average age built in the 1910’s. The majority of the houses are ranches and 2 stories, 1-2 baths, with 2 – 4 bedrooms, 1-2 car detached garage.
The Downtown Colorado Springs housing market continues to be a BUYERS Market, as there is currently a 8 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”.
Here’s a quick summary of the 2011 Real Estate Market for Downtown Colorado Springs Read the rest of this entry »
11 areas to find Colorado Springs Historic properites
Where are the Historic Homes in Colorado Springs?
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There are many neighborhoods in Colorado Springs with Historic homes, but these are some of the prime areas:
1. Old Colorado City
- Location: Historic West side of Colorado Springs
- Year Built: 1890 to 1920
- Currently 10 properties for sale built before 1940
- Price Range: $89,000 to $369,900
- Average Price: $172,770
2. Colorado City
- Location: South of Uintah, between 30th and 21st
- Year Built: 1887 to 1923 to 1920
- Currently 4 properties for sale built before 1940
- Price Range: $74,900 to $279,000
- Average Price: $158475
3. Downtown Central
- Location: South of Unitah, east of Nevada, West of North Hancock, Central Colroado Springs
- Year Built: 1889 to 1923 Read the rest of this entry »
Are Colorado Springs short sale disclosed?
Colorado Spring Short Sales are now disclosed
Search for Short sales in Colorado Springs
- Buying a short sale vs. a foreclosure, what’s the difference?
- Tips to buying a short sale
- 8 reasons NOT to buy a short sale
- 12 questions to ask before writing a contract on a short sale
Every MLS around the US, and in Colorado, has their own policy about short sale and how these are disclosed in the local Multiple Listing Service. The MLS that serves the Colorado Springs area, (PPAR) recently made a change in their rules to reflect a change in their policy regarding short sales. In the past, it was an optional disclosure in the Pikes Peak area. As of January 1, PPAR now requires that Listing Agents disclose if a property is a short sale and if the seller has signed the Short Sale Addendum, which is required by Colorado Real Estate Law.
The following policy was adopted by the RSC Board of Directors on November 17, 2011: “The listing broker shall, on each listing filed with the PPMLS, disclose to other Participants whether a Colorado Real Estate Commission Short Sale Addendum has been signed by the seller. Such disclosure shall be made upon submission of the listing to the PPMLS. If a Short Sale Addendum is signed after the listing is submitted to the PPMLS then disclosure must be made within 72 hours of the time the seller has signed the Short Sale Addendum and for the purposes of enforcement this disclosure shall also be treated as a status change pursuant to Section 1.6 of the RSC Rules and Regulations.”
Since this change has been made, there is now a new field that is required in the PPAR database when listings are being entered, “ShortSale Addendum Signed by Seller. This is a sortable field, both by Realtors and the public. As I’ve written before, short sales are not the right fit for every buyer, for many buyers and investors, they may be the perfect option.
One important thing to note: One of the many challenges about Listing Properties, is that if the property is priced at a certain price it is not a short sale. But if an offer comes in on the property that is 10% less than the original Listing price, this could change the status of the property from a “Normal Listing” to a Short Sale. Hence, in this case mentioned above, a property wouldn’t be listed as a Short Sale, since when it was listed at the current price, it was not a short sale. Sound confusing? It is!
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To find out more information about buying a home or Short Sale Home in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
Neighborhood Profile, Gleneagle near the Air Force Academy
Homes in Gleneagle are in the Northgate Area in Colorado Springs, near the Air Force Academy
Search for Homes in Gleneagle 
Zip Code 80921
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- Manitou Springs home prices are decreasing in 2011
- Old Colorado City sales remain strong
- Pricing is increasing the Monument
- Neighborhood Profile, Homes on wooded lots in Woodmoor in Monument
Here’s a quick summary of the 2011 Real Estate Market for GlenEagle
- Pricing increased by 1% in 2011 to 2010.
- Number of homes sold decreased by 13% from 2011 to 2010.
- Days on Market increased by 28% in 2011 to 2010.
- Price per FINISHED square foot decreased by 5% in 2001 to 2010.
Single family homes in Gleneagle in the Northgate area currently range in price from Read the rest of this entry »
5 things to consider when buying a Historic Home in Colorado Springs
Purchase a piece of history in Colorado Springs
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Related Articles:
If buying a Historic home in Colorado Springs is in your dreams, then you’ve come to the right place… I love hi
storic homes
Here’s a list of 5 things to consider when buying a historic home.
- Has the electric been updated? New electric panel? Updated wiring?
Power use today is very different from the early 1900’s.
Older electrical panels typically that lack the number of circuits to operate the microwave, toaster oven, computer, garbage disposal, washer etc. without tripping the breakers or blowing fuses. Most newer houses have 200 Amp service, 3-wire electric circuits, fully grounded receptacles, lots of outlets and ground fault interrupters in kitchens, baths and laundry areas.
2. How about the plumbing? Is their copper plumbing in the house?
Galvanized piping consists of steel pipe, dipped in zinc to provide corrosion resistance. This coating gradually coating wears off and the steel piping corrodes from the inside out. The corroded piping increases the risk for leakage and can result in low water flow to the plumbing fixtures.
Galvanized piping is often found in older homes; and it has a reputation for Read the rest of this entry »
Build a good team
Colorado Springs Real Estate Investors need a good team
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Since I’m a real estate investor, as well as many of clients are also investors, I’ve continued to realized how important it is to have a team of people to help you when you are an investor.
Henry Ford was famous for saying he did not know all the answers, but knew where to find them. An investment team is no different. You don’t have to know all the real estate answers, just know where to find them.
Here’s a quick list of some of the professionals you may want to have on your team:
- Real Estate lawyer
- Tenant issues, leases, evictions, etc.
- Ownership of the property. LLC, Corporate, etc.
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Home Inspector
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CPA/Accountant
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Insurance Agent
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Make sure you know what your policy covers and does not cover. Also, not all insurance policies will cover a property when it is going thru substantial renovation and is vacant
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Also, it’s good to have a name you can refer renters to; as you want any renters to have renter’s insurance
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Contractors
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Overall handyman/carpenter
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Painter
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Flooring installation and purchase
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Flooring refinishing for wood floors
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Cabinetry, including countertops
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Landscaping
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House Cleaner
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Plumber
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HVAC
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Roofer Pest Control
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To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
