Being a private lender since 1975, and based in Evergreen Colorado we have seen it all. The newest craze is flipping houses both in Denver and throughout Colorado. Why not the Colorado market is on fire, with houses selling within days of listing! I recently heard a radio ad in Denver: “How to flip houses in three easy steps using someone else’s money!” Sounds like a great deal; everyone can make millions in real estate by “flipping a house” just by following three “secret steps”! Is this radio ad a reality? Can you easily strike it rich by flipping houses? Is the flip dead in Denver and in Colorado?
Everyone seems to think they can make a quick buck playing the “fix and flip” game in Colorado. At Fairview on the residential side we are very active throughout Colorado making hard money loans and I am beginning to see warning signs in the fix and flip arena for various reasons. Glen Weinberg, COO/partner at Fairview Commercial Lending, was recently published in the Colorado Business Magazine with an article titled: Is the flip dead in Denver? The same principles in this article are valid in many other “Hot markets” including Atlanta and Chicago.
Read Full Article: http://www.cobizmag.com/articles/is-the-flip-dead-in-denver