Long Term Rental licenses now required in Denver; Costs and requirements skyrocket; affordable housing reduced
Denver is making waves again with the passage of a new law that requires all…
Unfortunately, as the Colorado real estate market has heated up, so have the number of “questionable” appraisals. I was recently sent an appraisal with a value of 550k on the picture above, just the garage looking structure in the picture. Fortunately, there are three free tools that could quickly tell me the real value of the property. It wasn’t even close to the 550k!
Since we are a private lender, we do not require appraisals. For any loan we make, internally we put a value on the property. There are three free tools I use daily to evaluate a property. With the various wildfires, mudslides, floods, etc.. these tools are more critical than ever.
We saw during the last real estate cycle that towards the tail of a cycle, as we are today, appraisals/values get a little “looser” than they should. Today is no exception, as Colorado real estate has heated up so has the number of “questionable” appraisals. At the top of the market, like we are currently, now is the time to be even more cautious when evaluating properties. Fortunately, there are three free tools (street view, google earth, and the county assessor) to help you quickly determine the actual value of a property.
We are still lending as we fund in cash!
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Do not worry, I’m not asking you to wire money to your long-lost cousin that is going to give you a million dollars if you just send them your bank account! I do need your help though, please like and share our articles on linked in, twitter, facebook, and other social media. I would greatly appreciate it.
Written by Glen Weinberg, COO/ VP Fairview Commercial Lending. Glen has been published as an expert in hard money lending, real estate valuation, financing, and various other real estate topics in Bloomberg, Businessweek ,the Colorado Real Estate Journal, National Association of Realtors Magazine, The Real Deal real estate news, the CO Biz Magazine, The Denver Post, The Scotsman mortgage broker guide, Mortgage Professional America and various other national publications.
Fairview is the recognized leader in Colorado Hard Money and Colorado private lending focusing on residential investment properties and commercial properties both in Denver and throughout the state. We are the Colorado experts having closed thousands of loans throughout the state.
When you call you will speak directly to the decision makers and get an honest answer quickly. They are recognized in the industry as the leader in hard money lending with no upfront fees or any other games. Learn more about Hard Money Lending through our free Hard Money Guide. To get started on a loan all we need is our simple one page application (no upfront fees or other games)