How To Properly Screen A Prospective Tenant if They Are Not Going to Get a Colorado Mortgage

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Mortgage and Lending with First Time Home Buyer, Mortgage Rates, Pre-Approval NMLS 243370
Colorado Mortgage Loans v.s. Renting According to the the National Association of Realtors®, "distressed homes" represented nearly 2 of every fifth home sold in January 2010. Clearly, real estate investors in Aurora, Colorado and around the country are taking advantage of good deals on cheap property. But there's risk involved. This NBC Today Show interview first ran in March 2009, featuring real estate expert Barbara Corcoran. Despite its age, the message remains relevant. Today may be a terrific time to buy a bank-owned home -- just make sure you do your research first. There's plenty of ways for investors to get burned. Some of the tips in the video include:
  • Buy in your own backyard
  • Start small, then build to a bigger portfolio
  • Watch receipts -- rent rolls don't matter if tenants aren't paying rent
Corcoran also gives pointers on how to evaluate a prospective tenant. Colorado Foreclosures should represent a large number of 2010's total Colorado home sales and will offer interesting opportunities to bona fide real estate investors. Before you jump in, make sure to watch the video. The rents you save may be your own. Remember, the stats and the data are from 12 months ago, but the advice stays meaningful.
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Thank you,


Ben Yost
Senior Loan Consultant

NMLS#   243370  LMB#  100023031

New American Funding
5299 DTC Blvd. Suite 300

Greenwood Village, CO 80111

 

Cell:     303.587.4297

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Rainmaker
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Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO
QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Hello Ben,

Very good information!  Thank you for sharing!

Mar 07, 2010 05:40 AM #2
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Rainmaker
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Ben Yost - 303-587-4297

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