GRAND JUNCTION, Colo. (KKCO)-- Hundreds of people here in the Grand Valley are facing the reality of losing their homes, but what happens to these empty properties once families have moved out?

Out of the mortgage crisis has risen a brand new group, that's exploring the possibility of cashing in on all the cheap real estate.

With record low interest rates, and prices for homes hitting rock bottom, investors say there has never been a better time to invest in real estate then right now.

“It's really exciting because it's just the best opportunity out there, bar none," future real estate investor Brandi Vigil said.
Vigil hasn't bought any properties yet, but she's looking.

"I feel that real estate is a prime opportunity for retirement," she said.

So when she heard about a new group forming, the Real Estate Investors Network of Western Colorado, she decided to check it out.

"Network is a great opportunity to learn about foreclosures," Vigil said.

Last month, there were 93 foreclosures in Mesa County, and a few weeks ago, banks reached a $26 billion mortgage settlement, which experts predict will call for even more foreclosures.

With all those properties up for grab, investors see an opportunity.

"It drives prices down, so it makes purchasing a lot more viable now than say three, four, five years ago,” REIN organizer Doug Van Etten, said. “And then the other is for every house that gets foreclosed on, there is still an occupant that needs a place to live."

Wednesday, current and future investors, along with loan officers, contractors and even college students, introduced one another, took notes and listened to speakers.

The group then bounced ideas off one another, like the possibility of buying foreclosed homes.

"There's a lot of them out there, and you can pick them up at a good price and rent them out," real estate investor Michelle Selby, said. Selby currently owns ten properties, and is looking for more.

But the county says it's not always that easy, that 95 percent of the homes go back to the bank.

But if investors are able to pick up these homes, it can help the market.

"Then it's not sitting there vacant, with weeds growing up, and the property being run down, if people are buying it they're usually taking care of it," Mesa County public trustee Paul Brown said.

Something Vigil will look to do as she gets into the game.

"It's really exciting, there’s a lot of information out there, there's a lot of mentors out here in the Grand Valley," she said.

The group meets every month. There were even people that are looking to sell their homes there on Wednesday.

Next meeting, they are going to play a board game, called Cashflow 101, to work on money management skills and financial decision making.

According to the Bray Report, the median price for homes sold in the first month of 2012 is down, by 15 percent.

Last year, the median price was $175,000, while this year it's down to $148,600.

If you'd like more information on REIN, contact Doug Van Etten, at 970-433-4312 or by email at doug@REIN-WesCO.org.

The group's website is www.REIN-WesCO.org.