As the market recovered, and flipped to a seller’s market in 2013, buying investment properties started to become more competitive. Mr. Mackessy was able to provide many off-market investment opportunities to his investors. As inventories shrank, regular home buyers were also having trouble getting properties under contract. Using specific contract provisions, and strong lenders, Mr. Mackessy often prevails in multiple-bid situations, and has been very successful in getting properties under contract for both home buyers and investors.
As we rolled into 2012, Mr. Mackessy believed and wrote then that the worst was behind us, and that the Denver real estate market was well-positioned for investors to return to buy, fix and hold investments. The Denver market presented an almost perfect storm of reasonable prices, a good selection of investment properties, favorable investor financing, and an incredibly strong rental market. Investors who followed this advice, found incredible foreclosure and short sale bargains, and were well positioned by the time the market began to recover in 2012.
During the harsh 2008-2010 market period, only the most dedicated investors continued to buy properties. Case in point, Mr. Mackessy bought a foreclosure property for $82,000 in late 2008. That property was appraised in April 2016 at $245,000. The small handful of investors who stuck to the program, now have multiple-property portfolios with well over $1m in equity.
As a result of the 2008 real estate market collapse, Mr. Mackessy left Keller Williams and took Blue Olive Properties independent. Many owners faced declining property values during this period, and if forced to move, for a new job in another state, or an unfortunate event such as a divorce, found it difficult, if not impossible, to sell their homes. To help these owners, Blue Olive Properties offered realistic solutions, made the process easily understandable, and gave owners an alternative to selling at a loss, being forced into a short sale, or worse, losing a home to foreclosure.
Mr. Mackessy also taught fix and flip seminars based on the book Flip: How to Find, Fix and Sell Houses for Profit, written by Rick Villani and Clay Davis. Mr. Mackessy attended a two-week, professional level workshop in Austin, Texas, hosted and taught by the authors of Flip, during which he learned first-hand from the authors how to effectively and profitably fix and flip properties.
Conducted monthly real estate investing and fix and flip seminars at KW, attending by over 1500 people. He helped many of his investors find excellent buy and hold investments, and worked through many successful fix and flip projects. True profits ranged from $20,000 to over $100,000 on these highly successful projects.
Mr. Mackessy earned his real estate license in Colorado, primarily to buy and sell his own investment properties, but quickly started working with other investors. Became a top producing agent with Keller Williams Realty in Highlands Ranch.
Blue Olive Properties incorporated as a Limited Liability Company in Colorado.
Kevin Mackessy started Blue Olive Properties in 1999 as a holding company for his own real estate investments.