Finding a good deal in the Denver Colorado market?
Hey all,
I've been perusing BP for about a week now and getting some truly invaluable information to get started. I've learned about the 70% rule, and approaches others have taken to buy property conservatively to ensure there is profit being made. I'm about 11 episodes into the BP podcast and have heard from wholesalers, hard money lenders, flippers, people doing buy and hold, but I haven't really gotten a firm grasp on how to look for the RIGHT Properties.
I'm wondering if I'm missing something, or is my market just too difficult to get a good deal in?
Am I just not looking in the right places? Could I be missing crucial connections with others (realtors, wholesalers, etc?
I'm in the Denver, CO market, since I don't really know better right now, I've been looking in the most mainstream places online to get a good idea of properties in the state. (Zillow, Realator.com, Ziprealty.com, etc)
using the 70% rule as a general rule of thumb when looking at what is being offered, it seems like any offer I'd end up making here would be approximately half of what the house is listed for right now. Is this typical? Do others come across this a lot? Or is Colorado just such a hot market right now that you can't find a good deal to invest in?
I'm thinking maybe there are people such as wholesalers or something else that are able to find properties before they even come in the "mainstream" sites. Any advice relating to this?
On the other hand, if Denver is a hot market that is difficult to invest in, what markets in the country are Good for REI? there an market somewhere that is trending upwards for investors? I appreciate the information as always.
Best,
Chris