Denver Market - Getting Involved

[Colin Stewart]

Hey everyone -- my name is Colin and I am looking to get back into RE investing. For background, I used to wholesale contracts about 12 years ago in Dallas. Combo of driving for dollars, distressed listings that were not moving on the MLS, and getting properties under contract to offload to the dallas RE flippers. I had a hard money lender at the time, but have since lost all contacts in the business while I focused on a different career path. NOW, I want to get back into this world since it seems to be the only money making activity that really gets m excited now. I am wanting to own property this time and rent it out -- duplex-quad would be ideal. Where would a good place to start with this? I have looked at the MLS, but would prefer to find non-listed properties, or even search for vacant. Either way, wanted to say hi to everyone and am excited to get going.

[Drew Sygit]

There are deals on the MLS, if:

1) You know HOW to look for them

2) You know how to make offers correctly

Everyone thinks they have to offer asking price, or over - not true!

Tips:

1) Figure out 2-3 specific neighborhoods you want to invest in.
- We recommend focusing on Class B

2) Analyze & study those neighborhoods, so if an agent was to call you and give you 1 hour to take a "deal" or lose it, you could comfortably do so!

3) Get  list of all listings in the 2-3 neighborhoods in CSV or Excel format.

4) Hopefully the local MLS has a field for "price/sq ft", which you will want.
- If not, you can manually add

5) Sort list by this field - the lowest price/sq ft are possible deals. The highest will tell you if you should hold or flip.

6) You may also want to sort the list by Days On Market (DOM) - the longer on the market, the more likely the seller is motivated to take less than asking price.

7) Learn creative offer techniques: Lease-Options, Land Contracts, Subject-To, etc.
- Doesn't matter if these terms are being offered or not, all they can do is say no to your offer.
- The more tools you have, the more possibilities of success!

8) Yes, this is a LOT of work and you'll have to make a LOT of offers, but why would you think being successful is going to be easy?