Help in South Denver

[Drew Oesterle]

Hey Colorado investors. I have a lead on a property in highlands ranch. It is literally a turnkey. There are renters in it right now and have a lease till June. The owner is out of state and wants to get ride of it. It is a 3/3 1,400sq/ft. According to Zillow, I estimate the comp to be around 380k. I'm not sure yet what it is renting for currently, however renter comps in the area are around 2200-2500 a month. Now the question...I'm still a newbie investor, have yet to do my first deal. I have been focused on wholesaling, however I have not landed anything yet. I just started my first mailing campaign, hence the potential lead. I do not have any of my own money to invest. Although this seller is anxious to sell and willing to do it at a discount without a realtor, she is not a "Highly" motivated seller, or at least I don't think I could do a wholesale deal with her. Because of this, I'm trying to figure out the best option for a property like this. I was planning on making an offer of 330k to start things off. What do you think. Not sure what to do. Any help would be greatly appreciated!

[Dan Mackin]

Really check those comps before you throw anything at her for an offer. Remember that you only hurt yourself here by shooting high with the comps. Don't use Zillow in CO for that sort of comparison. Go on Redfin or Realtor or some site that actually pulls the data from our MLS. You'll at least get better accuracy there. If your value is still supported then figure out where your numbers work and make an offer there. If she says no then move on. Don't get emotionally attached. It's just practice if it doesn't work out. Send me a PM if you want some more ideas.