All Forum Posts by: Austin Faux

 I was just about to mention Estill and Long.  They also do a ton of Tax stuff and get my vote.

Hey folks,

My name is Austin I'm an investor out here in Denver, Co.  I grew up in Des Moines and will be in town Oct 14th - Oct 17th 2015.  I'm looking to meetup with some like minded investors (beginners or experienced) just to chat.  Maybe we're a good fit for each other and we can do some deals.  If you're interested let me know and we'll get something setup.  I come out to Des Moines all the time so reach out!

Thanks,

Austin-

Hi Jason!  Welcome to BP I live in Denver, but I'm from and invest in Des Moines area too.  Have you found any properties yet?

Thanks,

Austin-

The seller may be willing to do seller financing if you can show them they'll make more money, and they're willing to take payments.  Besides you never know unless you ask.  Good luck!

Thanks everyone for the responses!  I'll keep an eye on this place and let you know if we get it for $50,000....lol

Hi welcome to our home!

Can you explain a little bit more?  I maybe interested.

Thanks,

Austin-

Hi everyone,

So I've got a Denver realtor trying to say this property: http://yourcastle.org/property/denver_7377641--459... is a deal.  It's a total scrape and no one can live in it according to the two attorneys trying to sell the place. (Buyer Beware).

If we completely tear down the place and rebuild at $150sqft to get it near the $320,000 comps (1,400sqft) it would cost almost $210,000 ($150sqft x 1,400) just to rebuild the place.

My Numbers: 

$320,000 ARV (Max)

$160,000 Buy

$30,000 Scrape

$210,000 Build

$30,000 Profit

= -$110,000 or in otherwords.....No Deal

The realtor says "I am seeing an end products of $500K or more to be worth a scrape - otherwise additions or simple rehab the numbers will not work…"  The realtor is also saying that I should pay their asking price of $160,000

When I look at comps I only see the neighborhood selling at a range of $207,000 - $370,000.....nothing close to the $500,000 mark.  Granted a few blocks down is Cherry Hills and properties are selling in the Millions.....BUT this isn't Cherry Hills.

The only way I can see this being a deal is if I were to buy the place at $50,000 mao.  That's what I offered and the realtor's response was "this deal is too big for you."

What do you guys think?

Super welcome to Bigger pockets and our Denver community!  Look forward to meeting you face-to-face in the not to distant future!

Thanks,

Austin-

Lots of fun getting to talk with old friends and new faces.  8:00pm came up quick so if I missed saying "Hi" to anyone I look forward to seeing you again.

Thanks,
Austin-