Newbie Needing some guidance. Denver/Aurora

[Michael Randle]

Hello Fellow investors.

I am running into some issues getting a second property and I am hoping for some guidance from the locals with feet on the ground doing deals. I have been looking at houses with an agent off the MLS for the last 2-3 months. About 5-10 every weekend, depending on availability, and making at least 1-2 offers a week. I have not been able to close on a property.

My budget is around $300k and mainly looking in the Aurora area, inside the freeway loop. All the properties are going for generally above asking. And running the numbers they do not work, so I would be into playing the appreciation game which I am not a big fan of right at this time.

So my question is to people actually closing on properties and deals. Where are you finding the leads or what seems to be the winning strategy right now.

I am looking for the $300k and less. SFR as a buy and hold. I hope to either house hack, BRRR or pure rental. I hope to say in the Aurora Freeway Loop. This isn't my primary job and I use real estate to supplement my other investments. I am wanting to find something that cash-flows $200 a month since I will be self managing.

Are my goals un-reasonable in this current market or am I completely missing something while I am out looking for properties.

Any help, advise, or directions as to where I might find my answers is greatly appreciated.

Seth

[Bill S.]

@Michael Randle A basic overview of Driving for Dollars is to pick an area and drive around looking for distressed properties, knock on the doors and the neighbor's doors and see if you can make contact with the owner and strike a deal. Direct mail is where you identify an area and select some criteria, buy a list, and mail offers to purchase the property directly to the owners. 

To learn more about each approach would be to use the search feature, set up some keyword alerts and read the forums to learn the ins and outs of each approach.