All Forum Posts by: Abraham L.

Sal,

Thanks for opening my eyes on this issue. I will definitely take this info into account and will have to make a final calculation on repairs after I see the property but I do agree with you. This will be my first deal and although ive made some offers in the past and done plenty of research I still have alot to learn.

Thanks!

Thanks for your help in advance! So I came across a possible deal with someone that is in pre-foreclosure. She is pretty motivated to find a solution. The house is a 4 bed 1 bath 1483 sqf home with basement and garage located in the Denver market. The homeowner isn't to sure how much she owes on the property but has estimated it at 60 to 70k. Ive tried to look for comps but haven't had any luck with finding similar ones that have sold in the area (maybe I'm doing it wrong or using the wrong websites). I did find one that was 150k a few blocks away but without basement, garage and not brick.

I have not seen the house on the inside but from what im told its in good condition. I would calculate maybe 10k in repairs just to be safe.

Being that it is in the Denver market would it still be worth following the 70 percent rule? If so would it require a short sale? Also, can anyone Help me out with some comps from the MLS? Any advice to make this deal work?

Thanks You!

Tam Vo Welcome to Bigger Pockets! I think having the opportunity to learn from others that know what they are doing will save you time and money in the long run! I Look forward to meeting you at the next Denver meet up! it will be my first time as well!

Hey Patrick Mcclellan there's no such thing as a bad question! There are several ways to locate properties but from my understanding doing mailing campaigns or "yellow letters" seems to be what gets more results.

I too am looking for contracts to use as well. I read on here that its good to use the state approved contracts and i was looking at the one for Colorado and its really long so now I'm wondering if there are shorter ones that we can use. I have seen two page contracts but unfortunately they were for other states. I guess I'm going to be reading some of the old posts and see what i can find.

I know this isn't much help as I am newbie but If you haven't already done so check out the podcast and blogs as well as they are full of useful info about these topics.

Dev Horn I'm looking into those list websites that you mentioned and a few others but Im definitely looking for the most cost effective options. I will keep everyone posted with the results as i plan to send my first mailings in about week.

Michael Quarles
I will be calling the title company I plan to use and check to see if they have any specific rules like your example of California. Thanks for Heads up!

Dev Horn,

I am fluent in Spanish but would have to look into getting some Spanish contracts (might be bigger challenge than this). The direct mail company you mentioned is exactly what Im looking for. Do you have any more info on them? Can they just sell me a list kinda like listsource or do you have to do the mailing and everything through them? Thanks!

Brandon Turner,

I did read the beginner's Guide and found it very insightful! Ive been listening to those podcast as well and cant wait for the next one but thanks for letting me part of BP. Keep up the great work!

Jerry Puckett,

Thanks for the ideas! I think that would be the way to go now that I think about it. I would be sacrificing the "personal feel" of a yellow letter if I do one paragraph in English and one in Spanish but might bring in better results in the long run. Sometimes its kinda obvious by the persons name so that might help a bit too. I think this will be one of my first campaigns and we will see how it goes but ill keep researching more options. Thanks!

Oh I see what you mean Chris I guess it wouldn't work to well with owners of rental units. Maybe just targeting Spanish speaking homewoners with equity or pre foclosures of SFH.

Did you just get a regular list through a list source website and sent out letters in Spanish and hope the owners would get them and spoke spanish or did you know that they were Spanish speaking owners? Thanks for your help