All Forum Posts by: Brian L.

Hello @Matthew Pepin

I've just been contacted by a potential seller in Nederland CO and I'm curious if anyone is doing deals here. I've been to Nederland a ton of times but I've never paid much attention to the real estate market. Its a pretty typical small mountain town so I'm thinking the market isn't super hot but I figured I'd check with you guys. I have no details on the property/price yet, I want to look in to the market a bit before I call the owner back. Denver/Boulder buyers willing to consider if the numbers are in order?

Thanks!

Hey @Ana N. I am fairly familiar with Longmont; I lived there for a few years and my in-laws still do. I personally can't stand Longmont. I'm really not sure why but I don't even like visiting my in-laws for the day because I have to drive all the way to Longmont. I think the big problem is the seclusion that I feel when I'm there. The town itself is not close to any major highway, it's far from the city, it far from boulder, there is just nothing there. There are no good restaurants, no good shopping, I don't know, it just feels stagnant when I'm there. I'm not sure about the real estate market in Longmont but I do know that houses in my in-laws neighborhood have been on the market for more than a month which is unbelievably long for the Denver/Boulder area. For many reasons, I just don't like Longmont, my $0.02.

Hello @Dawn Ramsey and welcome to BP!

No repairs at all? Not even updates? Based on your ARV of $178k I would offer $124k - wholesale fee - repairs. Its pretty uncommon to find a property that needs nothing. I personally would see if this owner would walk if you pay the balance of the mortgage; you might have a solid deal if you could get it for the $110k that he owes the bank.

If you want an effective list than you'll need to buy one or get one from a title company. In order to make money from your DM campaign you'll need to send out hundreds or even thousands of marketing pieces a month; building a list this size on your own would be pretty labor heavy. You can buy names for ~ $0.20 or so each. I believe there are far more limits to list criteria if you get it from a title company.

If you have a deal, a real deal, you shouldn't have any trouble flipping it. There are people flipping contracts in every market and they all say the same thing, a deal will sell. The big problem is that it may not be easy for a new wholesaler to recognize that their deal is in fact not a deal. There are people that overlook the expected profit margin of their end buyer; these people are the ones that have trouble flipping their "deals".

You typically do not do a traditional inspection wit a home inspector. You, the wholesaler, are expected to look at the property and be able to determine what needs rehab and estimate the cost. The investor buyer will then look through the property to determine repair costs as part of their due diligence.

Learning markets is a bit of a process. A few things that you can do to get started would be to look at average days on market in an area that you're interested in. Talk to realtors, other investors, home buyers, and anyone else that is paying attention. You can look at things like population changes but you have to look at the big picture, the market as a whole. Good luck.

Hello @Adam Lacy and welcome to BP. So you moved as far south as possible without leaving the UP? I lived in MI for over 15 years and I used to love traveling up to the Porcupine Mountains.