All Forum Posts by: Cindy Szponder

Excellent! Thank you @Bill S. I was looking in the community area to see if there were local meetings.

@Michael Young Seems that there is more success in getting the 70% off MLS right now. It can be done. I know that local people were finding properties at auction (go in knowing your max price and don't get swept up with the bidding), through mailings, and other methods. We found a great deal on a rental just by letting our friends know we were looking. One of them had a friend that had inherited a house. It would have scared off a regular buyer, but we were able to see past the massively overgrown landscaping, the hole in the roof, the smoke stench, and other things to see the potential in the property. It took a lot of work and some money just to bring it up to rental condition, but it has been a very sweet deal in our portfolio! When we're done with it as a rental, it will make a great rehab and resale since it's in a popular area of town and a 3/2/2.

Welcome to BP. I'm new here myself but getting oriented. We own a rental in Loveland, have part ownership in a larger multi-use property down in Denver, and I'm a real estate broker. Keep learning--looks like there are great resources available here for that!

Hi Kevin,

I'm a real estate agent in Loveland/Fort Collins. We're seeing the same crazy market conditions you are noticing down there. I think it's great that you are getting out seeing properties, estimating repair costs, and determining if the numbers work. None of that effort is wasted--especially since you are still raising the capital you'll need to do a deal. Most likely a below list offer will not succeed unless you are willing to waive your appraisal and inspection--highly risky for someone just starting out to do and I wouldn't advise doing it. To me, the deal looks way too thin. You can't push the price up unless there are similar comps in the neighborhood to support it--the appraiser won't be comparing the home to one sitting on the golf course or in the more expensive neighborhood even though it is right next door. Don't count on significant appreciation, either. That would be a nice bonus but not something that should appear in your calculations. Fix and flippers that I've known would expect to make much more than $20k on a property like the one you are describing. The hardest thing to do right now is to wait for the right property when you're eager to get started. However, you don't want your first deal to go south on you. Keep learning and practicing. Your motivation will definitely pay off if you temper it with patience and prudence.