All Forum Posts by: Jimmy Delcamp

@Darius Howell checkout Rebo Gateway. Not sure whether or not its available in your area, but give them a call and find out. Best way I've found so far.

Thanks for that @Daniel Eisman . . . I'll be there!

Thanks Michael! Great to be here

Hey Guys! I am a newer investor in the Denver area looking to network with local house flippers, other wholesalers, and landlords looking for buy and hold properties. I was doing some things with a few investors in Northern Colorado about six years ago and got my feet wet working with a mentor finding properties, making offers, and negotiating with sellers. So although I am still new, I do have some prior experience.

My focus is on marketing for off market properties through direct mail and good ole driving for dollars. I am hoping to find some local investors in the area to team up with when I find deals. Anyone in the area interested in networking, feel free to PM me!

Hey There Eugene,

Well to be completely honest, I sent them(the city code dept) an e-mail stating I was interested in petitioning to the government about the problems the city faces with all of the properties with code violations. And in an effort to make the government aware, I would need a list of all of the past 3 months of code violations.

Now this may not be right in some peoples eyes, but it got the job done lol. And it is investors like us that buy these properties and clean them up. Thus, leading to a cleaner city!

Now there is a city that is nearby that actually has their code violations online. When I called them to first ask about the list, the receptionist told me the same thing they told you. Well as luck may have it, I did a little bit of digging on the city website and found the public records the had everything from building violations to code violations. They even broke it down to show if a property had multiple. Way easier!

I would suggest glancing around the city website first, then if necessary, you can get creative :-)

Here is a little part of the Real Quest Report . . .

Property Characteristics:
Gross Area: 3,381 Parking Type: Construction: WOOD
Living Area: 2,949 Garage Area: Heat Type: FURNACE
Tot Adj Area: Garage Capacity: Exterior wall: FRAME
Above Grade: 2,949 Parking Spaces: Porch Type: OPEN SLAB
Total Rooms: 14 Basement Area: 432 Patio Type:
Bedrooms: 8 Finish Bsmnt Area: Pool:
Bath(F/H): 5 / Basement Type: UNFINISHED Air Cond:
Year Built / Eff: 1902 / 1924 Roof Type: Style: RANCH
Fireplace: / Foundation: CONCRETE Quality: AVERAGE
# of Stories: 1.00 Roof Material: COMPOSITION SHINGLE Condition: AVERAGE
Other Improvements:
Site Information:
Zoning: BE Acres: 0.28 County Use: MULTI-UNITS(4-8) (1230)
Flood Zone: X Lot Area: 12,068 State Use:
Flood Panel: 0801031189F Lot Width/Depth: x Site Influence:
Flood Panel Date: 12/19/2006 Res/Comm Units: 5 / Sewer Type: PUBLIC SERVICE
Land Use: MULTI FAMILY 10 UNITS LESS Water Type: PUBLIC
Tax Information:
Total Value: $196,500 Assessed Year: 2010 Property Tax: $1,196.91
Land Value: $47,000 Improved %: 76% Tax Area: 2218
Improvement Value: $149,500 Tax Year: 2009 Tax Exemption:
Total Taxable Value:

Depending on what strategy I use to acquire the property will decide my exit strategy as far as financing. Since the all cash offer was too low, considering assuming the mortgage. Wanted to get a reasonable value for it before I proceed with another offer.

One more thing to mention:

The assessor had it valued at $196k and I offered $203k.

The offer was rejected because the seller believes that it is worth more than that (obvious reaction) . . . they claim that the low assessor value is good for the tax purposes, but that it is worth more than $200k.

Any thoughts?

Thanks for the reply Jon!

That was the same response I had initially when I got the lead. However it turns out that the conversion happened awhile back and all of them are completely up to code. The sewage system was updated a couple years back, making it part of the city's public sewer service.

The property also is fully rented with newly signed leases and brings in a little less than 3k a month.

With this info, do you still stand by the same advice?

Now that I got your attention, I have a question.

Currently I am trying to determine the value of a property and have come across some problems. The particular property has a barn, chicken coop, and horse stall that were all converted into apartments. Along with the original house on the property. Since it has such a strange design, there aren't any comps to compare to this property. How would one go about determining the right value for such a place?

Here is a little bit of video footage of the outside of the property.

http://www.youtube.com/watch?v=PO4tfsuWjQI

and

http://www.youtube.com/watch?v=bksPCHpCFw0

P.S. I apologize for the shaky footage.