All Forum Posts by: Trey Foradory

I'm looking for someone who invests in land or knows of someone that has available land around Denver, CO, preferably near Brighton.  I'm wanting to find a small piece of land that will allow a mobile home to be placed on it.  Any advice would be greatly appreciated.

I'm looking for insight preferably from investors in Denver and surrounding areas, but welcome insight from anyone. 1. I'm currently working a deal in which the property has 2 houses on the lot.  Both houses share the backyard but also have their own private street entrances so neither occupant has to go through the others entrance.  How do you value the property in this situation?  What would you use as comparable properties if there aren't any in the area in this situation that have sold?  I've got a good value on the property if it didn't have the 2nd house but haven't run into this situation before. 2. Also, I'm interested in the average/typical costs involved with adding square footage to the house.  I know every house brings its own "surprise/special" costs so I'm just looking for a reasonable ballpark pricing.  Denver area investors: What is the estimated cost of adding square footage to the house?  I've seen several houses nearby that had large add-ons which really increased the value and has peaked my curiosity on the costs. Any other information, tips or suggestions would be greatly appreciated.

Hello fellow BP members!

I'm looking for insight preferably from investors in Denver and surrounding areas: (Littleton, Englewood, Centennial, Westminster, Arvada, Thornton, Wheat Ridge, Etc.) but welcome insight from anyone.

1. I'm currently working a deal in which the property has 2 houses on the lot.  Both houses share the backyard but also have their own private street entrances so neither occupant has to go through the others entrance.  How do you value the property in this situation?  What would you use as comparable properties if there aren't any in the area in this situation that have sold?  I've got a good value on the property if it didn't have the 2nd house but haven't run into this situation before.

2. Also, I'm interested in the average/typical costs involved with adding square footage to the house.  I know every house brings its own "surprise/special" costs so I'm just looking for a reasonable ballpark pricing.  Denver area investors: What is the estimated cost of adding square footage to the house?  I've seen several houses nearby that had large add-ons which really increased the value and has peaked my curiosity on the costs.

Any other information, tips or suggestions would be greatly appreciated.

I have used list source in the past and was not successful with the list I purchased.  I know that a lot of investors have a ton of success using list source and wanted to get some advice on the criteria that has worked best for some people.

What search criteria has been most beneficial (converted into the most deals) to you when using list source?  

I know that it can vary depending on location and each market is different, but I am looking to get some insight from someone that has successful experience with this.  Any information or advice would be greatly appreciated.  Thanks in advance for any and all responses.

Thanks for the response Matt!  What are you considering as "doing good"?  I realize to thrive in this business, and this market, it requires hefty marketing.  Regarding the guys that are spending $5k-$12K per month in marketing, how many deals are they averaging per month and what is the average profit per deal?  

What about the door-knockers?  How many deals do you consider to be great success?  And what houses do these individuals target?  I'm thinking it is most likely similar lead types, i.e. pre foreclosures, tax defaults, physically distressed, inherited, etc.

And yes, I agree that every deal completed is gold, especially here.

That is definitely all very true.  There are so many variables causing it to be a tough market.  But at the same time that just makes the end results more worth it.  I appreciate the motivation and I will definitely keep pushing.  I'm heading to Texas for a few weeks and will be marketing in a few new areas.  It'll be interesting to see what the response rates are. 

Hi Justin,

Thanks for the response and all the info. The Denver market has definitely proved to require a fair amount of work in order to have a consistent pipeline of deals. I have closed 1 deal here and assigned that contract. I've closed 2 in Galveston, Tx and actually have 2 more down there that will be closing between now and next week. My brother in law, who is in the Galveston market, and I have partnered up and take on both markets. On most of the deals we do down there we double close. I've heard of the "trash" LLC option but I haven't taken that route yet.

I asked about the REO's simply because I have come across more bank owned properties lately while researching leads from driving for dollars and various other online methods.

With the marketing, I know that it is ultimately a numbers game and I tend to focus on direct mailings, which around Denver has a fairly low response rate compared to some markets.  I'm looking at all routes of lead generation but focus on the direct mail route at the moment.

I've still got a lot to learn and got started with wholesaling and real estate in general in February of this year.  One of my main goals is to build a solid rental portfolio.  I'd also like to get into some flips so that I can learn the entire process.  

Hello BP Community,

I started earlier this year with wholesaling in and around Denver.  One thing I've noticed is the much lower response rate in comparison to my business partner in Galveston/Houston Tx.  It's definitely a different market with different inventory and different sellers.

I've never gotten into Bank REO's and was looking to get some insight on the full process for these types of properties. I know that assigning is incredibly difficult, if possible at all, on REO's. Does anyone know of any good books to read that will begin to build a solid foundation of understanding for these properties and the processes involved? Also, if you are currently investing in Bank REO's in and around Denver, are these properties working well for you? Whether its wholesaling/whole-tailing or flipping. Any advice would be greatly appreciated!

I've been working on wholesaling for the past couple of months and have closed 2 deals so far.  My 3rd will be closing next week and I contracted another deal yesterday.  Up to this point, I have been doing my own repair estimates based off what I have learned through reading and videos explaining how to get a quick idea of the costs.  However, I am wanting to be more precise with rehab costs when bringing deals to buyers by bringing a contractor in to check out the property and give me their estimates for the repair/rehab costs.  My goal is to make the decision as easy as possible for a buyer, so they can just look at the contractors estimates and all the numbers to decide if it's for them or not.  

When I have a contractor walk through the property to give me an estimate, will I essentially have them tell me the mandatory repairs and cost (i.e. roof, foundation, etc.)?  Would it also be good to have minor cosmetic repairs priced (paint, bed/bath/kitchen update, etc.)?  

Any advice would be greatly appreciated.  Thank you!