Are These Numbers Real!!!!

Hi,

I am located in Northern Colorado and that is where I plan to do most of my investing. I read a lot of the success stories and I see people finding houses at 30K to 40K below FMV. I have been looking for houses for six months now, and have taken a course already but none of the properties I find are anywhere near these numbers. The best I found was a foreclosure that was 20K below FMV needed about 8K work and was still priced at 160K.

For those out there in CO, Am I just looking in the wrong places or are these types of deep discounts just not available in our part of the country? I would like to hear any success stories from other CO investors and, if they don't mind sharing, their methodology used to get those gains.

Thanks in advance.

JS. wink

Comments(4)

  • InActive_Account10th February, 2004

    I find deals that are 40-50 below fmv all day long. My problem is finding qualified buyer/ investors!
    Where have you been 'looking for houses'?

  • tsjhope10th February, 2004

    It depends on your area but there are plenty of deals out there. I dont know your market but be persistent you will find a deal.

    Are you doing any marketing?

  • smithj210th February, 2004

    Actually, I am not doing any marketing atthe moment. Is that where my problem lies? I am currently employed in a very demanding job that requires excess of 60 hours a week. I am trying to do this part time for now so I can have the opportunity to break away from such killer hours.

    Again, Please note that I am in the Northern Colorado region. Are these deals available here as well?

    JS.

  • corbe10th February, 2004

    I don't know the layout of northern CO, but I think I understand your problem J.S. I live in northern Idaho, and hey, it's not a teaming metroplis up here. There are maybe 5 new foreclosures a week in an area that about 50k people call home. I too have been searching for distressed properties that have a lot of equity. I haven't found many. I would like to option/assign something to someone, but it doesn't seem like there's too much opportunity. I'm new so it's likely that I'm looking in the wrong places. Currently, I look for these items:

    1. Notic of defaults (published in the local paper)
    2. FSBO
    3. Foreclosed homes, like HUD, etc.
    4. Whatever pops up with my REA.

    I also have a full-time job and I'm trying to do this in my spare time. There are several other investors in the area doing this stuff full-time, so I feel a little out-gunned.

    Could anyone tell me other ways to find property with equity?

    Thanks.

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