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. 
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'?
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?
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.
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.