Here's a couple things to consider about the Denver market. First of all, it's not a buyers market below $250K, it's a strong sellers market. The market is up 18% from last year in the below $250K price range. Also, you won't be able to purchase a Short Sale with your 4/1 deadline, so it will have to be a Bank Owned property or conventional sale. The REO properties in this price range are selling in less than 10 days, no kidding, with multiple offers, above asking price. So you have to be really prepared to strike and prepared to loose a few.
In regards to geographic location, my advice is this. Find a property close to where you live now. The time and energy spent travelling to this location will be considerable and a big factor in your efficiency. Even though you may not be a realtor, you will become an expert on the neighborhood in which you live and work, and this knowledge will help you tremendously as you move forward.
One more point. Your market will be the First Time Home Buyer, because most people do not have extra cash to fix up homes. So think in terms of what does this demographic want in a new or old home?
Best of luck,
Here is a map of the Neighborhoods and y\you need to start small. I have seen many, many try and fail at this. I have coached a few good flippers. It is not easy and maybe you should call me.
Keller Williams Preferred Realty
11859 Pecos St ste #200
Westminster CO 80234
I have Purchased, Totally Designed, Remodeled and Resold 55 homes in the last 15 years. Of these homes, 85% of them have sold for the asking price or more in the first 15 days on the market. (they were placed back on the market within 50-90 days after the original purchase).
The remodel costs have been between $40,000 and $140,000.
Extensive research is the key (including purchase price, location and competition. I am consistently thinking resale and what the demographic buyer wants; throughout the entire process and do the same for my clients.) Over 80% of these homes have been in older neighborhoods.
Let me know if you would like to at least talk about your ideas and resources-I have been in the Real Estate Industry for 16 years.
Herman Group Real Estate