All Forum Posts by: David F.

Thank You :)

He's been 'brokering' and managing for a little while and really just starting out as as investor. He just purchased 3 buildings so he's maxed out. My strategy would be BRRR, but it entails financing, evictions and rehab.

Hi there!

I'm new at REI and I have a broker who would partner with me, but himself is overextended financially.

How would I structure a deal/partnership so I can get the learning experience while he has an incentive to mentor and help me throughout the life of the deal?

Thanks!

Hi everyone,

I'm a new member trying to learn whatever I can. I've read through the guide, I've been listening to the podcasts and been browsing around.... analyzed some deals, gone through data, i.e. populations in cities, average home pricing, average rent, etc. Nothing too intense, and really just beginning. What really confuses me is the fact that since my neighborhood is not inviting to beginner investors, and I'd  have to look upstate, out of state, etc. I don't know in which direction (literally) to go. Especially if I'd like to begin with a flip or two.

Any ideas of the easiest beginner route for someone in NYC trying to start out? 

Thanks for the encouragement, @Miguel Dormany, much appreciated.

I'm just unsure where to start; the houses in my neighborhood are way too expensive to work with. Long Island- Suffolk and Nassau Countys' taxes are out of the league- holding costs can be $900 a month for a simple house. Another option is to long distance investing, but that takes a lot more coordination.

Thanks  @Ingrid J., wow, all the way from Norway, (and for those that think Norway is just outside Manhattan, Europe)! Do they have the same infrastructure as far as REI is concerned, or you just have to adapt and apply the strategies?

Thanks @Miguel Dormany, I've noticed and jumped in. But here I have these guys discussing large multi's on my newbie post... Gets me kinda overwhelmed...

Thanks you all!!

@David Miller, that would make sense by a standard sale, but if it's a foreclosure that option wouldn't be available. Also, @Scott D Fitts You would do that after you won it at auction? That would be quite risky, unless you have experience in the negotiation process on such properties and dealing with lien holders. Otherwise I guess you'd have to figure in the cost of satisfying the liens in the financials. Thanks @Chad U., that's what I was wondering, and thanks for the tip about first deals. I'm totally inexperienced, but in life I like getting deals... I guess it's a blind spot ;). Either way due diligence is definitely in order, as always.

Thank you guys, you make BP great!

Hi all!

I'm a newbie, have not gotten my feet wet yet, I'm looking at a auction property and I notice on the title info a number of liens as such:

JUDGMENT AND LIEN INFORMATION
1. Company requires evidence of the Dismissal or Completion of Foreclosure
2. Judgment filed by and recorded on December 9, 2009 in (instrument) CEC 090011805, of the official property records of SUFFOLK County, NEW YORK against SLOMINS INC in the amount of $ 2,150.69.
3. Judgment filed by and recorded on June 30, 2010 in (instrument) SMC 100003674, of the official property records of SUFFOLK County, NEW YORK against MIDLAND FUNDING LLC in the amount of $ 3,017.98.
4. Judgment filed by and recorded on May 24, 2011 in (instrument) CEC 100011991, of the official property records of SUFFOLK County, NEW YORK against CACH LLC in the amount of $ 4,918.03.
5. Judgment filed by and recorded on June 8, 2011 in (instrument) BAC 090004211, of the official property records of SUFFOLK County, NEW YORK against DISCOVER BANK in the amount of $ 8,394.47.
6. Judgment filed by and recorded on January 18, 2013 in (instrument) BAC 120000633, of the official property records of SUFFOLK County, NEW YORK against GE CAPITAL LVNV FUNDING LLC in the amount of $ 7,325.50.
7. Judgment filed by and recorded on January 14, 2014 in (instrument) CV 05119912 BA, of the official property records of SUFFOLK County, NEW YORK against PORTFOLIO RECOVERY ASSOCIATES LLC in the amount of $ 1,244.74.
8. Judgment filed by and recorded on September 16, 2014 in (instrument) 14 18154, of the official property records of SUFFOLK County, NEW YORK against WORKERS COMPENSATION BOARD OF THE STATE OF NEW YORK in the amount of $ 82,000.00.
9. Judgment filed by and recorded on February 26, 2015 in (instrument) CV00716610 CE, of the official property records of SUFFOLK County, NEW YORK against LR CREDIT 21 LLC in the amount of $ 7,585.27.
10. Judgment filed by and recorded on June 12, 2015 in (instrument) S14-000369348, of the official property records of SUFFOLK County, NEW YORK against CLERK OF THE SUFFOLK COUNTY TRAFFIC AND PARKING VIOLATIONS AGENCY in the amount of $ 105.00

Does all this mean that the property and buyer would be liable to upwards of $120k due to the liens?

Thanks!

Thanks for that tip, Ayodeji!

Is there any way to search for growing populations? I guess a good place to start is suburbs around the cities, provided it's still affordable?

Thanks for the welcome!

Thank you!

Beginner's Guide- check

Podcasts- check- listened to many already

Scott's books- ordered already- waiting for delivery

Looking for meetups in my area...

Thanks for the tip on  the book- RE rewind.

Most of all thanks for the welcome!!