All Forum Posts by: Doug Borchert

Awesome, thanks @Alex Babayev!

Do private lenders typically hold on collecting interest until you refinance? And excuse the rookie question - just diving into BRRRR - but what were you using the $80K for for four months after you refinanced? In my mind, once you refinance you would pay the lender back and move onto Redo, but I'm sure I'm missing a step (or a couple) here.

Congrats @Alex Babayev!

I'm relatively new to real estate - recently got my first buy-and-hold but want to pivot to the BRRRR method and am considering options between self-financing or finding a private lender. How did you find your private lender for this deal? It seems like you have plenty of experience in the space, so any recommendations for someone new like me on how to find / earn the trust of private investors?

From reading the forums, it sounds like research and networking are the two keys here...

@Ryan Allison From what I've been reading on the boards, no one can be evicted right now. However, I've gathered from others that one of the better strategies (in an attempt to avoid dealing with the banks) is to find buildings that are nearing the foreclosure stage, contact the owner directly, and try to strike a deal.

Again, I'm new to this, so does anyone who knows the space well have more concrete feedback on Ryan's answer and this approach?

@Mat O'Grady thanks Mat!

Hi BP crowd,

I'm Doug Borchert, newcomer from Brooklyn, NY / New Fairfield, CT. I recently purchased my first buy-and-hold rental investment property on Candlewood Lake (in CT) this past October, and instantly got hooked on real estate. With the red-hot local residential marketing, my new focus for this year is pre-foreclosure and foreclosure small multi-family buildings (only 2-3 units) in the $100K-$300K range. Primarily looking at places needing cosmetic fixes - new bathrooms, kitchens, floors, and paint...then getting tenants in.

My true expertise is in marketing and advertising - I've been running digital, mobile, and social media advertising sales for the last decade - and I am more than happy to lend a hand to anyone needing brainstorming, ideas, strategy, or just back-and-forth discussion in this area. Feel free to give me a shout!

Thanks,

Doug

Hi BP!

I'm new to BP and relatively new to real estate - just bought my first buy-and-hold rental investment this past October. Connecticut and Brooklyn are my "backyards," but these residential markets took off last year so I'm now looking for pre-foreclosure and foreclosure opportunities with small multi-family (2-3 unit) properties. I've seen people mention on here that you can find foreclosure opps by looking at NOD/lis pendens lists, or lists of people late on their mortgage, but any recommendations on how this search might different for small multi-family? And anything specific to NY and CT, since it seems every state is different?

Really appreciate any and all thoughts!

Doug