All Forum Posts by: Duncan Forbes

Absolutely! I actually know a few great agents in Italy who could definitely help you out. If you’re heading over in a couple of months, this is the perfect time to start laying some groundwork—whether you're looking to buy, rent, or just explore the market a bit. I can get the ball rolling for you, if you want, and make the connection.

hi there! Great. I’m looking to just get some information. You can tell your friends / agents that I already have a place in tulum Mexico so just looking to see what I can do in Florence

0 Votes

Westchester County, New York

I may be going there in a couple of months so I wanted to kind of get a head start with this, thanks!

1 Vote

Westchester County, New York

Thank you so much @Fernando Alonso. You are the MAN!

0 Votes

Upstate New York, New York

Hey @Fernando Alonso! Ahh this is so great thank you!

I thought buying from the owner before the auction was already considered a short sale, but your saying a seller can still put it up onthe Market for Profit? I thought the bank would not allow that anyway?

If you know any other videos / resources I should look into...please let me know! Thank you!

Thank you!

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Upstate New York, New York

Quote from @Teni Owojori:

Yes I will be having ARV/RENTAL ROI calculator on my website you can follow me so you can be notified when done and ready to launch. Is this something you would be interested in if not what specifically are you looking for

Hi there! A calculator that can help out with PREFORECLOSURES

There are alot of things that need to be calculated for that transaction that I would like a calculator to include

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Upstate New York, New York

Hello Everyone!

. Hope all is well. I wrote a message a long time ago about Preforeclosures, and I have researched a lot of information and learned alot about the pre-foreclosure process. I would like to have a program / calculator for Preforeclosure deals and came across REIPro that has calculators for pre-foreclosures.

Can someone recommend other calculators / programs that have helped them out with Preforeclosure deals? And can recommend a good Real Estate lawyer in the NY Westchester Area?

Thank you so much!

0 Votes

Upstate New York, New York

Quote from @Ken M.:

Foreclosures usually have a lot of "hair" that goes with them. Like deferred maintenance, (bad roof, worn out water heater/AC Unit, warped flooring, water damage) etc, unpaid utilities, unpaid taxes, a second loan, unpaid HOA fees, a bad pool, bad reputation, sometimes squatters, sometimes they were drug houses, and so on. The problem is that you don't get an opportunity to do an inspection before you buy.

If you buy pre-sale from the owner, you have arrears to bring current, getting the owner to move after you have solved their problem and taken the pressure off, along with the previously listed concerns. You can wind up with title issues if you are not careful. Make sure you buy it low enough to make it worth the trouble. If you buy it too low, in some jurisdictions they will call it "equity skimming" which is illegal.

It can be very profitable, I've done many, but you really need to know what you are doing.

Thank you so much @Ken M.

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Westchester County, New York

Thank you all @Eric N. @Jay Hinrichs @Jonathan Greene @Nicholas L.

you have all helped me to really consider what type of challenge / path I want to get into, and all this information is excellent. I look at foreclosures.com

Out of the 3 stages I am definitely not ready for an auction

preclosure / short sales:

- I need to research how to take over a deed / title

- need to prepare how to do door knocking (I have a sales background and feel confident in dealing with an emotional conversation about someone’s home)

- there IS a window of like 4 weeks that I need to prepare for (have my finances in order) to then bid before it goes to auction?

- question: so NO real estate agent in this piece? Just an attorney?

For Actual Foreclosures:

- the negotiation will be harder to get a certain price?
- do I NEED real estate agent here in this phase then?

I know I am really condensing ALOT of things….but if you guys could help give 3 major pointers in the pre foreclosure and foreclosure part on this for someone who HAS real estate already (I have a condo in Mexico). Thank you so much @Eric N. @Jonathan Greene @Jay Hinrichs @Nicholas L.

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Westchester County, New York

Quote from @Ken M.:

It can be very profitable, I've done many, but you really need to know what you are doing.

Thank you so much! I don't plan on going on the actual auctions :/. What I am starting to lean towards is "Preforeclosures" and "Foreclosures," not the in between part

0 Votes

Westchester County, New York

Quote from @Jonathan Greene:

Quote from @Jay Hinrichs:

Quote from @Jonathan Greene:

Quote from @Duncan Forbes:

Hey Everyone!

Hope all is well. My name is Duncan Forbes, I am starting my real estate journey in Westchester NY. I am not necessarily that new in the Real Estate industry because I have a place in Tulum Mexico, Condo as a short term rental.

I am planning on selling my Condo in Tulum, and looking to buy a fixer upper in westchester. About Westchester, NY:
- One of the most expensive places in the US, maybe the world
- Supply is VERY low
- Houses are no less than like $600k-$700k, I'm also getting outbid a lot.
- Now Foreclosures may be a good discount but at the same time I already know that there is aLOT more risk to this.

I already have a real estate agent, a mortgage broker, and am getting connections to contractors and so forth.

My few Questions are:

- Do I need a real estate agent in this process for foreclosures?

- Are there any resources / you tube vidoes/ or additional BP Videos I should be looking at

- If anyone is so kind, would anyone be able to give me a tutoring lesson for any hour, and if so, I am willing to throw a little money for their time. Thank you!

The best advice is don't.

1. You need all cash.

2. You can't see the property before if it's a true foreclosure so you are bidding blind.

3. All liens will not be confirmed prior to the sale.

4. Tenancies are subject to your removal so if there are squatters, good luck.

People usually look to foreclosures because they think they are cheaper, but foreclosure buying is not for amateurs. At every foreclosure auction you will find the same cast of characters who know the system. If you win, it's because they wanted you to win and they bid you up.

yup I used to be one of those characters.. there was a group of 8 of us that pooled money in a Cabal myself and one other were the main money guys the others put in smaller amounts and when we won one.. we would divy up interest prorata to the amount contributed.. this kept those guys from competing against us and for sure we bid up newbies .. really the only ones that would beat us were those that wanted to live in the house and would just go almost all the way to retail or above .. or someone bidding on a second thinking it was a first and no one is going to help you if you dont know what your doing.. this is a very caveat emptar bizz. And of course collusion to keep bidding amounts down was alive and well. its illegal as hell but done all the time.. there was a group in NC that got tagged by the FBI back in the middle 2000s and it cost them 800k fine dont think they went to jail though..

Now rural counties and can be a little different but like Jonathan says every market basically has their players..

I used to go to them all the time with my dad growing up and have gone to several as an adult. Everyone knows who the new person is and the goal is always to mess with them and test them and try to get them to spend their money on the junk so we can get the good ones.

Haha ok great! Thank you!

0 Votes

Westchester County, New York

All Forum Posts by: Duncan Forbes

Duncan Forbes has started 8 posts and replied 27 times.

Post: Anyone know any Realtors in Florence, Italy?

Post: Anyone know any Realtors in Florence, Italy?

Post: Need advice on a system/program for Preforeclosure

Post: Need advice on a system/program for Preforeclosure

Post: Need advice on a system/program for Preforeclosure

Post: Need advice on a system/program for Preforeclosure

Post: Would like Suggestions on Foreclosure Buying

Post: Would like Suggestions on Foreclosure Buying

Post: Would like Suggestions on Foreclosure Buying

Post: Would like Suggestions on Foreclosure Buying