All Forum Posts by: Jamal Irving

According to Kevin Myhre the next meeting will be October 4th.

@John Hickey, I will be attending the meetup.

@Anthony L. have you made any progress on finding an heir to the estate?

A helpful guide to the foreclosure process in NY can be found at https://www.nycourts.gov/courts/10jd/nassau/foreclosure.shtml#guide

Let me know if I can help with the investigation process.

I believe at some point you will need to go to the county clerk's office to get information as to whether the house is in probate.

@Ryan Kopczyk is there any reason you have not expanded your title company to a national level?  I am interested in getting my feet wet with foreclosures in NY, specifically Nassau and Suffolk counties in Long Island.  Something that is stopping me from pursuing foreclosures are the title risks.  I would love to be able to work with a title company to do a preliminary search for me before I go bidding on foreclosures.

@Joseph E., Yes the property is still available.  Feel free to send me a direct message and I can pass along any and all information about it over to you.

You have the right idea in regards to finding a "deal".  The above mentioned package is going to require some significant work before it could get financed and be legal.

My suggestion to you is lock up the property with a Purchase Contract Option that is in effect for 2-3 years.  Let the current owner continue to collect rents and conduct his/her business.  

While you are in the Purchase Contract Option period:

• you can work on getting the SRO/rooming house legal.
• start working with local non-profits in the city of Newburgh and Orange County who could help you with managing Transitional/Temporary homes
• network with local government on any community development grants that they have to improve the area where the 3 building parcel is located.

The benefit of going the Purchase Contract Option route is that:

• You get time to legalize the building
• Limit your credit risk if you can't get the property to be legal/permitted
• You can improve a down trodden neighborhood in a big way which will further help with gentrification.
• Installing cameras outside of the building and working with local law enforcement can help with the drug dealers.
• You can also continue to look for good cash flowing deals that can be financed without having to the work similar to this one.

@John Hickey I can help you with the research part of non profits and grants.  However, I can't help you with being physically present as I work full time and live down state.

Anyone else, feel free to chime in if you think what I said is an unrealistic, "Pie in the Sky" idea.

@Brian Pulaski you should definitely consider Newburgh.  I agree with @John Hickey that there are opportunities there.  You don't have to limit yourself to single family homes though.  You could by small multis and rehab them and sell them to investors.

Check out the Invest in Newburgh Discussion for more details and context to the interest/activity in Newburgh.

Megan Greathouse Congratulations on your purchase. Did you review the leases of the tenants you were inheriting? Did you inspect each unit before closing? We're the tenants cooperative when you viewed the house and at inspection? How do you know that the seller is telling you the truth about the tenant's rent and payment history?

Thanks for creating this meet up.  I look forward to meeting you @Ibrahim Hughes

I am interested in learning more about Newark and possibly investing in the ironbound section of town.  Before I do this, I want to establish a support team that can help with acquisition (deal finding), renovation, and property management.

Also I am a software engineer that can help automate some of the lead generation processes to make things more efficient for wholesalers and general real estate investors.  

@Ibrahim Hughes please message me if I can be of assistance in automating the processes and procedures you have in place.

Also property taxes have been reduced through property tax appeal to ~$3600 per year.