All Forum Posts by: Kevin Drouillard

@Ceasar Rosas , thanks for helping clarify. I didn't know the little bit about them coming on the market at market value. That adds to the notion what many say that REOs are not necessarily good deals. I've signed up for Homepath a while ago, so at this point, I'm waiting for something to come up. Do you know if foreclosure.com is any good too?

Thanks @Steve Kontos for your response! They won't make sense unless it's bank owned/foreclosed....but the successful execution of it is what's tricky.

Thanks!

I'm trying to figure out whether the NYC market is at least accessible to someone like me who is just starting out. Is there anyone who specializes in this who I can possibly shadow or do work for free? I know it may be a long shot but I figured it won't hurt to ask.

I know it may be a toughie, but I'm trying to see if I can house hack in the NYC area. I'm looking into the Bronx. I am pre-qualified for an FHA loan, and I know the best deals would be bank-owned, foreclosures, etc. I'm wondering, has anyone had success in finding deals/properties that can at least guide me where to go? I just finished watching a recent BP webinar about finding deals in a competitive market, but now I'm willing to talk to others specifically in this market to see what they have done.

Also, I'm wondering how can I be taken more seriously if I'm looking for REOs and am using financing. I'm really interested in hearing what New York investors have to say!

Thanks all!

@Isaac Shikwana , I have one in Dayton under contract at the moment :-)

Thank you guys for all your helpful responses. I finally am going with a company that's called USREEB, and have managed to put 3 properties under contract,  all of which are in C neighborhoods.

Yes, I wholeheartedly agree, its the TEAM that matters! , @James Wachob , @Engelo Rumora @Ritch Bonisa

This company does have a lot of inhouse teams, which is great. I gotta see if they have their own brokerage though. 

It seems Memphis is also a very good Market, so I'm going to have to check into that if this doesn't work, or for my next investment venture. Like @Gianluca B. said,  it's the long term aspect that is appealing to me. I really am thinking 10+ years, and would just rather not overpay for something, like I was about to do in Chicago. I understand TurnKeys tend to be overpriced, but with the whole idea of keeping them long-term, I feel that they can potentially pay off.  hopefully, I have luck with this one and am successful investing with this company.  I will be researching a lot of your recommendations though.  

@James Wise , yes I realized Memphis is super hot on BP. It's so interesting because I thought it was Kansas City or Indianapolis. I will be reaching out to the folks that told me about Memphis.

Hello BP,

I'm on the hunt for a good turnkey provider. Does anyone have any recommendations for one? I looked into Kansas City and Chicago, but I'm open to suggestions. I've spoken to and interviewed alot. I've been under contract with one in Chicago, but I backed out of that one because of appraisal disagreements. I've been in contact with one in KC, but it's been a little slow to actually take off. KC seems to be a good one with houses ranging from $50k-100k and renting decently. After about a year of researching, I'm ready to really move forward. I have enough in savings to buy maybe 2 or 3 properties, depending on the price of course. I understand doing it myself would be best, but I do feel strongly that a good turnkey provider is a good way to start. Since I'm in NYC, out of state is most likely a must (because of the lower cost of entry).

Has anyone worked with USREEB? I'm interested in working with them and would like to know other people's experiences and feedback. thanks in advance! !!

Thanks to everyone who replied, your suggestions are immensely valued and greatly appreciated.

I did end up backing out of the deal. @Steve Babiak made an undeniable point: I'll be fortunate, especially in that area, if I can find a buyer to get me out of the property. 

Also, @Derrick Dill makes a great point about selling the property in the future, since the next appraiser will definitely be basing it off of the original appraisal of $143k, something I didn't know!

I'm honestly unsure of the future of that area, and how much it will appreciate. I do agree with @Jeff Wallenius that the extra $7k, though I can potentially make it back with income, will only handicap me for increasing my portfolio. So I'm backing out. It was a little tough to decide since I've had it under contract since December, but that's one of the basic rules to investing right? Don't get emotionally involved!