All Forum Posts by: Orhi Tahi

I bought some REO single family back in the day. The fact of the matter is that banks do not want to be in the property management business. They are not good at it. So, I have not heard of REO department in this space, like we did post GFC. What I have heard is the following:

1) Banks willing to extend loans with the existing owner, hoping they can hold on until NOI goes up or interest rates come down

2) Banks knowing a property is coming back so reaching out to a local broker to find a buyer with a pocket listing. In these cases, the broker is just looking for someone to buy for the amount of the mortgage. They transact quietly.

3) Similar to above, I know of a few people that have been asked directly by their lender if they have interest in taking over a nearby property for just the loan amount. Again, they transact quietly.

The few exceptions are a handful of very large foreclosures (e.g. 3200 units in Houston) with terrible operators. The banks could not execute 1, 2, or 3 so had to foreclose. I don't think this is a large opportunity for REO, unless you are already in the game. On the other hand, I'm talking larger apartments 100+ unit. I suspect there will be some regional banks holding properties of 50 or fewer units.

Thanks Greg! I was reffering anything between 5 units to 30 units. From what i understood is I need to build relationships with bunch of multifamily lenders to see if they offer pocket listing.

Do you have any recommendations for major CRE lenders to contact?

0 Votes

Hey BP community,

I'm looking to expand my real estate portfolio and I'm particularly interested in REO-owned multifamily properties with 5 or more units. I'd love to hear from experienced investors about:

Best resources for finding these listings (beyond the obvious MLS)?
What are the core websites ?

Thanks in advance for sharing your wisdom!

Orhi

0 Votes

Hello BiggerPockets Community,

I am a real estate investor based in California. I am currently seeking opportunities in the Kokomo, IN market and am looking for a local real estate agent who specializes in this area. Additionally, I am interested in connecting with individuals who may have off-market properties for sale in Kokomo.

If you have any recommendations or if you are an agent/seller with relevant opportunities, please feel free to reach out to me. I am eager to expand my network and explore potential investments in Kokomo.

Thank you in advance for your assistance.

Orhi

0 Votes

Indianapolis, Indiana

Quote from @Zach Quick:

Originally posted by @Andrew Joseph:

@Zach Quick it is a single family house, and no I never been out to Pittsburg KS.

DM me the address, be happy to give you my opinion. I used to have 15+ units here, have been selling them off and going into a different niche.

Zach, I am looking into pittsburg aswell. Do you have any proprety manager recommendations ?

0 Votes

HI Terre Haute Fam,

What you think about the area and deal ?

I am a buy and hold investor. See below:

https://www.zillow.com/homedetails/605-N-13th-1-2-St-Terre-H...

Thanks,

Orhi

1 Vote

Quote from @Arthur Johnson:

@Karine Arditi, did you end up investing in Richmond? I have 27 doors in Muncie and Anderson Indiana and the returns have been really good. Not only the cash flow, but the unexpected appreciation. I originally invested in 2018. I'm trying to purchase more property in the area, but it is getting more expensive. Looking at this comparison of Muncie and Richmond, they look fairly similar: https://www.census.gov/quickfa..

Let me know if you are interested in chatting more. Thx

Arthur did you end up buying in Richmond ? I am exploring options between Richmond, Muncie and Anderson now and would love to connect

0 Votes

Hey BP Fam,

I am looking landlord friendly small cities to invest. Here are my criteria:
1.Purchase value below 75k
2.At least one college
3.Diverse economy
4.Not high crime
5.Growing population
6.Not smaller then 10k people

Any recommendations ?

Orhi

4 Votes

Quote from @Casey C.:

I also recommend Hill Valley property management

Hey Casey, do you have a phone or contact info of Hill Valley property management ?

I called their website but no success...

Orhi

0 Votes

Hi All,

What are you thinking on this home for investment:
https://www.zillow.com/homedetails/1038-Colonial-Ave-Gardendale-AL-35071/913150_zpid/?

Its meeting 1% but not sure about the location and interior work. Appreciate Alabama investors advice.

Orhi

1 Vote

Birmingham, Alabama

All Forum Posts by: Orhi Tahi

Orhi Tahi has started 34 posts and replied 84 times.

Post: Contractors near Cedar Rapids, IA

Post: Strategies for Finding and Acquiring REO Multifamily Properties (5+ Units)

Post: Strategies for Finding and Acquiring REO Multifamily Properties (5+ Units)

Post: Looking for Kokomo, IN Focused Real Estate Agent and Off-Market Seller Leads

Post: Looking for home inspector in or near Crawford County, Kansas

Post: Terre Haute, IN Deal Advice

Post: Richmond Indiana info please

Post: Small Cities Recommendations under 75k purchase price

Post: Looking for Property Manager - Terre Haute, Indiana

Post: Help me evaluate Birmingham,AL deal