All Forum Posts by: Rebecca Peters

Hi @Janusz Zee

 Welcome to BP! This is a great site to find people to work with like wholesalers. Also, highly recommend going to meet ups to meet people in your area. There are a bunch. I work with some wholesalers in the Brooklyn, Queens, LI area. I'll keep my eye out for Ridgewood. Please PM so we can keep in touch.

Hi @Katie Johnson, welcome to the site! Check out the creative financing forum on the site. There's certainly a wealth of information there and all over the site.

You could find partners on the site through reaching out here on the site and networking in person to help you finance the deal. I went to a Harlem meet up last night hosted by Steve Nson, his events are on the website www.meetup.com. You'll find other awesome real estate meet ups there as well where you can meet lenders and other providers of creative financing.

Feel free to message me if you want to talk in more detail. I live in the Bronx and love the borough! Love it when investors go into the Bronx!

Hi @David Hartoon, I've been knocking on properties that are in pre-foreclosure since the fall. I work with a group of investors that not only have the cash to buy properties, but we offer free assistance to help these home owners keep their home. Whether its helping them talk with their mortgage provider to get a loan modification or just empowering them more information when in pre-foreclosure. So I find coming from that angle that we are here to help them in this situation makes it much easier knocking on somebody's door who are in the process of losing their home.

I would also recommend avoiding the word 'problem.' I found that when I've used that word, thee whole demeanor of the home owner I'm speaking to changes. "No I don't have any problems" and then the door closes.

A few things I could keep in mind: 

- You're knocking on door of somebody's home at which point your business is 100% a people business. 

- More importantly, you're confronting a person who is dealing with a distressed property situation and pride can certainly get in the way of having a productive conversation. so it's important to keep that in mind.

- While many people may not welcome you with open arms, its a conversation that they need to have. they may not want to have it with you lol but if they ignore situation, it won't turn out well for them.

- The follow up. this is something I have to work on as well. Rarely will get a deal the first time you knock, but after appropriate time allotted for a follow up will get you closer to a deal. 

Highly recommend Grant Cardone's Follow Up video: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&so...

He has great energy and awesome ideas about the importance to follow up and how to follow up.

I hope this was helpful!

Love this thread guys. Keep the great questions and responses coming!

Hi @Maura Paler! What a fabulous success story! It must be awesome to be able to fall in love with the properties as you mentioned. Thank you for taking the time to respond to the questions posted. Reading through this thread was very helpful!

I'm in the process of closing on a duplex that is fully occupied. I will be using an FHA loan that requires me to owner occupy the property. Is it possible to do this with a property fully occupied without asking one of the tenants to leave? One unit's least is up, so as of now, I will have to ask them to leave so I can occupy the unity. Or is it possible to keep those tenants and move into one of the bedrooms? Just trying to think creatively about how to keep the property fully occupied and owner occupy the property. Appreciate any feedback! Thank you!

thank you for all the feedback everybody. The area is known for multi families. I'm not 100% sure what the zoning is specifically, but I'm confident that this property being converted into a 3 family would not be a problem. The problem is that it wasn't done with the supervison of the city. To be honest, at this moment I do not need a third unit, but the additional bedrooms and bathroom would be a great addition. But I wouldn't rent out the property until its properly registered with the city. I want to be able to purchase the property first!!

The numbers work well with just the duplex because one unit is already rented out with a higher end rental rate. So with one unit rented out and the 2nd unit, its a sound investment. So the 3rd unit is a huge bonus. I'm more concerned with getting the property financed. 

The third unit is in the basement. So the unfinished basement is now finished, except for a small part of the basement where the water heaters and meters are. So no additions were built. Walls were just put up for bedrooms (which could be storage rooms honestly) and then a bathroom and kitchen were put in place.

hi BP! I've been on the hunt for my first house hack purchase. Ive found a great 2 unit property that has 3rd unit that was built without registering it with the city, so technicallly illegal. I will be using FHA financing and my mortgage broker said that this illegal unit could cause issue during the appraisal and potentially not allow me to purchase the house with third unit.

Has anybody dealt with this situation? My mortgage broker said that the main problem is the kitchen and that if the power to the stove was cut off and literally plastered back into the wall it wouldn't be an issue. Would appreciate any other feedback from other peoples experience. Thank you!

going to try my best!!

hi Chris! I'm in a very similar position you're in. I'm currently looking for a multifamily in Bridgeport to live in and rent out using FHA. Connecticut also has a special down payment assistance (DAP) program that I plan on taking advantage of. My mortgage broker is very knowledgeable about FHA. Please PM me if you want his contact info.