All Forum Posts by: Tory Ellis

I'm In! Looking Forward to meeting everyone!!

@J Martin My recommendations is TO NETWORK all you can. Don't ask for a mentor, but show people your hustle at meetups, and start connecting with them. Then go research these properties, call the agents, look up the title info.

Bring the deal to one of those investors you met, and say "Hey, I saw this deal for auction, I talked to the former agent for the property and it's actually 1000 sq ft bigger than listed, good shape, I checked title and only has a $10K lien, I talked to all the neighbors, and they love living there. It would be a great long-term rental w/ XX% cash flow, based on these comps I went and got.. Do you want to consider partnering on the deal? If you find a great deal and know more than others, you can always find a partner, if you network IMHO. 

So don't be afraid you can't get it done if you're willing to hustle, network, and help others. It will come back to you.

Thanks A Million My Friend for the very guidance that I was looking for!!!.These words will live with me for a very long time!!! I can't thank you enough! I wish that I can vote for that post twice!! @Tedroy Johnson  thanks for advice! Do you know of any wholesalers in those areas?  @Louis Leone Thank You for the help. So how can I watch the days on market and inventory indicators without an agent working with me?  @Kathy Mohr My wife and I are do for a trip so I will keep in touch : ). 

 @Joe Villeneuve Here's why you need to start in your "neighbor's" yard. Build your base, whether it be through holding, flipping, or both in areas where you have the means to get involved with. use the returns from those areas to jump into your own backyard...but don't stop "playing in your neighbor's" yard. That will always be a great source (returns) to continue to build from to seed your backyard.. 

Thanks for that tidbit of info because I do see a lot of action going on in NJ that I might like to be involved in.

@Charmaine M. I want you to connect with Me because maybe there's a way we can help each other figure out something

@John Giamundo I forgot to mention that these Brown Stones are 3-plexes and 4-plexes that avg. 800-900sqft per floor.

@John Giamundo Thank You for understanding and you are 100% correct I just don't know HOW the deals are being done!!!. The thing is from what i've been seeing happening the worst case scenario is that you didn't find an end buyer for your flip so you would have to hold and rent right?. Well thats a win in your case anyway because these Brown Stones are being rented as Condos at $75+ per SqFt and avg. around 800 SqFt each!!! I'm seeing the new home owners are running AirBnB. 4 on my street alone. So anyone with a little bit of hustle in them can't lose in this market. Staten Island have the numbers that you mentioned so maybe thats someplace you might want to look. I don't have millions of $$$ if thats what your asking but I can scrape up at least 20% skin in the game if i needed lets say a HML.

Over the past year I've been watching the threads from bp members about my NYC market and all I've been seeming to hear from ppl is that NY isn't a good market to invest in and I've been told that I should invest in other markets. My problem is that first off every book that was written on RE they tell you to start in your OWN BACK YARD!!!. Second Why should I look to another market when I've personally seen my entire neighborhood change through revitalization and its nowhere near done, I've even predicted which neighborhoods would be next accurately! I'm from Bedford Stuyvesant Brooklyn where almost every property in my neighborhood is a Victorian Style Brownstone which ARVs from anywhere between1.5-2mill easy. Even the Brownstones that are at the very edge of Bedstuy bordering other neighborhoods ARVs at 850k-1mill.

 I've done my due diligence on this market. I know what blocks are the "Good Blocks" from the beautiful but shady blocks because of the type of crime that goes on in that vicinity. I know which blocks have the better RE values, I know which Blocks have LandMark Zoning.There are still plenty of unoccupied distressed Bedstuy Brownstones up for grabs right now and its killing me inside that I can't seem to find a way to capitalize on it! I see on Property Shark that these same properties were bought for 300k-600k As Is a few months ago and then rehabbed and sold for millions. I personally watched over 100 properties being done this way in my neighborhood, I even went as far as trying to buy coffee and or lunch for the investor who is always some Jewish guy sitting near by in his Oddessy Van in order to offer my services to help in any kind of way to No Avail at all. They won't even talk to me let alone take coffee.

Also i've been having a big problem finding investor friendly agents. Every Agent that I called, which I can honestly say that i've called them ALL!!! If your name came up as a BKLYN/Queens agent on google I called you at least twice, none of whom work with investors or the FEW that did said that they have investors they send their deals to already but will add me to a list (which obviously never happened). 

I've noticed that most of the new home owners are from another country for the most part which I think is awesome because it only adds to the NY flavor. However I refuse subscribe to the notion that out of all of this fix and flipping thats going on in my back yard that I am forced to go looking to do my first deal anywhere else, it just doesn't make sense to me at all!!. My point is this I KNOW that there is an Occupy Brooklyn Movement going on right now and I need help/guidance/mentoring on how to best position myself to capitalize from it. The same is going on in Queens NY just at lower prices but i have no idea about the Queens neighborhoods.

Is there anyone on BP that can give me the help/guidance/mentoring that I need? Thank You All in advance... Sorry about the tantrum (LOL!!!)

@Christopher Winkler If you are willing to let me know exactly what types of deals you are looking for within the 5 boroughs I would be more than willing to be your guy with boots on the ground. send me a PM

thanks for the clarification @Ned Carey 

@Ned Carey thanks for the info.. That is exactly what ACRIS is in NYC.. LOL I'm sorry I just assumed that ACRIS was the same thing nation wide. I entered the property address and zip to search for the docs and they give you a list of everyone who owned the property, what they paid for it,what they sold it for,etc.. My question is am I looking for the person who's name is on the deed ? Or that doesn't necessarily mean that person owns the property?

 OK so I do that by going to ACRIS and finding the person who has the deed, am I correct?

Great Idea.. please forgive my ignorance I'm a newbie... what do you do with the properties? because i have more than a few vacant homes both residential and commercial  in my neck of the woods