Any REO experienced brokers in the Poughkeepsie, NY area?

Question

Account Closed · Answer

@Matt Caven I work in that area as a property manager, and have recently been getting involved in buying properties as well. I have investors that work with us to purchase the properties, to then fix and rent out.

Any multi-family properties that are good candidates for BRRR is what we're looking for.

I have an agent in Poughkeepsie that I've been working with. We already closed on a few properties and have another two in contract.

If you know of any deals that are in that category please let me know.

Additionally, if you have any clients that are looking for a management company, you can let them know about Colonial Property Management.

Brian Pulaski · Answer

@Michael Gessner that's interesting. I have never heard that but it just makes it that much tougher to compete. I would love to snag a decent MLS deal but I'm not sure that is possible. Everything seems to sell above already high asking prices.

Michael Gessner · Answer

@Brian Pulaski I also heard through the grape vines, their is alot of foreign money going in orange county. I did look at a place in middletown a few months back, their must of been 20 other people there, any how I started talking to a GC who was looking around, during the conversation he mentioned hes working for Chinese investors, all he does is walk through them and tells them whats needed for the rehab.

Brian Pulaski · Answer

@Matt Caven some have made mention that this area attracts people from the city who come up here with tons of money and are buying houses, making little profit, but doing a lot of them. It could also be beginners who aren't confident in their numbers and either underestimate rehabs, or over estimate ARV. The only final thing I imagine could be happening is they know how to have work done far cheaper than I can and are able to save money during renovations. I am a cash buyer, so I have very low holding costs, and I manage the rehab myself and do a bunch of the work (trim, paint, tile, cabinet install, appliances, bathroom fixtures, replacement windows, etc...) myself, so I am saving the GC costs there as well and STILL cant hit a deal!

Michael Gessner · Answer

@Matt Caven, honestly im looking all over, I just started searching the MLS in Long Island, like @Brian Pulaski said, what is out there, is listed off the bat too high, I'm thinking I came into this a few years too late lol. Everything I look at either through what my agent sends me, MLS or the auction sites are unjustifiable as the numbers just don't make sense. It looks like NY has become more a buy and hold which I just cant wrap my head around with the high cost of holding here. Im also thinking its really who you know and how many middle people are involved with the sale. From the market being saturated with investors and the REO's going for top dollar im beginning to think theirs not much room here.

Matt Caven · Answer

@Brian Pulaski that's exactly what I'm seeing. I have investors begging me to find them houses but people are going well over asking in multiple offer rounds and they price my buyers out. As a listing agent it's great, but when I'm representing the buyer, not so much...

Brian Pulaski · Answer

@Matt Caven I am in OC and can say the houses I see on the MLS that would make good flip candidates are selling for very high dollars. I have made a bunch of offers and every time someone pays more. Planning to make an offer tomorrow, but the house has multiple offers already (means I wont get it). House is asking $135k, possibly worth $215-220K but needs $45-50k. Add in closing costs, holding costs, etc. and the deal needs to be bought cheaper... From what I have seen it will sell over asking price. Not sure if people are actually making money on anything out here, but as it stands I cant land anything on the MLS.

Matt Caven · Answer

@Joseph Rivera thanks for the response. I'll give you a call tomorrow.

@Michael Gessner- That would be great. Are you looking in Orange exclusively? I don't do much in Orange but I'm curious how the market is there. It seems like the competition here in Dutchess is getting out of control. Are you noticing the same?