All Forum Posts by: Jason Eyerly

I noticed that, but what I'm wondering is of those properties listed, how would you go about finding which properties of the foreclosure/pre-foreclosure listing would be worth even taking a glance at? Or how else would you go about finding motivated sellers?

I would love for this to pull through. When I am often in New York City I stay in Woodhaven until I use an FHA loan to get a multifamily. @?

Hey BP,

So I was looking through (and considering subscribing) to BP's little foreclosure function, if I can learn how to utilize it properly. What I'm wondering is with all the foreclosures and pre-foreclosures how do you know where to start and which ones to look at to even begin searching for a deal? I'm unable to flip a property with my own capital within the next 3-6 months so I'll be looking at HMLs and private funding here on BP to either flip a home, or make my first wholesale. I'm really eager to do a fix and flip using HMLs and BP backing even if my profit is minimal, just to begin and start gaining experience. All advice appreciated!

Regards,

Jason Eyerly

@Mike Valdes Do you know of any REI meetings or groups in your area where you could look for buyers in casual conversation? Or perhaps check county records for people who have bought 2-3+ properties in 1-3 months, these people may be fix/flippers or just investors always looking to acquire. If it has no repairs needed and will sell for 85k and is worth at least 102 (I'm a beginner so just go with me here) why not buy it yourself and then try to sell it for 100k? Perhaps even finding a partner/investor in that area or here on bigger pockets who may finance the deal in exchange for some of the profit. It sounds though, as if a plane tickets is going to be necessary at some point to see the property first hand, otherwise your risk is very high.

Good luck and keep us posted!

-Jason E.

@Mike H. I appreciate your input, thanks.

@J. Martin When you get an FHA loan, are you allowed to move out of the property after X amount of time without being responsible for any penalties or paying off the mortgage right away? My issue with the FHA route is that I have no proof of income, and if I went in on it with my business partner, I'm worried his credit score may get us out right denied.

@Ann Bellamy Sorry for the confusion. My fiancee and I are the ones with credit and no proof of income because all of our income is through trading stocks, so it's not considered as true income (we've tried to get financing with this many times before). My business partner has a nice salary, but terrible credit. My fiancee is just helping (or planning on helping) with property management if we take on tenancy, and project management for flipping. The main infrastructure is between my business partner with income who is the contractor, and myself who is responsible for the investing and management.

Hope this cleared things up!

-Jason E.

Steve,

My knowledge of properties in NYC is very limited, but with what I do know and have observed personally (I used to tag along with my Uncle - he's a construction contractor) on buildings with age like you have throughout New York, it is very important to check for leaks, as well as foundational issues. Additional things to consider are things like led pipes and broilers. My Uncle had always said these are the most costly things he notices the most often.

Best of luck! Keep us updated.

-Jason E.

Hey Jonathan, welcome to BP! I'm on the same page as you, and also in the Chicago area!

Does the price seem to good to be true? Do you know there motivation for selling, and have you gone through with a building inspector yet? These are some things I'd consider if looking at the property as described.

@Robert Adams Unfortunately I just left Vegas, but I may be interested in the future after I have completed a couple flips and got my feet wet here in Indiana/NYC. BP won't let me change my zip code yet! I'll shoot you a colleague request so I can get in touch when I am ready.

@Adam Gerig I'm looking to keep my focus in Southbend, IN at the farthest but preferably in the Elkhart County area. I'm looking for my first fix/flip deal, however if I find a deal that isn't up to my standards, I'd like to get it under contract and find a buyer to sell the contract to. I've been looking at the pre-foreclosures and foreclosures on the BiggerPockets Marketplace, but haven't scheduled any viewings or called about any of the properties to find out the condition they are in or any repairs that may be needed. As a final note, I will be using HMLs to finance my flipping endeavors.

BP!

I'm currently trying to find my first deal to take action on either in my area in Indiana or NYC (Indiana preferred for a first flip) but I'm not sure how to find a real estate agent that is investor friendly! Any suggestions or recommendations on where to look? There aren't even any meetup groups or anything in my area, so I'm not sure if nobody is investing, or there is no opportunity, or I'm completely blind and missing something here. Also, is it ethical to wholesale a property that doesn't meet YOUR standards for a flip/rent to sell to a buyer you think may have an interest in that property?

-Jason E.