All Forum Posts by: Joe Barclay

 replying to myself 10 years later.... several brownstones in brooklyn successfully fix and fliped and/or buy and hold. couple successful flips in jersey. several partnerships in Philly. 100% or partnered on 6 properties acquired in the past 30 days. maybe doing okay

 I closed two loans with them in the past week. One multifamily (6 unit) in Brooklyn and 1 fix-n-flip in Dallas TX. the multi fam was 20% down but the fix-n-flip was their 100% financing program. Both went smooth. The biggest issue is that you have to be able to show cash in reserves. I showed it through various other entity (which i own) bank accounts and they required those entities to be guarantors on the loan. (required formation and OA docs for those entities). If someone else is on an entity, that individual has to also be a guarantor.

 Is this still going on today? I'm based in NYC but have a few properties in Rochester. I was there last week. Will be there again next week. Always happy to meet up. I need good property managers and contractors.

hey guys. I bought my first rental in Rochester (19th ward) back in October. Did the renovations and keeping as a buy and hold. Looking to pick up another. Would love to talk with investors in the area. I live in Brooklyn but come up when needed (on weekends). 

CONGRATS!!! best of luck in the future!

@Tzvi Balsam lets talk lol. im looking to get my second property in Brooklyn

hi @Sunny Pyun, how did the 203K loan work out? Im looking to purchase a second home in Brooklyn using a 203K

hey @Christian Ekeogu

my story goes as follows... and let me preface saying that i have no success yet. I became interested in property in Bedstuy, BK around 2010 however I was extremely picky. My first property had to be on certain blocks, 20x100 lot (wouldn't even consider an 18x100 lot). I saw properties for around $550K with some work needed but I was convinced I could get something cheaper and better. Eventually went to contract (fully executed) for $375K on a smaller (16x100) property in my target area. Got screwed out the deal by an all cash buyer (I'm not liquid.. looking to do a 203K). House now on the market for $1.2M (http://www.primehomesny.com/property/decatur-st-brooklyn-ny-11233/). Fast forward to now I'm priced out of bedstuy. So now i'm looking in cypress hills and ENY. Again I have a fully executed contract. We'll see how this goes.

To sum it all up... don't be too picky, but do due diligence and if your target areas are not working out expand. If this deal works out i'm looking to purchase some property in Buffalo and Rochester and my next investments.

Joe