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All Forum Posts by: Louis Hiza

Louis Hiza has started 3 posts and replied 8 times.

Post: Cash-Only REOs and refinancing

Louis HizaPosted
  • Chicago, IL
  • Posts 8
  • Votes 0

Hi all,

I recently came across an REO property that is weeks away from becoming live to bid on. It is in my families immediate area and would be a perfect duplex rental property (it would cash flow about $500 a month, and is decent condition). I have great inside intel on the interior and structural as I know one of the renters, and I know it would be rent ready immediately, and with a little more work, could be cash flowing $650 a month.

The listing agent says the place is Cash Only, As Is, but based upon its appraised value and what it was bought for in 2002, I believe a competitive offer would be about $80k. As I am young and do not have that kind of liquid savings, what would be the best way to proceed? A hard money lender with no financing contingencies? I'm afraid that when the bidding comes online, I will be beat out by other cash only investors. 

Would another option be to pull together the competitive (say $80k) cash offer from family and then quickly refiance the place after it is cash-flowing to pull all that equity back out?

Thanks so much!

Louis

Post: Pre-sheriff's sale options?

Louis HizaPosted
  • Chicago, IL
  • Posts 8
  • Votes 0

Hi all, I recently came across a property that is literally in my parents backyard. It just went into foreclosure and when I called the bank to inquire about it, they said they have no information and to wait for the sheriff's sale. The property is a duplex that would cash flow beautifully and could be managed by my father who is a contractor. I would LOVE to purchase this property, but as I have never participated in a sheriff's sale, I wanted to ask the BP community if there are any ways to gain an upper hand in regards to foreclosures. Is there any way to try and make a deal with the bank pre auction? If not, does anyone have any tips on sheriff sale auctions? Thanks so much! 

Post: Finding Deals in Mainly Suburban Areas

Louis HizaPosted
  • Chicago, IL
  • Posts 8
  • Votes 0

Thanks @Bill S.! I will look into expanding my market. 

Post: Finding Deals in Mainly Suburban Areas

Louis HizaPosted
  • Chicago, IL
  • Posts 8
  • Votes 0

@Bonnie McCullough congrats on the portfolio! Great to hear others investing in CT. You had a similar comment to Luke, saying to be weary of demand. Would you mind expanding on this? And if you don't mind me asking, which county are you invested in?

Post: Finding Deals in Mainly Suburban Areas

Louis HizaPosted
  • Chicago, IL
  • Posts 8
  • Votes 0

Thanks for the reply @Account Closed. You mentioned that with the recent politics, population may begin to decline in certain areas. Would you mind expanding on where you think this may happen? I have to believe there are some submarkets in CT which will remain stable or rise through the recovery. Any comments?

Post: Finding Deals in Mainly Suburban Areas

Louis HizaPosted
  • Chicago, IL
  • Posts 8
  • Votes 0

@Mark Avery, thanks for the advice! Very creative way to look at the market. I agree that in an area such as Connecticut, creativity will be king. I will absolutely look into upgrades, and will be sure to ask any questions I have! Cheers!

Post: Finding Deals in Mainly Suburban Areas

Louis HizaPosted
  • Chicago, IL
  • Posts 8
  • Votes 0

Entirely because of my connections I have in CT. Don't get me wrong, Chicago is in the near future, but I feel that I cannot pass up the opportunity to have my father manage the property, and the agents I have great relationships with help find these deals. Chicago is next on the list once I have some cash flow...

Post: Finding Deals in Mainly Suburban Areas

Louis HizaPosted
  • Chicago, IL
  • Posts 8
  • Votes 0

Hi all, I am a new investor putting together my first REI deal! I am looking to purchase a small multifamily rental building in an area of Connecticut that has 85% of residential buildings being owned mostly by single families, and only 15% rental. After LOTS of research and talking to agents, there is definitely a market for and slow push towards a more rental-oriented mindset for millennials and empty-nesters. I have numerous connections to agents, mortgage brokers, and most importantly a father who owns a construction company in the area, so I really want to focus on this particular submarket.

My question to all of you is what would be the most effective way to find leads in a relatively low-volume market such as this? Everything I have read has said HUSTLE every day; send out flyers, talk to agents, look through craigslist, and in a huge market such as Atlanta or Denver or Chicago, this makes perfect sense: there are TONS of properties out there and every day you should be able to find at least something to run the numbers on. In the are I am looking, finding a lead a day may not be possible. Or is it? Anyone out there also looking in a similar market? For you, what was the most effective method of finding leads?

Thanks!