All Forum Posts by: Louis Hiza

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

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! 

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

@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?

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?

@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!

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...

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!