All Forum Posts by: Nick Loref

Good advice Ryan, Thanks! 

The properties are bank-owned, if that makes a difference.

Hello-

I've been looking for some local foreclosures in Brooklyn. I came across a handful which are way below market price.  So i have to put in a single and final offer that will be submitted and reviewed by the bank. 

Should my offer be for the full foreclosure price or perhaps higher?

Do these low prices ever stick when the homes are bought?

Any suggestions?

Thanks!

So the listing agent gave me a few more clues;

I would submit 1 offer only that is submitted to the bank which will review all offers.

If they accept the offer then I do my due diligence.

So I submitted an offer, which is way below market so i'll be lucky to get a call back.

Which brings me to another question which ill post separately.

Thanks Rebecca, found it

HI all, 

I've been fishing for forclosures in Brooklyn and found a nice prospect. When I contact the agent about a viewing they just tell me to make an offer sight unseen. And when I ask if their are leins they tell me "being sold as is" . So I expect some kind of lein, but is there any way to find out for sure?

If I make an offer can I withdraw after seeing the interior, if I see it?

Thanks guys for the response,  very helpful!

im Def going for a heloc. between our incomes alone we'll cover all the payments with some left over for Jr. ,and rental incomes will all be banked If I hold on to the property longer.

Now I just need the right property!

I really like the idea of profit sharing. 

thanks again everyone 

so in my case would a HELOC be advisable for a flip?

Hey Gerald,

Thanks for the link...  

Homes in my area of Brooklyn can go from 375 for a single family to 750+ for 2 family.

or 1 million + for 3 family Brownstones in need of rehab

Hi All, 

I'm new to this forum and very interested in doing some local foreclosure flips. 

I currently own a home which i just closed on a refi after living here 5 years, valued at 550k in which i have about 120k in equity. I also have about 60 liquid, and excellent credit.

The properties in my area may be priced around 400k. 

Could I use my homes equity for making a down payment on an investment property? Which type of loan product should i be looking at? 

or how could I convince family or friends to trust in my ability to make them a good return on a short term loan?