All Forum Posts by: Shmuel Harris

Luis Rodriguez Most of the time these guys look to get out of their projects as soon as they can. Unless they primarily purchased the property to rent. I'm working with an investor who kinda just forgot about a property in East New York. But yeah if they believe there will be a nice amount of appreciation in a property I am sure that they won't mind waiting to sell the property. I would just say move on. There are plenty of good properties out there, don't fall into the trap of thinking it is either this house or no house. You will end up paying more than you should if you fall into this mindset. Easy for me to say but hard to follow through if you really like the property. Keep us updated!

Luis Rodriguez Lol. Welcome to the seedier side of real estate in New York. I don't want to give any ethnicity a bad name but I could probably guess where these guys are all from. I would check on Acris to see who owns the property. I would be willing to bet that this is a fix and flip project being sold by an investor. There are plenty of established investors here who send out lists of renovated houses to different brokers. They don't list on any MLS, they just use Zillow, Trulia, Streeteasy and craigslist. This ends up causing a lot of different agents to advertise the same properties on Zillow. Makes things very confusing in my opinion. About FHA, there are investors that don't like accepting FHA offers in the current buyers market. Their theory is that things will move swifter if they have a financially stronger buyer. I think. I know for sure that some flips aren't able to accept FHA. I had a buyer lined up for a beautiful 2 Family renovated really well. Turns out the property had been bought all cash less than a month ago. Apparently you need to wait for the property to season before buying the property with an FHA loan. It is in the FHA guidelines. That could be another reasons you would be getting conflicting reports about the FHA loan. If you give me the address I would be happy to try and see who the owner is. We could try to reach out directly to him and see if he would accept your offer, if the property is still available. The market here gets a bit confusing but if you really like the property than it may be worth proceeding. Either way good luck with your purchase.

@Denise Brown-Puryear

The homeowners that had invested in the New York areas you have just described have definitely experienced what can be construed as a windfall. Everyone in Bed-Stuy, Crown Height and Bushwhack had no idea that this sort of a change was coming. Good for you that you held on to your property there as long as you did.

Keep rocking it!

@Jessica G.

Your sales pitch really depends on your personality. You shouldn't try to force yourself into a mold that you aren't comfortable in. I like to come from the "I want to help you approach". This works for me because people are able to feel that it is very real coming from me. But this isn't everybody's approach and some of the potential deals that will fall through for me because of my approach will go to another investor who has a different approach. Just need to be comfortable in your own skin. Very important for life also.

That is all for tonight folks. Goodnight!

@Jon-Michael Agli

Hey Jon. Are you planning on occupying the property?

@Jessica G.

I love it. A very hard market to work in but I really enjoy the New York attitude.

@Mark W.

Hey Mark. I did my hours with NYREI. The manhattan location has the best teachers apparently. I called them up and asked them to give me the groupon deal but they wouldn't let me go to the manhattan location with the groupon deal so I went to the Brooklyn location. Classes were a bit dull but it got the job done. Taking it online is probably the most convenient way to go if you are looking for convenience. 

@Troy Walcott

Hey troy. I use the app to read through forum posts but there definitely some bugs with the system. I know some people suggest deleting the app and trying to reinstall. What type of device are you using?

I use an iPhone and certain things wont work for me like tagging people when I want to mention them in a post.

@Eric A.

I don't have experience with this type of partnership. However, I wanted to ask you if you need the friends help in order to make the deal go through. If you don't need that cash to make the deal go through, I would consider just letting the offer pass and go into the property yourself. Seems very complicated from the get go without even considering things down the line. Like who pays the mortgage, repairs, and what happens if one of you wants to get out of the property early.

Good Luck!

@Jessica G.

Door knocking  and developing personal relationships seem to be the best way to go as far as I know. Here in the city you can spit and hit 3 different investors. I have not bumped into any successful wholesalers here on BP. 

You can also try putting up Bandit signs. I know BP frowns on putting them up due to legalities and other stuff but here in NY they work. You just have to put a lot of them up.

Good Luck!