Running Like A Chicken To Find Foreclosure Deals
I'm new in RE investment in NYC and I want to buy, rehab, live for two years, and then sell a brownstone in Harlem or Bedford Stuyvesant NYC. I plan to live there and do as much as I can in repairs myself.
I've subscribed to a foreclosure site, http://www.nyforeclosures.com, and had a month subscription and looked as some of the brownstones in Harlem from the outside. I found it frustrating hunting down the owners to get in the building to get a estimate of repairs.
I went to a couple of auctions at City Hall to see how that went, and found that no one showed up for a lot of the Harlem foreclosures. The loan balance was probably more than the market value. Alot of the brownstones were in "crack" infested neighborhoods. This goes to prove there needs to be a due diligence to make sure there is sufficient amount of profit.
Anyway, my question is: with the long list of foreclosures the web provides, how can I effectively reach some of the contacts or owners so I could take a look at the inside of the building and bring a contractor in to estimate repairs? If I can't examine the interior is it worth my effort to persue? It seems like a full time job and a competition with other people to persure using the investment method of foreclosures. Can anyone suggest an efficient way to go about researching these foreclosures? Do you think I should buy a car to speed up the process (I've been on foot, using the subways, uy!)?
Do you suggest I approach agents or wholesellers to avoid the due diligence it takes to research the foreclosures?
gemsre 
I have gotten many properties from www.foreclosure.com. Once I find something I might be interested in, I call my REA and he lets me inside. I then get an estimate if it is worth it, I bid on the property. I'm missing your point. Do you have a REA to let you in? If not find one.
Lori
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I'm new at this Lori, but what is a REA?
Question: with the long list of foreclosures the web provides, how can I effectively reach some of the contacts or owners so I could take a look at the inside of the building and bring a contractor in to estimate repairs?
Answer: My first suggestion would be to contact them by phone or letter to see how receptive they may be.
Question: If I can't examine the interior is it worth my effort to persue?
Answer: I would suggest avoiding any deal where you are unable to inspect and evaluate cost of repairs.
Question: Can anyone suggest an efficient way to go about researching these foreclosures?
Answer: By researching at the tax asser office and recorder of deeds or recorder of mortgage office.
Do you think I should buy a car to speed up the process (I've been on foot, using the subways, uy!)?
Answer: Yes.
Question: Do you suggest I approach agents or wholesellers to avoid the due diligence it takes to research the foreclosures?
Answer: Yes you should approach agents and wholesalers to add to your power team as an investor. You can never avoid the due diligence process as without due diligence you will not know if you have a deal or not.
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Quote:
On 2004-11-10 22:19, gemsre wrote:
I'm new at this Lori, but what is a REA?
REA stands for Real Estate Agent.
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REA = Real Estate Agent.
Quote:
On 2004-11-11 09:16, JohnMichael wrote:
Quote:
On 2004-11-10 22:19, gemsre wrote:
I'm new at this Lori, but what is a REA?
REA stands for Real Estate Agent.
JohnMichael,
Thank you for your advice. Can you give a short summary of the "due diligence" of foreclosures?
gemsre