Preforeclosure Competition In NYC Area

bdematteo profile photo

Hello:

I am thinking about getting invoved with the preforeclosure market in NYC. I have assembled all the resources to begin a direct marketing campaign directed to "lis-pendens" lists in the NYC, Brooklyn, Queens, and Nassau areas. I was wondering whether anyone has any experience with the pre-foreclosure market in these areas and, if so, if you could share any experiences and/or advice.

Is there a lot of preforeclosure competition in the NYC area and surrounding areas?

Regardless of competition, what can I expect the response rate to be with respect to a direct marketing campaign? What has been other peoples' experiences with direct marketing response rates in the NYC area and surrounding areas?

Is there still an opportunity to make money in preforeclosures in the NYC area, considering that the real estate market is so inflated near and around NYC?

Any other suggestions and/or advice would be greatly appreciated.

Best Regards to all and GOOD LUCK INVESTING!!!

-Bryan



-Bryan

Comments(10)

  • JohnMichael3rd October, 2004

    Competition is in every state and every city.

    I have never been concerned by competition!

    Competition only causes me to work smarter!

    Competition is nothing when it comes to real estate investing, unless you allow it to be!

    Just my thoughts.
    [addsig]

  • bdematteo3rd October, 2004

    those are very encouraging words. I think, when push comes to shove, you are definitely right. I guess I have to stop looking for reasons not to do this - and JUST DO IT!!


    -Bryan

  • herbk3rd October, 2004

    Find your NICHE and go for it!
    Good Luck, HerbK rolleyes

  • myfrogger3rd October, 2004

    I'm from Iowa but I have had a couple dealings with NYC folks. My experience is that there is a TON of competition and there are a lot of cash players. I was attempting to assign a purchase agreement to an investor out there and it seemed to me that the people I talked to were concerned only with the money and they didn't care about anything else. They didn't care about making it a win-win transaction, they didn't care about using correct paperwork, and above all else would even counterfiet paperwork.

    Investors would stop by the house and try to swing the deal out from under me. They would stop at all times of day and night. The seller would call me crying on the phone because she was scared for her life. I decided I was going to fly out to NYC to handle things myself.

    Two days before closing the seller backed out of the deal and refused to sign the deed over. For whatever reason she was not comfortable with the deal and even though I planned to fly out there she said not to bother.

    This was a preforeclosure short sale and the house went back to the bank.

    My views on the real estate investing industry in NYC are very, very, very limted. I do think that you need to work on gaining the seller's trust. It seems that trust in NYC no longer exists and I do get laughed at when I mention this word. I get responses like "I guess trust isn't our thing" and "we don't need to trust each other to do business".

    NYC does seem like a great city but is very different from what I'm used to here in lil old Iowa. It is a much different market.

    GOOD LUCK

  • bdematteo3rd October, 2004

    Wow! that is not encouraging at all :(

    -Bryan

  • learntherules3rd October, 2004

    Trust is important. I'm working on 4 deals in NY now and the owners appreciate the TRUTH.

    You can't be a long distance investor in this NY market. As the previous poster said, people were stopping by and calling all hours of the day & night. myfrogger wouldn't have lost the deal if the face time was there because it sounds like the owner trusted myfrogger.

    Since NYers are aggressive, you have to develop your style of play and stick to it. Keep your nose clean, be truthful, stay on top of your game (financing, legal) and the deals will close.

  • bdematteo3rd October, 2004

    Learntherules:

    You suggested that I call, but your profile did not include a telephone number. Did you mean that I should e-mail you? If you would prefer, I can be reached at anytime at xxxxxxx on my cell or at **xxxx** xxxxxx. To be honest, I am completely overwhelmed by all that I must learn and could sure use some help. I would most greatly appreciate any help or assistence you could offer.

    Best regards, and I look forward to hearing from you.

    -Bryan
    Please no personal information in your post- this is for your protection
    Thanks,
    John Michael
    [ Edited by JohnMichael on Date 10/03/2004 ]

  • JohnMichael3rd October, 2004

    Bdematteo,

    I know you fill overwhelmed and yes you should be, as you have not yet reached your comfort zone in real estate investing.

    Your first key steps are as follows:

    Become what I call a personal investor!

    "A form of person-to-person communication in which a investor works with prospective
    Sellers and attempts to influence their Needs in the direction of making a WIN - WIN deal"

    A good investor will have the following Qualities:

    Reliability/credibility
    Professionalism /integrity
    Service knowledge
    Innovation in problem solving
    Presentation /preparation

    You will need to master the following:

    How to consistently find motivated sellers
    How to be a master negotiator
    How to quickly analyze deals to know the deals
    How to structure a variety of deals: short sales, lease options, cash sales, "subject to" deals, selling on a wrap mortgage and the list goes on
    How to write up the deals and understand the contract part of investing
    Time management is another important element as a good investor!
    Get your priorities set, as this is pertinent for a busy investor's schedule

    You need to:

    Set a Daily schedule
    Block your RE time
    Don’t be a perfectionist
    Learn to say no
    Learn to prioritize
    Turn off your TV & computer


    The way you fill is correct, because true success does place most in what I call an uncomfortable area of life. Your most financially successful investors ride what I call the cliff of life "They continue to walk along this cliff and if they make a bad decision the fall off, but if they make a good decision they continue to walk on the cliffs edge"
    The best part is when they fall off; they simply get back to the edge of the cliff and continue their walk!

    Do, Learn, Regroup; Do, Learn, Regroup is the key to your initial success
    [addsig]

  • learntherules3rd October, 2004

    JohnMichael,
    See my profile is personal info? I see posts that say PM or email me. Is that ok?

  • JohnMichael3rd October, 2004

    Forum rule 4 - POSTING PERSONAL INFORMATION You can email me at (youremail@yourdomain.com) or Call me at xxx-xxxx (Contact info is stored in your My Info section of your MyTCI page. This eliminates SPAMMERS )

    This goes along with see my profile.
    [addsig]

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