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Investment Properties in New York : Real Estate Advice

  • All639
  • Local Info71
  • Home Buying346
  • Home Selling51
  • Market Conditions15

Activity 305
Tue Sep 19, 2017
Vicky Arcovio asked:
Good morning. I was wondering if I could find someone who flips houses near St. Johnsville New York. I have become interested in a property in that area and would like some help if possible.
0 votes 0 Answers Share Flag
Wed Sep 13, 2017
Kathy Burgreen answered:
I'm a retired NYC area realtor and life long local resident. My first question - Did you sign an Exclusive Buyer Broker Agreement? If yes, it should have been explained to you how your real estate agent is being paid and from whom? Was your agent being paid by the seller? Did your real estate agent ever tell you that if the commission is below a specific percentage or dollar amount, that you would need to pay the difference? Read the document you signed because I'm sure you signed a broker agreement.

Next - read the lien notice. It needs to specify why the lien was placed. Don't guess or assume anything. It seems odd that your agent would put a lien on your home because of a commission dispute. Typically real estate agents want to be paid immediately - at the closing. If there was a difference / dispute with the commission fee, why didn't your agent call you, email you or file a civil lawsuit. Realtors pay for legal services and pay for Errors and Omissions insurance. This means for disputes like yours, the agent will contact their lawyer and ask to file a lawsuit. A lawsuit can be resolved a lot quicker than a lien.

In NYC, a lien on a home lasts for 1 year. If you don't sell the home within that year, the lien can disappear or the person can renew the lien. Why would a real estate agent wait an entire year with no guarantee that the lien will be resolved when all he / she has to do is call their lawyer and file a civil lawsuit?

To me, it seems there is more to this story than you know or stating in your question. Sounds fishy to me.
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Sun Aug 13, 2017
Kathy Burgreen answered:
I replied to your other question. You don't understand the process and your method will not work.

$1500./ month x 12 months = $18,000. x 30 years = $540,000. You would need to sell your home for $600,000. or more in order to make a profit because at closing you will need to pay a realtor + closing costs.

Home prices in Atlanta do not appreciate in value as fast as NYC, San Francisco, D.C., etc. Therefore, the likelihood that home values in Atlanta will be close to $1 million in 30 years is not likely.

IF someone were to buy your home, you will need to pay extra for property taxes, maintenance, insurance, etc. in ADDITION to the $1,500. monthly rent. Plus that person wants a fee for their services.

If someone buys your home, whose name would be on the title or deed? I guarantee that person wants their name on the title - not yours. This means they own the home - not you.

It's OK to dream but be realistic which you are not.
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0 votes 1 answer Share Flag
Sun Aug 13, 2017
Sharon answered:
Hello,

It has been my dream to own a home and I found my dream house but work in NYC and want to purchase the home in Atlanta. When working in NYC it's a lot of requirements in order to purchase a home in another state and I obviously do not meet that requirement. I am seeking someone to buy my home in Cash and collect I monthly payments from me over the course of 30 years just as if I was to obtain a mortgage loan. I can afford $1500 a month. This will also be a great investment for an individual to collect monthly rent over the term of 30 years.

The purchase price of my home will range from $400k-$550k

My email is widshr22@gmail.com
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Thu Aug 10, 2017
Pretty1129kyn answered:
Sat Aug 5, 2017
Michael Denniston answered:
Hi Tristanwatson33,

Your question isn't clear from your post. It sounds like you are interested in financing for fix and flip properties. I work with many private lenders who finance these transactions for real estate investors in major markets nationwide.

Depending on your experience, credit profile and resources you may receive financing for 80% -to- 90% of the purchase price and 100% of repairs. No tax returns needed. Highly experienced investors may get 100% financing of purchase and repairs with great credit, assets and tax returns.

These are short term loans for real estate investors only. It's definitely not for the typical buyer seeking a mortgage for their primary residence.

I hope my reply was helpful, Send me a message, if you'd like more info. All the best.
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0 votes 2 answers Share Flag
Mon Jul 24, 2017
Michael Denniston answered:
Hi Josecollier75,

That's a great question Yes, you can buy an investment property post-bankruptcy and even after other challenges such as foreclosure, liens, judgements and collections. I work with many lenders who finance investment properties including 1-4 family, mixed use and commercial buildings who have loan options for a business owner in your situation.

You mentioned that your BK is over 2 years old and that you have very good credit now, and a successful day care business in the property you want to buy. You will also need to show enough assets to cover a minimum down payment of 25% of the purchase price, closing costs and reserves. You do not need tax returns for many investor mortgages.

Send me a message if you'd like more info. All the best.
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0 votes 2 answers Share Flag
Sun Jul 23, 2017
Elena Ravich, Esq. answered:
Hi Suman, what area of New York City you are looking at? The area really determines your budget. There are a lot of great view apartments in Manhattan with Hudson River Views, which have amazing sunsets or East River Views, as well as downtown condo. I am happy to chat in more detail to see which area you are mostly interested and what your budget range is. This should be your first step. Once you know that, you can start looking at places. Without knowing your budget it would be a bit premature.

I am always happy to assist with any real estate questions

Elena Ravich, Esq.| MS in RE Finance & Investments |
Certified Negotiations Expert | Associate Broker
387 Park Avenue South, 4th Fl | New York, NY 10003
C 646.593.7207
eravich@citihabitats.com
Check your NYC property value at www.homevaluesmanhattan.com
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Sun Jul 23, 2017
Kathy Burgreen answered:
In NYC it would be better to have a real estate lawyer do it. You can also have a title company do it.
0 votes 1 answer Share Flag
Fri Jul 21, 2017
Ericmccune asked:
If I come across a listing that is community space zoned in NYC, what does that mean? Just church, daycare, etc? Any good resources for finding what could be done w/ the space?
0 votes 0 Answers Share Flag
Tue Jul 18, 2017
Aghravialex asked:
I'm looking to buy vacant land and build a new restaurant and want to get an idea of how much the project would cost.
0 votes 0 Answers Share Flag
Sun Jul 16, 2017
Kathy Burgreen answered:
I'm pretty familiar with Amherst and a former New York realtor. Since Amherst is near the border, realtors should be somewhat familiar with that part of Canada across Niagara Falls and Buffalo. However, don't expect realtors to know about real estate in Canada or if you live outside the Buffalo / Niagara region, they won't know anything about Canada. I have been to Vancouver, Montreal, Quebec and Niagara on the Lake (Canada) and each city is different.

Your first step is contacting a lender if you need financing. Lenders will be more knowledgeable with different types of loans and working with foreigners. Realtors have nothing to do with financing.
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0 votes 1 answer Share Flag
Tue Jul 11, 2017
Kathy Burgreen answered:
Are you represented by a real estate agent? If yes, why isn't your agent forcing the issue with the seller? That's your agent's job! Typically, Long Island realtors want to get paid quickly and they will go to great lengths to close on time. Sounds like your agent is NOT motivated to get a paycheck. Is the seller represented by a realtor? Same issue - the seller's agent doesn't get paid until closing. Why isn't the seller's agent forcing his/her client to close on time. Remember real estate agents work for free until the closing and being an agent on Long Island is EXPENSIVE!!! Surprised these agents don't seem motivated to collect their commission check. Something's wrong here. As a retired realtor in Westchester County, trust me, these agents have far more motivation to close on time than you do. You need to remind these agents that each day that passes means no commission check (no income).

As to your question, if you have a contingency in your contract that allows you to back out because you can't close on time, then you can do so. However, I doubt you have this contingency which means you are stuck waiting until closing. Which goes back to getting these lazy agents to force the seller to close quickly.

One thing bothers me. Are you buying this condo (as an investment) with the tenant paying you rent OR are you buying this condo to live in? If you intend to live in the condo, make sure the tenant moved out with everything BEFORE you get to closing. Make sure you do a final walk thru the day before closing to inspect and verify that the condo is exactly as you expected. If not - hold up the closing, it's your right.

Enjoy the summer in Montauk. I agree it's a great investment because of the location - can't beat it.
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0 votes 1 answer Share Flag
Mon Jun 26, 2017
Gary Deluca asked:
The address of my home for rent is 435 Albacore dr. Southold NY 11971
1 vote 0 Answers Share Flag
Tue Jun 20, 2017
Investfx.gold.9 asked:
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