All Forum Posts by: Account Closed

Hello BP'ers, 

Wholesaling is something that I've considered in the past but up until recently, I never gave it a whole lot of thought as I was focused on acquiring properties to hold. However, I am in a position where I have limited capital and have found a couple off market deals that check out numbers wise and will produce a hefty profit, I just can't get funding for them. So my question is this, if I'm representing myself, how would I go about submitting a purchase offer to the seller? And what other documents are required? I assume a quit claim deed but are there any other necessary documents in NYS that I should be aware of?
My end goal here would be to assign the contract to another buyer.

@Alexander Zurn I'm not so sure he's the owner, the tax records indicate a different name than the one I was given when I called on the property. I thought it was strange as well. 

I have an android phone so I wouldn't be able to facetime (unless there's an android app for that?) although that is a great idea.

@Korie Apgar you're right, the conversations I've had with him haven't indicated that he's wanting to move it quickly.

@Account Closed I was unaware about that kind of application, but it's a great idea. What is it called? 

And good point about sending a resume, that could help build trust. Anything in particular that you would include in that type of resume for this type of situation?

I have a property that I'm looking for some advice on. 

It's a 3br,1.5ba SFH in a nice, stable area with a great school district. Seller is asking 85K (FSBO) and the ARV runs between $175,000-$230,000, depending on how much rehab work you do to it. Currently it needs new siding (1,800 sf home), new water heater and a complete remodel if you want it to hit the $230,000 mark.

Here's the catch, the seller lives out of state and has no friends/family here in NY that could let me in to do a walk through. He doesn't feel comfortable sending me the key (even with something in writing) and won't be back in the area for another couple of months. I don't want to let this opportunity pass, so I'm looking for suggestions on how I could get the seller to agree on sending keys or finding another way to let me inside. 

Any advice is greatly appreciated!

I never thought about writing off books as an expense. Thanks @Jerome Hanson for raising the question! 

@Wayne Brooks if you don't mind, could you explain "you just bid like any other REO, after the owner occupied period"? I myself have run into a HUD owned property and found out that I would be placing a bid on said property. So after reading the investor contract (wouldn't be owner occupying), I saw that there are very few ways to back out and not lose your EMD. So really my question is this: How does placing a bid differ from placing your standard purchase offer with someone like the VA? Or are they the same in this case?

And @Michael Nash I'd like to confirm that yes, owner occupants do have priority over investors. HUD explained that to me directly.

@Cory McCormick I agree with @Kevin Siedlecki. If you're offering cash, best have a way to obtain that cash should your offer be accepted. In a lot of cases, it's even written into the contract that if the closing is delayed for any reason (regardless who's fault), then the purchaser's earnest money deposit is forfeited. You don't want to find yourself at ESCROW with no way to get the funds you need and an accepted offer on your hands. 

I would suggest having plenty of exit clauses in your contract that you could potentially fall back on in a case like this. And most importantly, READ the full contract so that you're aware of what you're signing your name to. Get with a good lawyer who specializes in real estate to help you with this and to go over anything you're unclear of. Best of luck!

I'm gathering information on limited power of attorney forms and when exactly they are used during seller financing or lease option purchase agreements (if at all). I have read and heard that they are sometimes used in real estate transactions and I'm in the process of compiling "buyer" and "seller" packets to keep with me in my car to be prepared to do a deal at any time.

I was able to find one form online to look oer but ended up this law website and that has triggered some questions for me that I was hoping some of the fellow BiggerPockets members could help me out with.

https://www.ilrg.com/forms/states/ny-powerofattorn...

According to law 5-1501 of the New York General Obligations Law, section d, "To be valid, except as otherwise provided in section 5-1512 of this title, a statutory short form power of attorney, or a non-statutory power of attorney, executed in this state by a principal, must:"

Contain the exact wording of the: (1) “Caution to the Principal” in paragraph (a) of subdivision one of section 5-1513 of this title;  and (2) “Important Information for the Agent” in paragraph (n) of subdivision one of section 5-1513 of this title"

So, this takes me back to the PDF that I downloaded of a limited power of attorney form which DOES NOT included these paragraphs. Does that mean that in NYS, that form is not legally binding or would not hold up on a court of law unless it had these paragraphs included in them?

@Doug Poff and @Charles Wiegert Very helpful information from the both of you. I'll be looking into this further as I believe that leasing commercial office space is a niche that could be quite profitable if done right. I like @Doug Poff's suggestion about contacting a commercial broker, I have been in contact with one recently and will be giving him a call again to inquire about this matter to see if he can be any help. 

@Thomas S. Good thought. According to the tax assessor, the land is valued at $8,700 and has a total assessment of $67,300. Bulldozing it down and starting over didn't occur to me but that is something I'll start looking into. New builds are something I've wanted to get into and this may be a good way to start.

I'm looking to find out some information on turning a residential SFH into a commercial office space.

I have a property in mind that has been on and off the market at a fair price for about 3 years now. I don't believe that the property has much potential as a rental or reselling it as home because of it's location on a busy street near many businesses in the middle of the city. However, I do believe that turning it into a commercial office space would give it more value. So with that in mind, what are the steps one would take should they decide to turn a residential zoned property into a commercial office space? Any drawbacks? Things to keep in mind when deciding if this would be a good move?