All Forum Posts by: Bob Reinhard

Greetings.
+Determine area values.
+get authorization from owner to deal with the lender.
+Determine amount owed
+get property listed with a broker.
+Get all paperwork needed by lender.
The above order is stream of consciousness

Be persistent ... It could take months.

Much success.

Bob

Adding nothing to the direct questions, NY requires that all domestic LLC members are disclosed in all sales and purchase transaction. So, you, like the Wizard of Oz, cannot hide behind the curtain. I cannot speak to authorized foreign entities but I will check with my title people. BTW, if you need a good real estate investor friendly title person, reach out.

Greetings.
Let me sound obtuse.
Are you refinancing your HOME and buying a new HOME?
Which property will you live it? What happens with the other property?

Regards,
Bob

Should not matter as layman advice. You will likely be sued in NY for anything arising in NY so ...
Speak with your account if where it is set up really matters to them.Much success.
Bob

@Cerise Goldberg

Howdy.

The same as every other loan except the loan is asset based instead of your credit being used. Appraisal required.

Loans close very quickly because of this.

Rates are higher, points are involved as with conventional loan, term is usually 12 months or less.

Much success.

Bob

My experience had been that your attorney acts also as title counsel, thereby also charging for both, as in the Southern Tier of NY.

in NY I use own title co regardless because of trust and loyalty.
i have never done that in CT yet but hey ...

Much success !
Bob

Greetings.
Income earned in NY is taxed for NY.  This means 3 incomes tax returns.  Fed, your home state, and NY

Regards,

Bob

@Gilbert Nyantakyi

Good morning

Here is the deal. Have a competent attorney look into the concept of adverse possession, or perhaps an action in order to quiet title .

Adverse possession allows you, in this case, to claim that property as belonging to you, because of the criteria that have been seemingly met over time.

It could be a viable solution and may shut this person down for a long time. The downside is of course legal fees but i doubt they'd come close to 40k asked.

Also, have you made a claim against your title policy, assuming they covered the encroachment/use?

None of my comments should be construed as legal advice. That's what a competent lawyer is for. This is just what I have seen folks do in the past.

Much success.

Bob

@Trae Robrock

It would not be unsecured; you would be taking the first position with a note to sue on with the back up the mortgage as the lien. Make sure you have a competent attorney prepare the documents on your behalf. It's not just a matter of handing somebody a check.

Much success

Bob

Greetings. It's difficult to say why you think these quotes are unreasonable without providing the coverage and the cost.
Are they unreasonable because they don't insure what is needed for the price? Are they high based on your expectations? Are they high but insure what needs to be insured but you did not realize the cost involved? What sort of policy are you compsring them with to make you think the premium is unreasonable?

Much success.
Bob