All Forum Posts by: Chad Bernstein

@Kevin Seith Welcome Kevin! (sorry a few days late) Its great to hear that you are using these site for the asset that it is. I grew up on Long Island and am very familiar with the area and have contacts out there. What are some of the areas you are looking for in LI, are you looking in Nassau or Suffolk? Techinically Queens is part of LI even though it is a borough. Like many of the members said including yourself there is a lot of oppurtunity right here in NY. If I can help in any way let me know, if you would like to meet up and talk about REI or really anything just let me know! Best of luck!

@Jian Zheng Welcome to Bigger Pockets Jian!!! I am also in Queens over in Bayside, I would love to help you find something in Queens. We should get together some time for Coffee. Also READ as much as you can on this site you will learn so much, also listen to the podcasts they are entertaining and full of great information.

@Paul Springer Hey Paul, New York is a attorney state, inbox me I will try to put you in touch with a great NY real estate attorney.

Hey guys thanks for the responses. @arronjunck It is still very early in this situation, I have a close family friend who is a great real estate attorney who will go over it with a fine comb. I know its not an LLC, I believe its a general partnership.

@Joel Owens He is sick, he is a close family friend. When he was healthy he could build a house by himself, do all the plumbing, electricity, interior and exterior. I am a little concerned that the electricity may not be up to code and he may have put up a wall or two that are not up to code. He may not have done any of that but it is a possibility. If there are those issues and I am splitting the profit with another person, than the closing costs, bringing everything up to code, attorney fees, it may not make sense. That is the worse case scenario (which I always expect).

@Roy N. Hey Roy, I do believe they are joint tenets so I would not be able to sell without her consent. There is another twist, she is collecting the $3,900 a month, so if I come in here and mess up her cash flow, she is not going to be a happy camper. The friend who would sign it over DOES NOT LIKE CONFRONTATION, and basically let her take over all the finances of the house. So she pretty much treats it like her house, I know this is not going to be easy. The only reason I was thinking about it was because of the built up equity over the past 10 years on the house. I am not afraid of a head ache, but I just want to make sure the head ache is worth it.

Hey Guys, I am just trying to get some feed back on a situation I am currently involved in. It is still fairly early in the process and do not have all the numbers at this point.

Here it goes. I have a close family friend who has recently gotten sick and it does not seem like it is going to improve. He does not really have any family and considers us his family. He owns a multi family house in College Point Queens NY, I pulled up the comps for the house and it is worth around $550,000, the house was bought in 2003 has a mortgage of $2,900 and is rented out for $3,900 (3 levels each one rented out). So the equity has built for about 10 years, he is willing to sign the house over for $15,000 for medical expenses he has (he is a close family friend so no funny business). He also asked that when I sell I give him 5-10% all of which I have no problem.

This is where it starts to get sticky, he only owns half the house there is another women who he use to be friends with that bought the house with him. My soon to be mother in law has been in real estate for years and put this deal together for the two of them. The relationship went south with the women a few years ago.

I am tempted to make the transaction but I am a little worried, I know there can be many head aches to deal with. I am not afraid of a challenge but I just do not want to be in a position where I get into a legal battle that gets dragged on for a lengthy period of time.

Should I get involved or leave this alone?

@Jason R. Welcome Jason! Definitely read as many books as you can. I would also suggest anything that you have questions on, go to the search box or search the threads. There is information in these threads that are not in books. I promise you it will save you tons of time, money, and head aches. You really can not put a price on it, once you get more familiar the Pro account has invaluable info, connections, and tools as well. I am new as well but if you need anything just let me know! Best of luck Jason.

@Steven Burrows Hey Steve, yes we do exist, two of the more knowledgeable guys in our area (above) just anwsered your post! Get to know them, there is also a BP NYC meetup that I am very much looking forward to. I am new here as well, but if I can be of any help just let me know.

@Ezra Sitt Hey Ezra welcome to BP as you know there are a lot of oppurtunities here for investing, I would like to get together at some time so I can get a better feeling for what your looking for if that works for you. Wish you the best with everything Ezra.

@Ceasar Rosas Hey Ceasar I am in NYC area and I have not heard that it is illegal. If you need a really good real estate attorney inbox me. I have a close family friend who works out of Brooklyn who can help with the double closings. Best of Luck!

@Sadrack B. Welcome Shad, Its always good to see people that are willing to invest in the tri state area. You said you are looking in the NY area as well? Have you ever considered Queens? I wish you the best of luck, If your ever in NYC and want to meet up and talk about REI let me know!