All Forum Posts by: Account Closed

Hey BP. I'm looking to remodel a large basement for me to live in as I rent the units above. Does anybody have any referrals?

One more thing - forgot to mention that the Bronx is predicted to have the largest population growth of all of the boroughs: http://www1.nyc.gov/assets/planning/download/pdf/data-maps/nyc-population/projections_report_2010_2040.pdf

I just bought my first Bronx, brick 2-family in 10/16, and I'm extremely happy with it so far. Property prices have a huge range - I'd suggest you get a little more specific and look at average price by zipcode to begin your search. An average price for the whole borough is kind of useless.

I'd suggest looking in areas where the city council is considering rezoning. The massive price changes over the past year in East New York are almost all due to their rezoning plans.

The council is considering rezoning Jerome avenue in the Bronx. I would guess that the closer you can get to these plans, the more your property will appreciate if the rezoning is approved. It's the main reason why I started looking in the Bronx when East New York become way too expensive. Here's the map: https://www1.nyc.gov/assets/planning/download/pdf/...

I'm also looking around the Lambert Houses. Ritchie Torres, the Bronx council member who sits on the rezoning committee, pushed a bill last year to renovate these houses according to code. I don't think it will have the same effect as the East New York rezoning, but it will almost definitely improve the neighborhood.

I ended up buying this and I think it was completely worth it.

I was pending on a contract for 4 months when I got this book. The seller (a bank) balked and delayed on executing the contract and I didn't know what to do. My lawyer is a nice guy, but he's cheap, pretty young and he didn't suggest a solution to complete the sale. 

In a few paragraphs, Holtzschue explained exactly what I should do (sent a letter of default and prepare to sue for specific performance), and listed numerous legal cases that outlined NY statutory law. The book explained that sellers who have been given a notice of default will usually execute sales before the case actually goes to trial, and that's exactly what happened to me.

In other words, as long as you can read dense texts and understand legal opinions, this is a great resource if you don't have a $200/hr lawyer.

I'd also be interested in this (or an option to purchase).

I can't find any reviews online, but I've come across a references to it in books, seminars, etc etc. 

My primary goal is to learn how to execute faster closings in NYC.

And why is this a conversation between the referee and the bank's lawyers? Shouldn't mine be involved?

Susan, thank you (and your co-workers)!

The firm's paralegal said that the phrase stood for "post computation," referring to computation of the transfer tax and title charges. From the way she explained it, it sounds like the same thing as a "post closing advance."

Researching post closing advances leads me into a rabbit hole of questions, however. I found this post (http://www.law360.com/articles/823771/tips-for-avo...) which explains post-closing true-ups for assets and liabilities in business acquisitions, but I can't find an article that explains it in terms of real estate.

If real estate post-closings work the same way, then what are the assets and liabilities in real estate that require adjustments?

Hey all,

The closing on a house I'm pending on just got adjourned, and I don't understand why. The email from the bank's lawyers states:

"As requested by Mr. Wank [the referee] we need to obtain proof of post com advance made by our client. As such closing cannot occur tomorrow and has to be adjourned."

What does this mean?

I sold my share to a partner a few months ago (for a small but very high-percentage profit).

My deed was lost in the mail. I was instructed to visit the Register of Deeds for a copy of official records, but you might want to call and ask if you need to do the same: http://www.waynecounty.com/deeds/index.htm. That being said, @Quinton Myers I don't think you need a copy of the deed unless you really want one - just call and ask if it's officially under your name.

@Michelle Petropoulos, very late reply, but if I recall correctly, homeowners were allowed to redeem their houses and adjacent vacant lots up until the week preceding the auction in 2015. Consider: why would the city turn away the original owner's money?

On the whole, the podcast is harsh on Detroit and for good reason, but I cannot think of a better training ground if you are resourceful, patient, cautious and looking for a very cheap education. I replicated the exact same process I did in Detroit in New York City and am set to close on a foreclosure next week.

Plus, Detroiters are surprisingly kind, fiercely protective and they love to talk about their neighborhood - even to some non-Detroit Asian guy who knocks on their door and asks if he can take pictures of their home as it's about to go into foreclosure! Haha.