All Forum Posts by: Damean Townsend

Ok. So there is no such loan for a property as collateral?

I would be the buyer. I would buy for "a dollar" then get a loan backed by the property I would give to the seller. So just two parties. I know at one point this was legal in New York. I want to find out if it still is. 

I have read many years ago of a way to get a bank to loan you money based on the property as collateral. The deal would be a purchase for "a dollar" from the seller. We close. A loan for the purchase price of let's say $50,000 from the bank. I, the buyer would hand over the real purchase price of $50,000 to seller. Seller walks away and I have the property. This was legal years ago in New York state. Is this the correct steps? And is it still legal?

Hello everyone I'm from the capital district area of New York and I'm looking to form a group of resourceful individuals who would like to come together on a weekly basis and chat on this forum thread about the New York Market, give advice and maybe meet in the future. If you are interested please pass along to anyone else who maybe interested. For your first post just introduce yourself. My name is Damean Townsend I'm 33 and have about 10 years experience in the real estate industry from carpentry, framing, roofing to working as an agent to property management to recently working for my self as a wholesaler. I learned the industry the "hard" way slow and steady with a lot of hard knocks and bumps along the rode. I first did a lot of research before I decided to walk out on my own and "take action". I wound up being highly knowledgeable but having to "pay dues" to other experienced people already established in the industry. I had no help but by no means was I alone. I had some great teachers/mentors I met along the way some of whom I still call to this day. I'm looking to connect with anyone in my peer group or looking to have fun with this business as well as make money. I'm not afraid of judgment or criticism so bring it on! To everyone here thanks for listening and happy investing!

I just want the necessities. 

Purchasing a fully rented duplex. Just got off the phone with a verbal agreement. What paperwork is absolutely necessary?