All Forum Posts by: Dennis Xenos

At the auction the bidding of the reverse auction starts at 12% and makes it's way down.

where is the other 23%. from the attorney?

12% is the max you can get. Do your reasearch. VERY VERY IMPORTANT

no you can not buy tax liens from NYC

The city will take the property first if there is a default on taxes and sell it at auction

But Neighboring Westchester County Does sell tax liens, considering the Municipality. I have done it for over 5 years now.

If you're interested, let me know.

NY tax lien rate is 12% bi-annually

Daniel -
Deffered Maint, will be minimal. Most work will be done by me.

Comps are @ $500k - $600k

Trace-
Eventhough cash on cash even the d/p will be from a credit line. So the first 150k i will begin paying off @ closing. Then when the anniversary comes pull the next 50k. If nessesary, pull a little extra for capital improvments.
I asked the seller to hold note for 15years @ 3.5% but accepted this deal instead

Thoughts on this Deal...

Sale Price - 350k
Downpayment of 150k
owner to hold financing for 4 years, to be paid @ anniversary of closing 50k per year

In this scenario i have a credit line @ 5.25%

expeses are about 43k (if conventional financing was persued @ 6%)

gross income @ 100% occupancy $73k

(6) 2 bedrooms
(1) 1 bedroom

Im courious about this property. What neighborhood is it in. what's the extent of the violations, especially if it's an elevator building

Tax Leins are a Specialty of mine.

All Leins Are Public Record

you'll need to visit the records office in the county this property is located in.

AS WELL, as check with it's local tax dept as there may be Tax Liens against the property.