All Forum Posts by: Dyrol Harding

Please bare with me on this one.

I own a property with a mortgage of $360k and 900k equity. I need $350k to do another business venture. The property needs about $400k in repairs to increase the ARV to 1.5 mill - 1.7 mill. I am waiting for insurance money to repair the fire damaged property.

Can anyone suggest a way that a JV could be implemented in order for me to get:

1) $350k upfront for my venture,

2) get value for the insurance for the repairs

3) after repairs sell the property pay off the mortgage and split the profit and give the investor about $200k for the $350k investment (plus repair cost)

Just to want to know if there is a legal mechanism to do this. Thanks for your thoughts on this.

Thank you for the help. I am close to finalizing the agreement to sell to the tenant. I will need transactional funding for about $280k for about 30 days or less and sell to the current tenant for about $340k. Can anyone advise on a legitimate source for this funding or financing based on the deal?

I was looking at wholesaling a property in Stroudsburg Pa but the bank will not allow me to assign the contract. The bank has accepted a price of $260,000 and comps are $340K. Here are the details on the property:

Beds 4 Bed

Baths 3 Full, 1 Half Bath

House Size 4,530 Sq Ft

Lot Size 1.3 Acres

Year Built 2000

The property is not listed on the MLS. Does require anything more than painting and changing a few light fixtures. There is a tenant in the house who really wants to purchase (I intended on assigning to her) if she can get financing together. Eviction proceedings have started and will take a couple weeks once the marshal is contacted. The tenant is also willing to rent until they can purchase.

Can anyone recommend a strategy that will not require any/much money to do this deal? I appreciate your feedback.

I was looking at wholesaling a property in Stroudsburg Pa but the bank will not allow me to assign the contract. The bank has accepted a price of $260,000 and comps are $340K. Here are the details on the property:

Beds 4 Bed

Baths 3 Full, 1 Half Bath

House Size 4,530 Sq Ft

Lot Size 1.3 Acres

Year Built 2000

The property is not listed on the MLS. Does require anything more than painting and changing a few light fixtures. There is a tenant in the house who really wants to purchase (I intended on assigning to her) if she can get financing together. Eviction proceedings have started and will take a couple weeks once the marshal is contacted. The tenant is also willing to rent until they can purchase.

Can anyone recommend a strategy that will not require any/much money to do this deal? I appreciate your feedback.

Will be there.

Hello BP. Have a question regarding a property I am interested in acquiring. Here is the scenario;

This lake-front property in PA has 4br 3ba and has a market value of about 190K I put an offer in for a shortsale purchase of 125K. The realtor says that the seller (current owner) is not cooperated with the bank and has not submitted the appropriate paperwork to solidify the shortsale. I asked the realtor if I could purchase the note instead but she says that it is not possible at this time and I have to let it run its course and start the foreclosure process. Here are my questions:

1) Is there any limitation on when a bank will allow a note to be purchased? If the loan is in the shortsale "approval/pending" stage can the lender sell the loan?

2) Is there any validity to the agent's statement?

3) Is there any way around this?

Thanks a lot for your feedback....

Daycares in NYC are regulated by the deparment of health and hygiene. There are strict guidlines for the operation of daycares. If your tenant is not following the rules then this becomes your liability especially if it is in the lease.

These things are never an issue until they are an issue. I have a colleague who is a DOHH inspector and they perform spot checks. They find too many kids, operators hiding extra kids outside in the cold, not enough space for activities and the list goes on. They eventually get shutdown. The point I am making is that your business model is based on owning a property and collecting rent and hopefully cashflow. If there is a flaw in the model be it legal or financial, the model is unsustainable.

So, if your tenant is not legit (ie insurance) then this poses a flaw in your model so you need to remedy it ASAP before one of the many NYC agencies blindsides you and deals with it for you.

If this tenant is "very nice" then you should ask her to present the appropriate documentation for operating in your building and this should not be an issue. Advise her that you are being pressured (by your insurance) to provide evidence of the daycare's coverage since they are also a tenant. You need to call DOHH and find out what the rules are so you know them. Ignorance is not an excuse. Like I said, it isn't an issue until there is an issue.

about $48k

Thanks guys. One more thing. Can the second do a partial release of lien, justifying the continued collection efforts? Considering NY is a one action state.

In NYC can the second mortgage continue trying to collect after the short sale? How can a person stop continued attempts to collect?