All Forum Posts by: Isaac El

@Amit Bagaria

Hi Amit, your right, and I didnt even think about insruance, but your totally right, I guess the best way is to work this up in an excel sheet.  Also 1st floor tennant is a section 8 - does that open up more problems or make it better?

@Account Closed

Hi Shola, I would be looking to buy this at as a long term hold, and little by little keep adding more units.  I see thats the strategy lots of other successful investors on here use.  I know I have to do some renovations, not major ones.  The market is very hot, this is in hot area, with property appreciating year over year.  The rental rates are about at market rents.

The agent told me the deal fell through the first time - she told me the owner is an older person that is selling off his properties, they had a buyer before but couldnt get the tenant out in time and fell through.  She was pretty transparent and said I would really have to evict the tennant, which I know is about a 1 year process.

@Caleb Godsey - Hi Caleb I know its below the 1% rule, I am a beginner as well, but from what I see In most of New York City - the property prices vs rent income will be below 1% rule, but from the other end the properties really appreciate like crazy.

I found a property - its a small duplex.

It is two - 2 bedroom apartments

1st unit - paying $1,500 month

2nd unit - paying $1,300 month (not paying rent currently)

Total income $2,800

Tenants pay all of their own utilities

Land lord paying Taxes $3,300/year and water

Will need new paint, and some touching up.

Owner asking $575k

I am want to put an offer in, want to know if you experts out there could tell me if this is a good deal/bad deal and any input.

Thank you

@Chris K. got it, that makes a lot of sense, thanks Chris.

@Chris K. Hi Chris, sorry if this sounds stupid, but you mention "if you are trying to target owners that are having issues with their mortgages, lis pendens wont help you" 

I thought the first step lenders do when they are having trouble with mortgages is to file lis pendens??

Just out of curiosity, why are you looking for Lis Pendens? If you are trying to target owners that are having issues with their mortgages, Lis Pendens won't help you. Lenders have no reason to file a Lis Pendens if they already have a mortgage.

I have been going to foreclosure auctions for some time now - even thought I would still consider myself a rookie, but how does the bank come up with their upset price?  I got to auctions in Queens, Brooklyn, Bronx - New York not sure if it works differently or the same in other parts of the country.  But for example on the list of sales the lien will be $525k, when the bank goes up to auction the house they will say 'Now we will be auctioning XYZ property banks upset price is $315k Bank bids $500"  Then some other times there will be a property and it will say on the list, lien is $450k for example, and when the bank goes to auction property they will say - upset price is $600k 

When you call the attorney representing the bank before the auction to see if the property is on or off (still going to be auctioned or not) and if you ask them "can you tell me what the upset price is?" They say "we dont give out that information" - why not?

Would appreciate some feedback.

(sorry for typos)

I saw a house that was listed on MLS, I called the agent a few times (no response) So one time I saw the home buyer outside (this is a house I pass often on my drive) and I pulled over, introduced myself as an investor, and a cash buyer, can close right away, no mortatge. She said she would be interested buy first wants to wait till the contract with the agent was over - she was also very unhappy with the agent and her lack of showing the house so she told me to call her and speak to her early July (that when her contract ended)

She had the house in the market for $499k for 12 months

Spoke to her and she said to come and she will show me the house and for me to make an offer.  I met with her, saw the house, and made her an offer of $375k - and she said there was no way she could do that.  (my offer of $375k is slightly above what other investors are buying houses for in the area, and I know I made her a very fair offer - but she has the $499 price stuck in her head and thinks thats how much her house is worth)

I think maybe I could have done a better job at negotiating.

I am a newbie - so really would like to hear how those of you that are way more expeirenced negotiate the price down to where it should be? I am sure this is a very common occurance, homeowner thinks their house is worth X "top dollar" but realistically the house is worth less...

I am new to finding deals, I invest in Queens and Brooklyn New York, Where is the best place to get probate leads? How can I learn more about understanding probate process?