All Forum Posts by: John Giamundo

I think you are right but I'm pretty sure there are plenty of counties across America where you can just check it out on line.  So I am surprised that we would be so backwards in New York...and the more cynical part of me is also not so surprised.  Thanks for your input I appreciate it. 

Hi guys. So I am looking in New York and it occurred to me that it is obviously helpful when contacting existing owners to already know generally what the story is worth regard to any possible liens on the property.  I figure your not going to hire a title company to do a large amount of searches when you are just starting to reach out though you would use a title company layer on if negotiations progress.  So I tried to see if I could look up liens on properties in both Nassau and suffolk on line,  trying to go through the county assessors offices to see if I could do it.  For the life of me if there is a way I can't figure it out.  Anyone know anything about this?  Or do I have to go to the county clerk every time I want some info on a perspective property?  Looking forward to your answers.  

oh my god, this post is absurd. As an attorney in New York I would kindly suggest to everyone here who had questions that require legal advice to go get answers to them. ..by an attorney that is in the state you are doing business in,  who practices in that state and who also invests in that state.  Whatever the meeting coats you would likely result in answers to your questions that actually pertain to your business,  and hopefully develops a relationship with a legal advisor you can trust to further your business. 

Hi friend, you said a lot there. You started out saying you don't know why you shouldn't invest in the BK, your own backyard.  Then you gave lots of info that makes it seem like you have a decent understanding of how its all going down in the BK.  - So to that half of it, I would say, theres no reason you shouldn't invest in your own backyard if  you have the means to.  People do it all the time.  That means that there is a way to make money doing it, the real question is can you figure out if you have the means to go about it in a similar way and make money doing it that way.  The rest of your comments though made me feel like even though you know the neighborhood, perhaps you do not know how the deals are being made there.  I have to say, I am not surprised that there are a bunch of investors in an area that don't want to help you learn how they are doing it.  They probably feel like they would be feeding the competition, which is probably tight in BK.  If you are set on BK don't give up, find the way and try to make it happen.  I live in Long Island.  I am looking elsewhere.  For me, the reason is that I would rather buy and hold on a home I can get under 100k, because it reduces my risk.  If I have a long bout of not having a tenant and my mortgage is under 100k, then I can probably swing the payments myself without itkilling me.  

@Richard C. I do have the cash, for the non NY market. But my expenses are ny so i don't have the cash to make a significant difference in my expenses. For example, I could pay off a student loan which would cost me about 7 thousand but all that would free up on me on a monthly basis is $180. My home mortgage as a comparison is 3400 per month.

@Jon Holdman thanks for that information. I have not fallen for anything so far. I'm trying to get into my first one. So i still haven't screwed up. Basically, from what you have written, I can see that after the first one, things will get easier. But I still have to find a way in the door! :)

thanks for that information @Nicole A. I would prefer to set it up in an llc if i can figure out the rest of it all.

@Nicole A. I was not planning to buy in an LLC for my first one because i have heard that its like impossible to get a mortgage for an llc.

I have a few things to say. First, thank you for all the kind encouragement. I do not plan on giving up, but i'm not going to lie, i feel like I am treading water not knowing which direction to swim in now.

Some of you have brought up interesting points, and I think i need to clarify that my big concern is not coming up with the 20% down, its passing through the debt to income ration barrier. Some of you have suggested that I should shop around to find more investor friendly brokers - i think thats a good idea, but i think ultimately, DTI is going to remain a problem for me.

Some of you have suggested I look in markets where the houses cost less: I am, I am looking in North Carolina right now.

There was a suggestion of using private money - I don't have a problem doing so, as long as the terms are such that both myself and my private money guy (whoever that would be) can make profit.

I started actively looking in this area because i wanted to stop reading books and sitting on the sideline, and actually make positive movements towards ultimately buying...but right now, I feel lost in a sea where i don't know where to go.

North Carolina