All Forum Posts by: Jonathan Marcus

In addition to what Frank pointed out, the lien holder has the right to pay-off subsequent taxes which bears an interest rate of 18% without needing to go to auction. Tax lien investors will sacrifice not earning any interest on the front end but make it back on subsequent tax liens.

Thanks Laura. However, what I am trying to do is the opposite. I know I can have my attorney put in language in my contract stating my relationship with the seller (a relative) hence this will be a "Non-Arm's Length Transaction".

I will be buying it cash and will not be using any conventional mortgage financing.

From your experience and any others here in BP that have done short sales; What is the likely hood that the Bank will accept an offer from a buyer who is related to the seller? I know the percentage will be low, but has it been done successfully.

My exit for this property is not to flip it but hold it long term for cash flow.

Thanks Sydney. The Identity of Interest Certification form definitely helps. I found a form online that would work. Just hope the bank accepts it.

It is a relative's non-owner occupied house that I want to buy and will not be using any conventional financing like FHA.

Has anyone successfully convinced a Bank (specifically BoA) to accept a non-arm's length short sale? If you have, what steps did you take and documents you submitted?

Thank you.

It usually does if it happens inside your unit but to be sure speak to your insurance agent. He or she can guide you better.

Yes, you need to have your own insurance policy to cover the loss of personal property.

Majority of the time, the insurance that the HOA fee covers is only for the building and common areas of the condo such as, if the building is damaged in a fire or storm the HOA insurance would cover that. Read the HOA agreement so you know exactly what it covers.

As for your tenant, advice them to get a Renter's Insurance which covers the tenant's personal property.

Here is an article I've saved which can contribute to this questions.

7 Habits of the Ultra Wealthy

@Andres Piedra where do you get delusional from the original post? Is it because the seller can afford to keep the unit vacant? He wants $9k more than the offered price?

If you want a little more assurance ask if they have any family members who would be willing to be guarantor on the lease. Also run a credit report, verify employment and ask for bank statements.

Lastly, if you like what you see on all their documents, lay down the ground rules for renting your unit; what they can and can't do. But make sure you're operating with in the boundaries of the law when setting up your rules.

Astoria, Queens is a booming and sought after neighborhood. Many are priced out of Brooklyn so a lot of people, end-buyers and developers are invading Queens. Astoria being one of the best places because of its proximity to NYC & accessibility to the trains.

On your deal, try to get to the real expenses numbers (which includes taxes and insurance) instead of using the 50% rule. Once you know the true expenses subtract it from your Gross Income to get your Net Income; then subtract your debt service (Principal & interest) leaving you with your net cash flow.

As for appreciation trend, there is a site -- nyrealestatetrends.com/

under Data Search, just put in the year, borough and type of property.