All Forum Posts by: Katie Levey

Thank you. Very helpful.

I'm in a small building in New York City with 3 condos, and am seeking advice on a situation.  1 of the 3 units was abandoned 9 years ago, and the condo association has put a lien on the money owed on the common charges. 

The bank has taken far too long to foreclose for reasons I won't dive into here. They will, it looks like, foreclose within the next 1 - 2 years. 

In New York City, does the bank have to resolve the condo association lien to take title of the unit and complete its foreclosure?  Or can it proceed with foreclosure and if there is money left over after the bank is paid, the condo association will get paid?

I've heard different things depending on which attorney I talk to.  Would very much appreciate the insights of this Forum.

Thank you.

Hi All,

I'm looking at buying a condo in my condo building that will go into foreclosure shortly.  It's in excellent condition (I know, I've been helping to maintain it since the owner abandoned it years ago.) The court passed a judgement of foreclosure to the bank and it's expected to go to auction in the next few months.  

I'm considering putting in an offer to the bank before it goes to auction and paying through a down payment / mortgage lender.  So here are my two questions I'm hoping the BP community has insight on:  

• Must the bank put the property up for auction or can they sell beforehand?
• If I purchase the property, do I owe past liens on the property, or are they wiped out?  

Katie

@Sam LLoyd -- thank you! This question has stumped me for a full month. You reinforced why this is such a great site.  

Are there any mortgage brokers in the greater New York State (outside NYC) / Connecticut area that approaches lending the second way who you might recommend?  

Hi! Just getting started, diving in feet first to Bigger Pockets and seeing more possibility in real estate investing in the near future than I realized.  So here's my question:

• Is this possible to buy through a traditional lender on multiple properties?  

I’d like to buy multiple rental properties over time (I'm thinking to start with single family). I’ve got a great job that I love at the same employer for the past few years, a steady paycheck, and excellent credit. 

With the debt to income ratio requirements, I’m thinking I’ll cap out at 2 - 3 properties of a certain size (which would include the home I live in.)  

• Am I more likely to get approved by a traditional lender with 20% down? 

I could go through a private lender, but with a buy and hold strategy, I'm thinking the cost of high interest rates will add up quickly. 

As a newbie, I so appreciate any insight and experience you be able to share. 

~Katie

Hi,

I'm just getting into real estate investing and discovered biggerpockets.com.  I've learned so much in a short period of time! So here's my what may be a very basic question: 

I own the home I currently live in. I want to eventually start purchasing an investment property to rent out. I have a full time job and been saving for a few years and will soon have enough to put down 20%. However, my income alone doesn't qualify me for a second home mortgage. I'm maxed out with my current home.  

How have others gotten started when you already own your own home and your income doesn't qualify you for mortgages on 1 or more investment properties? 

Appreciate your insights and feedback!