All Forum Posts by: Les Jean-Pierre

I should say the lender will lend against SRO's. Don't know the parameters.

Hi, I can forward a lender that I saw on a local blog.

Welcome aboard!

I think the way it works is that after two years you can start a foreclosure action. NYS is  judicial foreclosure state so you have to get it through the courts. What day did you go? I went Friday and the ones I was interested in were bid down to rates where they did not make sense for me.

And is this Boston? 

I guess a first question is how many units? What is current cashflow? Do you have money in the bank?

Guess I will follow up on those liens now.

I went to a tax lien sale for Nassau County NY Friday and in the couple of hours I was there, only three properties were taken back by the County. Considering some propertoes were bid down to an Internet rate of .25% made me wonder what was wrong with them.

Ok, went to the sale yesterday. They had homes up for sale near my childhood home so I knew the area well. It was a bid down starting at 10%. There were some institutional buyers there because this one guy was buying up most of the liens. I bid on two. I went up against the one guy and he bid down to .25% and .5% to win. I could get better rates in my bank account. So, I would say that unless you really want a house and are willing to get a near nonexistent rate, might not be the best avenue. Also, I probably heard about 80-100 homes. Only three were not bid on.

Sounds like you got a pretty good start to a man cave and workshop.