All Forum Posts by: Mike Sedlacek

New York is a judicial state and all foreclosures have to go to court first. It can take as long as 18 months for that to happen. It all depends on the court calendar. I have gone after default notices and found them at the county clerk office book of defaults and have contacted the home owners to strike a deal. You can back pay the monthly mortgage payments past due, stop foreclosure and purchase the property. In Syarcuse go to the county clerks office, they will direct you to where to look. Also, more than likely, they haven't paid the property taxes, so look up the taxes while you are there.

Look at this book that I used as an beginner remodeler. Nail Your Numbers by David Gerstel

Here is an idea. Go for an Owner finance deal and go to a bank for an unsecured personal loan for the down payment on the property.

Yes that's it. The sellers holds the note for 5 years on a callable loan, at which time you refinance with the seller or finance thru a bank or someone else. I have had the seller renew the note for the next 5 years with new terms depending on the current mortgage rates. You can also offer to pay down the mortgage a bit when you renew the mortgage. I have offered $5,000 to renew the mortgage before.

You can get a driveby estimate from an appraiser for around $150.00. They will use their knowledge of the market in that area. Or you can expand your search radius over a few miles and make adjustments to fit your area.

Being a real estate agent and working with real estate investors that are actively buying properties daily, there is one very important advantage while using the MLS, that is timing. Most new listings that come up each day on the MLS are a days and hours newer than what's listed on Zillow or the other search sites. Also MLS listings are updated each morning by 8AM with new information on current listings and new listings that come up. I have been the first agent to inform my buyers of new listings before other agents have with their buyers simply by viewing MLS every morning by 8AM.

Go to the FHA website and get all your questions answered and then go to your bank and talk to a loan officer for more help. All free just a little of your time.

Have you tried https://www.hud.gov/program_of...

Go to FHA.com. You will find all your questions answered. Duh.

Section 8 apartment buildings was all I ever bought, from 4 family to 12 family dwellings. The tenants can be a real pain and you have to stay on top of things, but the monthly rent check always came in on time from the section 8 department and they covered the security deposit also. As far as evictions go, once I found out the tenants case worker person I connected with them for help to try to avoid eviction but in my town in upstate NY judges knew the problem and made demands of the tenant or followed the process for evictions. Going section 8 you really have to stay on top of things and don't ever let the tenant take advantage of you. Stay the course as they say.