All Forum Posts by: Pauline Jones

I've been exploring the condos and single family houses in Palm Springs,

Cathredral City foreclosures/ and bank reo's, the market seems to be

very active and am wondering if I can find an equity partner to do

a fix and flip deal there.  I have 5 sisters who live in the nearby

area and 3 nephews in the construction business all of whom

can help me with this.  I own a condo in NYC with over 300K

equity and have been a real estate broker for over 25 years

selling condos and investment properties, and doing 5 of

my own deals.

Thanks for all the helpful advice, I am trying to get a loan modification

on the equity line of credit since its now principal and interest which

brought it up to $700 a month, up to a few months ago it was $145

and coupled with the assessment on my condo, another $350 a month

it put the expenses to almost a $1,000 more. On top of that I had

lost one of my online Jewelry sites, was closed because I wasn't

selling on them exclusively...I do sell on some others but the main

one Ruby Lane was the most lucrative.  But with this added pressure

I am thinking that I have to find a way to keep the NYC condo..

since its gone up so much in value, and property has been

so valuable in the city.  Condos across the street from me

are going for $1,600,000 a 100 sf more than mine..I have

a junior one bedroom.  Will the prices keep going up, that

is the age old question, I had a loft that I sold a few years

ago for $300,000 that I paid 35K for, but now its selling

for $800,000...hindsight..

Any solutions would be very welcome...

Pauline

ive been here 15 years,

I've been thinking a lot about that trying to figure out the best

option, I do have 5 sisters in Calif so I might go there

my condo has about 300,000 in equity, I don't know

if I can do a 1031?

thanks for your advice I am taking it to heart

pauline

thanks I had talked to one but he wanted 100k to hold in reserve and I couldn't touch the 299k equity the only thing I would get I'd 32k 

I will check HARP out

thanks,

Pauline

I've written to several lenders on reverse mortgages, one

of the problems is that my condo doesn't have the FHA

approval, I spoke to someone from FHA pros who

says that he can work with condo to get it but he

wants me to get in writing from my bank for

approval from them?  Since I'm behind in my

mortgage payments will they approve me?

it seems like a catch 22

I own a condo in Manhattan with a value of 600,000 I owe

240,000 in mortgages and am over 62, I've been reading

about Reverse mortgages and am overwhelmed, they

say that you can build a line of credit? and can sell

the property and keep the excess money...also

one can buy another property with the HECM...

I am having a hard time paying mortgages now

am two months behind, is reverse mortgage

a good option?

I guess not more deals at 110 K

thanks for your post

BUYING MY OCEAN FRONT DREAM  this cold weather is getting me restless

I started surveying the internet  searching all the cities near the ocean in south Florida didn't want to be too far from south beach which was way beyond my budget.

I went to several brokers but what they showed me were small garden apts, two story buildings with no views, and facing parking lots. drab and not at all the paradise I hopes to find. In one of the real estate offices though I saw a huge map of south Florida on the wall and noticed a series of little islands, it looked so serene, little islands all by themselves cut off from the busy crowded main highways. I had not driven in 40 years, so the prospect of now driving, having just got my license was terrifying. I thought if I had to back out onto a throbbing busy highway that I would never leave the house.

I asked the broker where these islands were located and he said Hallandale. Not too far from Hollywood, I had looked at some places there but they were all on the main highway, in very old buildings and small tiny rooms. So armed with the location I started checking out places in Hallandale. It was indeed little islands and I found several, I called a broker and asked to see some. Sadly, these were places that were very old and in much disrepair, the broker said there were some other places across the main highway, on 3 island blvd, even the address got me excited. We went over there and I saw a gorgeous white building, surrounded by acres and acres of tropical laden grounds with pools, tennis courts, and recreation areas. it was from a movie, all sparkling with an expansive curbed driveway leading up to the elaborate entrance way.

I was amazed, the price was the same as the dreary little places facing parking lots, and thrilled.

The broker took me to several units, but I really wanted one with a view, some of them did face north which wasn't that inspiring but the one I saw that was also the cheapest, 110,000 was 1,000 sf, with
an enormous terrace and panoramic views. The price was half of what others I had seen, but the apt itself was a carryover from the 70's when it was built, garrish wallpaper in many patterns graced the walls, and faded peach carpeting..having lived in contemporary interiors, my own designs I couldn't bear to look at this mess, there were other people coming in and running out once they had seen it as well.

But I thought now with some wall paper removal and white paint the space could be opened up. I asked one of the supers how much he would charge and he said $1200. This was a very big place compared to my 400 sf place in NY. and I agreed, I called the bank and got a mortgage for 50% of the amount with just a phone call. It was so easy to get a mortgage in those days.

A week or so after I closed the apt had been stripped, and painted it was a spanking brand new place.

I had sold the Florida condo for 300K and moved back to my little condo on 46thst.. Since I've always done well in real estate in the past I thought I should go back into it. .