All Forum Posts by: Peter Grosso

Thank for the advice.  I appreciate the help

I have a complicated situation and I am going to try to express it clearly.  

I own 5 units in a 64 unit building. 

I agreed to partner with the owner of the rest of the units.  We are upgrading the building and converting it into one apartment building instead of 64 individual CO-OPs.   I have renovated all of my units and so has he. However we had a pipe burst and insurance has been very slow in paying our claim. 

During the period we were fighting with the insurance company I paid my partner for an additional 5% ownership in the building.  Putting my total ownership at 16% (My 5 units are the only 2 bedrooms so we valued 11%).  

My partner is short on cash to pay his back taxes and deal with some other issues that the building needs and is his responsibility.   We actually have a buyer who can close in March but he needs this cash to get us over the finish line and start on some of the things the buyer needs (he is managing the property after it is sold).   

He is working with a hard money lender to get us across the finish line.  However they want me to either put my name on the loan or sign my deeds over to him with a contract protecting my claim on the profits.  

If I agree to this, can I put a lein directly on the property and would this and a contract sufficiently protect my position in the property?

Steven, It is a little late for me to give an intelligent answer.  Ill pick this up tomorrow or PM you when I can.   Talk soon.  

Hey Steven, 

     Welcome to the site.   I also live on long island.  hope this site helps you meet your goals.  I agree, long island is a tough market.   I would try to read and talk to people on here about the best way to buy out of town properties.  Cash flow is very tight where we are.  

   Good luck!

You can possibly buy a house in a rougher neighborhood. Also CO-OP's (Im selling one) are cheaper and have less to manage but you might have a board to deal with.

$64,500- Hitting the MLS next week

18-20 Colgate St. Rochester, NY 14619

4bed/2bath 

Detached 2 car Garage 

Rented now, bringing in $1250m

Hello all, 

This is a great property in a stable area of Detroit.  

18016 CHERRYLAWN, DETROIT , 48221  

Just came in, Should have more details soon. 

Kenneth, put me on your wholesale list for long island.  

Hello All, 

         Wonder if anyone has any experience with -  

Business partner of mine said they were offering him an unsecured loan with no payments for 1 year and a reasonable rate.  He things it is too good to be true and might be a scam.  Wondering if anyone ever used their services.

Steve Banks

Chief Loan Officer,Warden-Banks Brokerage LLC

240-200-8752

521 Heron Drive Bridgeport,

New Jersey USA 08014

If you use HD or Lowes, make sure you put it through the bid room.  They can give a discount price if you spend more then $2,000.  Go to the pro desk.