All Forum Posts by: Peter John K

THE ANSWER IS NO if the property is underwater and a rejected short sale it is sitting in a grey area where the bank won't negotiate probably hoping the owner will get his s**t together or the bank is unaware about the recent drop in home values in that area for whatever reason....

If you could cash flow it the owner would probably not be under water.... If the house is vacant why would any right minded investor show up and think mhmm the house is vacant and worth less than it will cost i think ill just charge higher rent even though there is none there to begin with...

LETS JUST SAY there is a investor out there that has the right idea and could figure out some miraculous way to cash flow the place and convince the owner to take the loss and walk away empty handed... The owner is more likely to just delay the foreclosure and in some area it could take years meanwhile the owner could be staying with family renting out the place to pocket the cash off the books and than a few years later the foreclosure finishes and he could get bumped into section 8 (depending on location) with the bill 100% footed by his social security or workman comp assuming they are older or just lost there job because of an injury.... or no matter what the age maybe there just a deadbeat and will burn the place down and let the insurance deal with it... ALL OF THOSE ARE ILLEGAL but in my opinion probably more likely to happen in the situation posted above...

I am curious however to what the answer is @Dave Salcido or atleast the answer you had in mind when you posted i know you said something with same title equity share etc... leaving out the detail to inspire creative thinking but for some reason my creative thinking is just leading to the owner not cooperating or willing to save there credit if they can't manage the payments anyways... or was this just a trick question and my answer is the one your looking for?

arcigis is a really good one although i know there is one that might be better i just can't think of the name although its basically a fancy arcgis map that people pay a subscription fee for i had access to it a few years back in a college course i took it was AMAZING almost too good it had all the census data possibly available and also had tools so you could select a mapped area like half of one zip code and half of one next to it for example and it would give you the information based on the area selected... it may be a little to much for what you need and maybe a title company would have access to the application... ugh i can't even remember the professors name from that class or i would look them up and send them an email IF ANYONE KNOWS THE NAME OF WHAT IM TALKING ABOUT please enlighten me lol

i have had glass cut for a window at ACE and they cut it for free and just charge for the glass by the quake foot so for your situation you may end up spending more depending on the cost savings and sheet sizes you get in comparison to your window size... i.e. if you save 30% on the glass price but 35% of the glass is scrap pieced you throw away your better off buying from ACE because they only charge you for what you need... 

Also if they are really old wood frame yea they are a pain to deal with not to mention poorly designed most can be unlocked from the outside with a thin putty scraper so i would never live in a house like that because i like to open and close my windows withough having to remember to put a pipe or wood block back as a secondary window lock

anyone else planing on attending the date is may 19th and 20th at a hotel i think the open houses pictures and information is all available online on the website for paramount realty usa which is prusa.com and there are links all over the home page....

I will definitely do my homework before i buy but part of me is really hoping that less than 40 people will show up and i can get a real good deal although i am still not sure of my budget and will not possibly be sure until the benign of may after the open house dates but before the auction....

yes i would love to see how the upstairs suite came out... good luck

and oh yea stay in school thats just a no brainer i thought 

@Account Closed theres a lot of great advice here and i wish i was a focused a few years ago and was able to take advantage like i should have but anyways JUST GO GET A JOB... 2 things are great when starting out in REI and they are CAPITAL and EXPERIENCE...

There are so many different routes to becoming successful and yea many successful investors will only take on managerial aspects and hire out all the work so they can manage more projects and make more money but unless you have a trust fund you forgot to mention every dollar you save on your first flips you will be putting into your profit so get a job for a flooring company or a plumber or both so you can lay tiles and re do a bathroom yourself instead of hiring it out.... Painting is easy you can always start of with a contractor assisting in the painting and hopefully you can learn all the different areas of a good remodel... 

GOOD LUCK MAN and SAVE UP THAT CASH THAT YOU MAKE 

mhmm needs work and asking 700k although i know brooklyn is really hot now i don't think mill basin is one of the areas on fire which are basically within a 2 or 3 neighboorhood distance from williamsburg like bushwhack is exploding along with bed study and than of course downtown bk and even greenpooint and yea some people may be able to get 1800 for a similar apartment in mill basin but i know theres not a lot of subway out there and how far out is it... maybe the pricer rents are all located on the corner of a bus stop or express bus stop... If you get it for 500k i don't think it will be that great a deal if you look at recently sold houses in brooklyn and you don't mind doing a renovation you could find something closer to a train station maybe even in bed study or crown heights... I personally think there is a lot of overvalued garbage being sold in canarsi and east new york maybe even mill basin but they are sitting a lot longer.... BUT IF YOU INSIST on owning the place you lived in for quite a while which could be done in a profitable way it will cost you a lot of headaches... and whatever you do try to talk you landlord into letting you and your family stay a little longer while the agent tries to get the 700k and if he gets 6 or 650 he is lucky and your screwed but i doubt he will sell it above 500 and if you buy it for 500 maybe he can cary a note and make a deal with you to get approved easier for 300k and he can have cash now pay off his loan and still have monthly income from the property that he won't own anymore....It may be a way to convince him into cutting the price and selling to you...

GOOD LUCK and don't rush into it i know some crazy sales are happening in bay ridge for whatever reason but when i see a bunch of 2 families sold for 3-400kish and than one or 2 show to be sold for 1.2 million plus it could be a talented investor or just evidence of money laundering although thats nearly impossible to prove... i think i actually heard something about that on NPR  :)

mhmm i know i love my RED STATES lol i also remember taking a criminal justice course and spending half the semester on intent and long story short is if you have a book bag full of drugs and you can prove you did not know they were there you CAN BEAT THE CASE... never actually happened as far as i know but basically if you grabbed your roommates bag by accident and they came in took the charge and explained it but i don't know anyone who has a room mate that is that nice lol 

MY POINT IS WHO CARES... not legal advice but if you accepted 2 applications at an open house at the same time and they both say they think they want to move in but are not sure... than you get positive reports for both perspective tenants and they both email you at the same time saying yea they are 100% sure they want it and will have a deposit the next day.... NOW YOU NEED TO CHOOSE weather or not you have a bias or discriminatory attitude toward one tenant or the other (you may not even realize you do) YOU NEED TO PICK ONE for the one apartment you have available... WHAT HAPPENS THAN???????

i hope i don't offend anyone and i personally don't discriminate against anyone or anything like that but i tend to be very conservative and i always wonder where the crazy rules come from because i had no idea that prosecutors and cops can read minds... i have been called a racist simply because I'm white and they didn't know i actually witnessed him  and his brother commit a petty theft in the past and i wasn't calling them crooked thieves for no reason.....