All Forum Posts by: Peter John K

very interesting thread... although 2 years seems like a long time and the rates will be higher by than.... I keep hearing the FED will only raise .2% but we all know the greedy banks pay .2% more and they will probably be charging 2.2% more so the homebuyers in Austin may not be willing to spend as much on the price of a new home when the monthly payments will be much higher.... I have recently noticed a bunch of new mansions being built in queens ny near my grandmothers place and i thought it was weird but it put 2+2 together and it made perfect sense Scarsdale and Manhasset are now so overpopulated and the property taxes are so high it makes sense for the upper class to just live in the city than the suburbs and save 40k$ a year in property taxes on there 6million dollar mansion and send there kids to private school bc after all there kids will graduate and move on hopefully and taxes are forever :(  With that in mind if your in the really hot trendy central area with great property taxes than yea you'll probably be golden in 2 years but if the area is really hot but not so central with higher taxes maybe not so golden

so all in all i think take all the advice here with a grain of salt bc it may be the smarter thing to live there if you know you want to live in that area anyways and can afford to do so but at the same time you don't want to commit yourself to something that may close the door to other opportunities further down the line...

good luck and be sure to let us know how everything turns out...

yea I actually looked at a house the other day I plan to place a bid on but there was a house across the street one next to it and two on the other block for sale and I called 3 of them and they were asking 289 which is high in my opinion because they were all smaller houses although they did have parking in the back....

Just try to have financing ready and check zillow evry day if a good deal comes on but if you notice it on the 3rd day after it was posted it will be too late

Just be ready to act fast and if you are really lucky you may find a deal in ridgewood or Glendale if there are any left

@Charmaine M. marked rembert does raid some good points but for a buy and hold if you wait and search for the right deal you could do very will in Jamaica even south ozone park simply because I remember before I moved out of nyc I had friends living in what was affordable but undesirable areas like bush wick east New York and Canarsie.... That was only a few years ago while Williamsburg has been hot for awhile many areas have recently become very expensive....

You may also consider some affordable areas in the Bronx as long as it is close to a subway you should have a large pool of tenants to choose from so if you do your screening right you could have a high occupancy rate... Versus the much more expensive trendy areas where you can get 4k for a 2 bedroom but your taxes and higher insurance not to mention the million dollar price tags like bayside queens great schools but I have seen 10k$ property tax bills on modest original 50's built 2 family versus a 4 family in Jamaica with a 5460$ tax bill and half the asking price...

Good luck NYC can be tough but it's worth it after all there's no room to expand only so much land for the long run any area is a good area (except rock away and any south shore costal area for obvious reasons)

mhmm I never bought or sold a corp but I can imagine that it could be more tricky time consuming and depending on the state it may bring on extra fees and than if you don't personaly know the buyer and they are not familiar with that process they may be turned off and think it is a sort of scam or just not want to do the deal... But it may work but at that point it may be easier to get a license 

I haved near the border a few years and I know your probably better off just collecting the rent.... People who come here illegally are often good hardworking people looking for a chance it's the people bringing them here you have to worry about elements of organized crime and generally scumbags willing to exploit the weaknesses of our great country....

If they pay rent your golden if they don't they will probably be easier to evict since there not likely to go through a legal process and will probably just leave quietly but good luck 

@Brian G. also I am really interested to see what the complaints were for I really would bet a house that a majority of the complaints are about false promises and marketing of houses that never sold than being about the amount that it was sold for...

After all page one on here the people were fined for unliscenced activities... A liscenced broker would probably be in more trouble if they sold a 450k grandmas house to there buddy for 50k without entertaining other offers or even listing it in mls....

I would love to see the court room transcripts from that case @ Brian Gutierrez

Let's say someone is pulling off a deal a month and lets say a few complaints roll in from relatives... How long before the complaints and the actual appearance in front of the judge??? Months years and regardless

If the relatives are complaining where were they when granny's roof needed to be repaired? And why did she need to sell it fast for cash.... Ever see what 3rd party MVD fees are for not waiting in line....

Conveniently cashing a check or dealing with brokers offers etc.... Which brings me back to the family members they are probably complaining because they were counting on a bigger inheritance so the original seller is probably no longer with us so the complaint itself is probably as solid as a screen door.

And as for the judge I would never have to answer to a judge bc I would call the lawyer who wrote the contract for me and if I did a deal a month I would probably already have him on retainer for any situation that may come up :)

and yea I know billionaire Chinese buy American properties sight unseen all the time BUT have inspectors do the legwork or are buying expensive commercial or large buildings that they know are grossly undervalued and there not buying to flip anytime soon....

virtually how does that work? Home inspection via Skype or just trust of the homeowner... With CL and zillow homeowners can sell there home now easier than ever... I thought wholesaling was to make a bit of money in a fast moving market where the rehabbers don't have the time to look for the deals... If you can fin a great deal virtually why can't your end buyer??

it's the 10$ thing that gets me...

You can't really prove that 10$ money down is a vested interest in the property THE CLOSING COST WILL BE MORE THAN 10$

Therefore contract or not YOU ARE IN THE WRONG (in my opinion) simply put you can not expect anyone to believe that 10$ represents any actual equity in a property when it will you cost you more than that to close

Save up a few thousand dollars first. if you can't do that than you shouldn't be looking into real estate you need to straighten your life out and your priorities. It's those people who can't put ups few thousand dollars and will do and say anything in an attempt to makes few thousand dollars. People want to get rich quick with real estate and than what? Blow all the money like a rap star?