All Forum Posts by: Robin Casper

Investment Info:

Large multi-family (5+ units) buy & hold investment in Auburn.

Purchase price: $203,000
Cash invested: $40,000

Historic 6 unit building built in the 1800's

@Danté Belmonte 2 units at 21, 4@22,6@23,8@24,9@25,17@26, ?@27

Lyons National Bank @Scott Wolf. I had been searching BP for a while for alternatives to quit claims, quiet title or Tax title services and haven’t found anything for tax auction properties. LNB has been a blessing in providing a path forward.

@Scott Wolf 20 year term. 10 years fixed rate at 5.75% then after ten years 3.0% + the U.S. Treasury Constant at the time. No points to close

I've recently had a breakthrough and thought I would share. I've bought properties at tax sale in the past and the hurdle has always been obtaining title insurance. I have tracked down the former owners on previous deals getting them to sign a Quit Claim but with my recent purchase the previous owners refused even after being offered $1000. So I consulted with my attorney and lender and they told me that I qualify for commercial lending even on SFR & 2-4 multi family because of the amount of properties I have with them. My lender said with commercial loans they do not require title ins. Also there is no seasoning period between when I close and when I refinance. On top of that their commercial LTV is 80%. My biggest risk when buying tax auction properties with cash has always been what if I can't get title ins. And get my cash back out and it seems I've found a solution.

For anyone wondering about the deal...I purchased a duplex for 80k cash at the auction, after buyers premium and closing costs I'll be in it for 92k. It needs ZERO work! Unbelievably well kept for a property that has been vacant for years. The appraisal came in at 120k. 80% LTV gets me a loan for 96k. I refinance a week after I close with the city. Each side will rent out next month for $925 + utilities. Estimated cash flow $600.

What is the credit union you used if you don’t mind me asking

@John Underwood that’s exactly what I told him...QCD is the quickest way to be done AND I’ll pay you. Logic is out the window apparently. I’ll try back in a couple days and reiterate what the quiet title action process would be like for him.

@John Underwood

What if the previous owners refuse to sign a quit claim deed even after being offered $500-$1000? I’m dealing with this now and the previous owner says he just wants to be done with the property and “emotionally can’t bring himself to sign a quit claim”

@David Jackson even after it’s in ink it’s still not always official, sadly. I recently had a seller back out of a deal a week after we signed a contract. He said he changed his mind. I wanted to sue for specific performance but my attorney said it would be costly with no guarantee. I had no recourse. But if you as a buyer back out of a contract you often lose your earnest money. Doesn’t seem far to me.

@Jake Wiley I invest in Auburn Ny and am doing very well there. It has a  Large inventory of multi family houses and even though they are old, they just don’t build them like that anymore.