All Forum Posts by: Sunny Pyun

Thanks @Nathan Kerxhalli! Beacon is a beautiful town! Hope the Building Dept will leave me alone! I can always use another great contractor :) Sending a message 

@Alfred Edmonds Hope so! The deck is on the first floor and this house comes with a large, finished basement. There is railing. I remember when I saw the house, there was a flyer that said "don't step out in the deck. Slippery." The home inspector said I probably need to power wash and seal the wood. Keeping my fingers crossed that's all I'd have to do and the building department will send me their blessing with a zero bill :) 

@Greg H. Thank you! This is very true that you shouldn't get personal. I feel I paid a bit more than I should've because I "fell in love" with the property. From now, it's all business for me :) 

@Jim Adrian thanks for your input! People were telling me this wasn't a major issue but of course I had to ask BiggerPockets to make sure :) 

@Greg H.Thank you. The lawyer, the mortgage broker and the realtor were telling me this is really a minor issue and worst case scenario, I can tear it down. In retrospect, if I knew to look up to see violations before signing contract, that would've been helpful. HUD prices are attractive but HUD doesn't negotiate, doesn't do repairs... do you think the pros of buying HUD outweigh the cons? I follow your posts and I think you're a HUD expert :)

Hi there. I'm closing on a HUD property in Beacon NY. There is an "open permit" on the deck, and my lawyer said I need to have the deck inspected post closing by the building department, who would then tell me if it was built to code, and if so, issue a certificate of occupancy. If it's not, it may mean I have to improve elements of the deck to get it compliant. I'm based in NYC, and this type of issue usually costs a lot of money to get it compliant. Is it the same case upstate? And if so, do you think last minute price negotiation is possible? Thank you fellow investors.

@Danielle Palleschi-Browne I'm closing on a vacant HUD property soon, and actually got a quote from AllState. One takeaway was they don't offer DP1, and offered me DP3 with a much higher quote.

I was about to close on a city-owned property in upstate NY (specifically Newburgh), and ran into a problem when the title report came back. The title company says they can't insure for 2 years due to the right of redemption. I actually posted about this a few days ago, and some people suggested either I get a waiver or buy out the previous owners. How would you open the dialogue with them? Obviously a waiver is better than a buy out but I'm wondering what's a prudent way to handle this situation if I decide to go down this route. If I can't get this done, I will have to give up the property. Thank you.

@Maugno M. Now I almost feel foolish that I didn't anticipate this was a tax foreclosure and didn't plan for it. I should've guessed because it was city-owned. The problem with this property is the city required I close in January at the latest and get certificate of occupancy after renovation within 18 months. This extra hurdle doesn't seem to be worth it at this point now that I know the risks involved. 

@Rocky Griffin thank you for the tip. I didn't purchase the property yet - I was planning to close this week. What a surprise this was...

@Casey Mericle Amazing! Thank you for being so kind and giving me the info. Will keep you posted. It's been a roller coaster ..