All Forum Posts by: Sunny Pyun

@Casey Mericle Thank you for your feedback. Do you have a method you use to find people? All this is new to me and I use pipl.com but that's about all I know about how to find people.. I will ask the title company about "single right of redemption exception." 

@Christie Gahan I looked up the owners, but several people came up under the same name. Do real estate investors hire investigators? ... I may need an extension. Good thing is I didn't put down earnest money because instead of a contract, the city gave me "resolution", approval on my offer although I have expenses such as attorney and title report fees. My sister said this was a great opportunity to learn.. 

@Bruce Lynn thank you for the reply. This is investing crash course 101 on tax foreclosure for me. This property doesn’t need a lot of work but it does need work. I will have to put in money for reno and can’t just rent it out. My lawyer tells me the purchase price and Reno cost can be lost. So I’m holding off on the ideas that cost money. 

@Ned Carey it’s in Newburgh NY. I didn’t know anything about all these issues. I couldn’t even see the property until after I made an offer. What I know now after getting the title report back is this was a bank foreclosure and tax foreclosure by the City. It’s a city owned property and shouldn’t they have let me know upfront? I saw “right of redemption” in the tax foreclosure court paper. I’ve asked 2 title companies in Manhattan and they both can’t insure. I will look for another title company as you suggested. Thank you. I asked another title company upstate and I’m waiting to hear back. It’s crazy you went through madness with a title company during your own closing. 

Hi all. I'm about to close on a city-owned property and now the title company is saying because the property came through in rem tax foreclosure, there is a 2 year right of redemption from the date the deed is recorded. So they can't insure until April 2019. The redemption amount is the amount of tax lien plus penalties and that amount would be paid to the tax collector. Anyone experience this before? This property was foreclosed by the bank and the city. 

@Greg H.thanks for the reply! So many things to learn. I increased my bid including the broker commission. Hopefully they will accept it. 

Good morning fellow investors. I'm a newbie, and trying to get a 2nd deal. I made an offer on a HUD property, a bit lower than the ask. The bank countered and gave me a number by saying "HUD will accept any bid that is at least equal to or greater than the minimum acceptable net offer." My realtor explained that I'd have to add the entire brokers' commission amount (about $6K) to the bank's counter offer so that after deducting the commission, the bank is left with their own counter (net offer). So basically the bank is asking me to pay the broker's commission. Has anyone experienced this before? Any input is appreciated!

@Brian Pulaski I actually knew about Re Store because my realtor took me there, and I went back again today. They had a beautiful kitchen cabinet for under $350! I'll continue to stop by to find deals. They have quality stuff. @Matt Leonard when I was at Habitat store, there were 2 sets of cabinets and I knew one of them was plywood and the other particle board thanks to you! I love learning from other seasoned investors and I'm trying to find my 2nd property (it's not so easy!) 

Thanks @Matt Leonard for the tip about the difference between "particle board cabinets" and "plywood construction"! I didn't now thermofoil can't be touched up. This is the real nitty-gritty stuff I wanted to learn :) And thanks @Allyssa Compton I'd love to connect with your suppliers! 

Thank you Allyssa! It's Newburgh. FB is a great resource too! Please let me know about your supplier so I can reach out. 

I've been religiously listening to BP since spring, and finally got one property. I made an offer on another property in the same town upstate NY. I wonder what investing strategy other investors use. Do you heavily invest one area or do you spread out your investments? Thank you so much in advance. Still have tons and tons to learn and I appreciate valuable insight from the veterans.