I did it! After six months of nightly research and reading in places like Bigger Pockets, I found a deal that I couldn't make lose money even by being tortuously conservative with the numbers. I had a great negotiation with the sellers where some unconventional thinking lead to some great concessions. Now I find myself in closing...
... And though I budgeted for it, I now I realize have no idea what the actual closing schedule is and I have no professionals contacts to help set it up. No lawyer, no one to do the survey (or to answer the question "do I actually need to do a survey"?) and no one to research the title. I'm looking for pros in Sullivan County, NY, and also any friendly advice from those who've been down this road before. We've done great work on this deal so far and I don't want to screw it up in the final stretch!
I certainly recommend getting it surveyed. Don't do owner affidavit (if that is a possibility there). As a professional surveyor for over 20 years I have a real problem with the whole owner affidavit thing. Basically instead of having a licensed professional determine if there are any title issues related to possession you get the seller (a lay person) to give a professional opinion on matters they are unqualified to render that directly impact a deal which they have a vested interest in.
Basically the current owner gives you their old survey, which could be a decade old, and signs an affidavit stating nothing has changed. This may or may not be true as they might forget Bob next door built his fence about 7 years ago and lo and behold it is 3 feet on to your property. Now Bob has been paying taxes and possessing the land for 7 years and decides he wants to cloud title to your property by claiming adverse possession or something.
If you're going to spend the money on the investment pay the extra fee to know exactly what you are purchasing. Just my $0.02
@tim Moran congrats on the new purchase. I found the attorney first when I made my first purchase and the attorney brought every one else to the party. When I moved out of Brooklyn my old attorney wouldn't got to Westchester so I needed a new attorney. The broker recommended an attorney and that didn't work out so I found a new one by promising the pavement.
I agree on the survey if you don't have a current one. I've been paying around 1200 for surveys but that is in Westchester. Might be a little better up in Sullivan.
Congrats on finding your new property ! that is awesome.
i am new and want to learn how to look out for deals. i know there is plenty of literature out there for this same question, but not all of them start off with the excitement you did, finally after 6 months of looking i found it! , ...that make me excited!
Do you mind sharing what is it that you did to find that deal? also, Sunnyside, is that queens by any chance ? thank you.
Thanks to everyone who responded to this thread. John, sure enough, once I found a lawyer she brought all the other players to the table (including the surveyor, Dave).
Virgilio, I did a lot of reading to and was happy to see that most of the prominent real estate-centric authors use similar math for valuing deals. For "motivation", listen to the Bigger Pockets Podcast. There are, like, 200 back episodes so there's bound to be one that speaks to your situation and will offer insight.
There was a bit of luck in finding my deal, but also not really. If you look at enough properties you'll eventually "luck" into one that's right. People have said that on here before and I now it makes more sense than it did before.