All Forum Posts by: Alex Builder

Hi,

I'm a Bronx investor seeking an empty lot or old house in R6, R7 or R8 zoning but having a hard time doing so... It appears as everything has doubled or tripled in price within the last year from Bk and Queens investors entering the market. 

I personally think the market itself is overpriced bc the rents and quality of life are not on par with the prices these investors are paying!!!

Any insight would be greatly appreciated. 

Hi,

I'm interested in purchasing an empty lot or old house in R6, R7 or R8 zoning for development somewhere in the Bronx. Please let me know if you have any info on any properties coming to the marker.

thanks,

Alex 

Thanks for your input @Frank Chin

It's a confusing bc oasis has it as one lot and dept of building has it as 4 different tentative lots, but they are tentative and looks like they are not finalized. 

@Frank Chin The realtor has listed the whole lot for sale. Whoever took out 4 loans on the lot did it through splitting the main lot into four tentative lots. Something fishy happened there because the total loans is way higher than the property value. 

My main question is, can the bank sell the whole lot if they haven't foreclosed on the other two tentative lots within that main lot? Wouldn't the bank have to go though courts in order to foreclose on all 4 loans?!?!

It just doesn't make any sense for a national bank to list a property at market value with two outstanding unforeclosed mortgages. Please correct me if I'm wrong.

Alex

Hi,

I came across a property owned by a national bank and listed through a realtor. 

The property consist of one large lot which was subdivided into 4 lots. The individual then took out four separate loans on the main lot with one bank. The bank has now foreclosed on two of the four mortgages and is listing the whole lot for sale. 

Please advise if I'm facing any risk in acquiring the whole lot from the bank? My main concern is that the bank might come back and decide that they want to foreclose the remaining two mortgages taken out against the main subdivided lot in the main lot. 

Please note, all mortgages were taken with same bank, the bank foreclosed on only 2 which were finalized more than 2 years ago. 

Thanks,

Alex

Thanks @Darren Sager. It's a residential area where zoning line cuts a 6,000 sq ft lot. About 60% of the lot falls on zoning which allows up to 8 family walk up and abut 40% falls under zoning which allows up to 3 family. Just curious if anyone has come across this before and can provide any info.

Alek

Hi,

I had a question regarding which zoning prevails when the zoning line splits a lot in the middle. Basically 60% of the lot is currently sitting in one zoning code and the other 40% is in a different zoning. Can someone please advise on which lot prevails for development purposes in New York City. 

Thanks,

Alex

Hi,

I'm new to BP and interested in linking up with a few Real Estate Agents in the Bronx. Preferably agents that work with REO properties. Please send me a message if you are interested in working with a local investor. Thanks.