All Forum Posts by: Bryan McNulty

Thanks Abel, I get you on PM.

Hi All,

          Can anyone recommend a Queens/Nassau area attorney, experienced with distressed, residential properties? Familiarity with NYC DOB and HPD would be a plus.

Thank you,

                    Bryan

Hoping for some advice. I’m looking at purchasing an old single family house on a 25x100 property with 25’ of frontage on Summit Ave. in Jersey City’s Heights neighborhood. It’s in an area that was recently rezoned for mixed commercial/residential, so I’m thinking it is a tear down with good rebuild potential. I’m not sure if I would rebuild myself or just try to resell to an interested builder. With the new zoning and possible tear down, I’m having a little trouble valuing the property. Can anyone give me some tips on the area and coming up with a number based on those factors?
(I posted this question in another category with no responses, just trying again, thanks.)

Hoping for some advice. I’m looking at purchasing an old single family house on a 25x100 property with 25’ of frontage on Summit Ave. in Jersey City’s Heights neighborhood. It’s in an area that was recently rezoned for mixed commercial/residential, so I’m thinking it is a tear down with good rebuild potential. I’m not sure if I would rebuild myself or just try to resell to an interested builder. With the new zoning and possible tear down, I’m having a little trouble valuing the property. Can anyone give me some tips on the area and coming up with a number based on those factors?

Great post Kishore, thanks for taking the time to put it together!

I'm brand new at notes and did the March Virtual Note Buying Workshop like Nick. I thought it gave an excellent overview of the note business even if it naturally skewed toward Scott's note model. I thought the vendor presentations were much more educational than advertisement and it seemed like Scott really went out of his way to answer every question submitted. It was nicely organized and well worth the time!

Thanks for replying Steve. I understood the indifference defense in NY to be no lender movement toward foreclosure for at least six years after the last missed payment/late fee, etc. This second runs until 2022, so I believe those ongoing missed payments leave the clock running. Obviously you may be right, and I will have to check with a foreclosure attorney before going any further.

I don't know enough about HML to make an educated comparison. I was thinking the low buy-in for this note might make it a good learning experience/possible good result. Still working on my education!

Thanks for the advice,

                                        Bryan

Thanks for responding Casey. It is a HELOC so, the best I can say is the borrower paid for a few years but has not paid for at least 7 years and the initial loan amount is larger that the upb.

Thanks for the financial calculator recommendation, I just ordered one. 

Bryan

It is a very small note with little additional equity in the house after the 1st and 2nd. I think you're right, they may see it going toward foreclosure and the ridiculous time and expense in NY is not worth it and may not even be covered by the equity. Thanks again for the help, it is very much appreciated!

Thanks Wayne and Jay. I guess each case could be different, so if I bid I will ask. To your point Jay, I think I'm feeling that sophistication differential. I'm looking at a small NY owner occupied, non-performing 2nd with a performing first being sold by a company that has other NY notes. I've done a lot of research on it online, which is possible here, and even gone to see it (pretty recently renovated!?). I just can't figure out why they're selling it saying the note hasn't been worked. Anyway, thanks for the advice, I'm not trying to drag you guys into a long conversation!