All Forum Posts by: Edward R.

PASS!  I do short term rentals.  COmpany agent called me to book 2 workers.  Explained it is strictly non smoking (fully furnished property). Agent said no problem and assured me on three occasion (hint:no problem= yes they do smoke but they won't tell you).  Tenants understood and signed lease and smoking clause ins in there twice , about 4 paragaraph worth, as did company rep.  13 days later while installing something, I saw cigarettes and packs and butts inside.  Tenants stated they never smoked in and only outside on the patio. (violation anywhere on property). Day 17 they are out for lease violation and day 18 on inspection I find a 1/2 smoked dweeb in bedroom drawer.  MY POINT: don't allow smoking UNLESS your property is a smoking only property.  They will smoke indoors (98% of the time).  Nothing against smokers as we all have our vices. BUT protecting investment is the upmost importance ...and collecting rent.  

is this propsal and EXTRA 25% on top of the capital gains?  I'm not too concerned as I doubt any such tax would ever go through.  They have been trying to implement stock purchases/transaction tax for years, never happened.  Democrats always looking out for the poor and giving handouts when in fact they are stifling them.  NY Gov Cuomo just eneacted new Tenants rights; what a fiasco.   No more 3-day quit.  a tenant can stay in the property for nearly 3 months for free and trash the place.  so lets protect them. So now this is likely going to reduce space for those in need because landlords will be less likely to rent to them, raise rents as well. (oh  they also say rent can't be raised more than a certain % like 2-3 for a new lease.

the cabinets I could get would need three more to fit (included in that mentioned price)  but nothing else would be needed and actually would have cabinets left over.  The spec home has 19 cabinets, I would only use 10 and the others I could just use in the laundry area.

Thats how I look at things, if they are good or better and functional then I see no need (unless this was a higher end house where its expected to have new fancy stuff).  As mentioned laminate top is a must go and we are redoing the tile plus all new SS appliances.   Lets not forget... I also cleaned the windows as a bonus :o)

Would we get most interest Maybe but would we be able to raise our expected price from $155 to $159+  ?  I don't know.  They would look nicer in there, but I don't think that much nicer for $4-$5K.

Damn I think I spent $3 just on intetor paint and only expected $1500 Had to BIN prime everything.

Hey everyone. So I got my second flip a few months ago. 1400sq ranch house built in 1960's.  People lived in there past 20 years till foreclosed on. They update the kitchen with tile and flooring and new oak cabinets Shenadoah line.  They are only about 9 years old, in good shape/condition(surprisingly compared to rest of the house)  It's on your typical 10x10 kitchen.  IT's in a good working class neighborhood and things sell fairly quickly in this neighborhood and at a premium due to lower supply, especially for updated homes.  I've touched everything in theis house but the roof.  all new paint trim, crown moulding, HVAC  and A/c corrected electrical issues throughout, all news doors throughout.

Oh my point... should I update the kitchen cabs? and if so would  price really increase be worth it in this environment.   It's already getting new countertops and backsplace (the old had to go).

I have an opprtunity to pick up some decent brand new maple cabinets (shaker) from a spec home for $3,500.  trying to figure if it's worth the hassle.  thoughts?

Hey everyone.  I'm here in Upstate NY.  I purchased a bank foreclosed property on May 1st, cash sale.  there needed to be a survey and title search done but nothing too crazy for my real estate attorney to handle, and he has one of the BEST reps in the area.   Two weeks ago my attorneys office, the bank and referee started pinpointing a closing date.  It was last Thursday June 6th. but because the referee is in a matrimonial trial he was apparently too lazy busy to respond and confirm the first closing date so it was cancelled.  now here we are 5 days and still no word from this referee attorney and no closing date.  Sent an email yesterday to my attorney basically saying WTF is going on.  The banks attorney has stated they have not heard back from the referee either.

This is a cash sale sale and should have closed in 3 weeks or less.  

How does an attorney become a referee? I assume he puts his name in a "que" to take on odd jobs like refereeing a courthouse sale?  Can't he be complained about to the courthouse and get him removed form the list?  If he is too busy to respond and do closings then no right to be on that list to do referee work.  Seriously, get  legal assistant to do the closing.

I bought a house, great neighborhood, been watching it for over a year. Good bones to the place but needs typical all new everything inside, NOTHING on the outside. I bought it at the courthouse sale. Paid a little too much for what I had planned $10K difference) but that was the price and knew the upset bid and it's still 70%ARV value plus my work.

It has a SOCIAL SERVICES DEPT. First Mortgage on it.  taken out in 2010 face value $40,000 with $2,025 left on it.  The former owner at that time is the ex-wife of the new yet now Exhusband who had the house transferred to him sometime in later 2012 (lady was ill I guess. So that guy paid off the house and then a few years later took a $90K equity loan which he defaulted and then was foreclosed on.

So brings me to this, any way of negotiating a release of that $2,000 first lien/mortgage?  I guess it's not a creditor who has a lien so I may be SOL and that it's a Govt. Entity.  We bought knowing about it but wanted to see if anyone here has experience with that type of First Mortgage.  

My R.E. Attorney is a shark, one of the best reputations in my area.  He said probably nothing to be done but pay it but he'll look into making sure foreclosure notifications were proper. Just bought it and closing probably in 20 days.

Hi!  So I'm buying another property, it'll be number two and looking for some advice.  IT's a 3/4 acre  1958 cape type home handbuilt buy the owner back then and only changed three hands.  last guy lived in it for 9 years, Divorce and BK.  nice district suburb but rural type area.  oly 3 bedrooms, put in a dormer to make a 4th.

QUESTION:  I bid on it through Hudson Marshal; bid closed and I was the high but reserve not met and the bank obviously had their final bid in there.  Contacted HM and they got back to me that bank would likely deal if my bid was 7-8K more.  They already listed it to reauction.

Place needs $45-65K of work/(and total carrying costs)depending which route I want to go.  profit could be 30-50K dpending on asking  price and our area is not enough inventory.

What would you do?  Tell HM to pound salt and offer what I offer and show them these are the numbers.  (already said its a fair offer in my initial email due to condition; new baths, kitchen, huge wood deck removal, ground fill.  or do I up my offer a few thousand or wait it out and see where it comes in the next round.   And of course my offer is all cash.

Luckily my last purchase was through HM and I made out GREAT with that investment which I kept and is still paying off big time as a rental.  I'll walk away with 100% profit on it.

I agree with the time and hassle aspect of just doing a M2M.  If I had multiple properties or relied on the income I'd be less likely to do it.  The property was originally bought as a flip; but liked it so much I kept it. It's in my area and we set it up to do short term rentals of 3 months, catering to a certain crowd and we get a premium for it.  In the end if it doesn't work out we would change our approach or even sell it; whcih we've had offers on.  3Year rental; I don't think I could handle that. be too worried after year two.  Bad to think that way I know.

Oh, he checks out as a Dr. alright, no doubt about that.  I'm still going to go through they typical process, I'd like to get a previous landlord reference.  I know one person who had a Dr. as a renter and really did a number on their house.  But I have a nice new place and there is a certain appeal to it. So I get the interest.    I haven't done a background check before but either use Cozy or Zillow.