All Forum Posts by: Elizabeth S.

@Joe Khan hey! Yup, this was a long time ago! I bought the unit in Rego Park for $130k. Then put in about $20k in renovations. I lived there for a year but have since moved out of the city and tenants are in there paying $1.3k in rent. Worked out pretty great! I was lucky enough to pay off the mortgage, too, so it was a great investment!

@Jason Lee Haha, yes everyone seems to know this would take a really long time....except for me! Oh well, like other commenters say, I have my health and great job, friends, etc. So I have to commute from LGA? Yeah it sucks but I've survived : ) 

Closing is scheduled officially next Wednesday and yes, like you say, there's really no way I can get out of this. This truly has been a lesson all around. I'll go ahead and live there for now and do whatever I can to avoid surprises when it comes time to sell/rent, whatever. 

Thanks for your comment!

Ahhh!! @Ericka G. .... Girl, thank you so much for this. I read this comment this morning and was like, "I needed to hear her story." You are so right. It is a good deal and I know it but I've let my emotions and LGA neighborhood get the best of me. The coop is across the street from Queens Mall and allll that shopping and one block from the R train, 20 minutes to Manhattan. The street is tree lined and beautiful with old, well-maintained coops and quiet and family oriented. My plan was to move to Bushwick and pay $1700 in rent. I even went and looked at a place. I feel much more inspired in Bushwick than Rego Park... but your words that "buying in the NYC metro area when the numbers work is ALWAYS a good thing" just ring too true. I better hold on to it for now, Bushwick will always be there : )

@Joe Splitrock Yes thanks a lot, Joe. A fresh look is definitely what I need. I talked to a new agent yesterday about selling it right after I close (without renovating) and I need to ask about $12k more than what I paid just to cover the fees. Apparently there are some buyers interested in it as is... but if I sell and break even, why did I even do all this?! I need to chill and think for a bit. 

Damn right about the legal system.

Hah, yes @JD Martin , totally. I just said that in response to someone else... it was definitely my naivety that had me thinking this little place by the airport would be super short term. $1500 is low for what I could get in rent, regardless, finding a positive cash on cash deal in NYC is a treasure. Most guys go for appreciation here so I know I should be grateful and stop my complaining : )

@Alexander Felice I hear you. You are dogging on me but I get it :) But to be clear I don't work in real estate; I work in marketing. In this situation I needed a place to live, didn't want to keep paying NYC rent, and came across an opportunity to buy at a reasonable cost. All my bitching comes down to my current lifestyle being cramped (lol) living in a tiny studio out by the airport. I wouldn't have dived into this if I knew it would be for a year, but I accept full responsibility of my actions regardless.

Wow... you guys are all amazing : )))) It feels so awesome to have people not only read my rant but respond with understanding/supportive comments. I haven't used BiggerPockets in some time but it's exactly this community that reminds me how highly I think of the forum and the organization. Thanks so much : ))

Hey @Jack V. Ospina Yeah overall there was a lot more I could have done and my lawyer could have done. There was a contract date but it was contingent on board approval; after board approval the seller wasn't under any timeline to sell within a set time period. 

Believe it or not, the universe caught wind of this rant and my lawyer called me about ten minutes after posting to say the seller's lawyer got the bond and they are ready to close. 

The place is cursed though, I'm definitely just going to flip it instead of live there lol 

Hey @Mike Cumbie It did have a contract date but it was contingent on board approval. My takeaway lesson is that a contract in NY should have an additional required timeframe to close AFTER board approval. Believe it or not (the world is funny this way), ten minutes after posting this my lawyer called and said the seller got the bond and they are ready to schedule an actual closing date (with all parties coordinating schedules, etc.)  I think I'm going to flip it instead of live there. The place has some bad joojoo lol 

Hey all,

I need to vent this story. I feel so burned by REI right now I just can't wait for this fiasco to be over with. This is what's going on:

April 2017

I was living with my ex-boyfriend in Queens, NY and looking for a new place. Rent sucks, I have a lot of savings... so why not buy? I came across an awesome-looking fixer upper in a very solid neighborhood right off the train and near a bunch of shopping, etc. It is a 500 square foot studio in a co-op selling for $145k. I went and looked at it and it needed a complete renovation. Rents in the building were going for $1.5-$1.7k so I knew it was a good deal even if I sank in $20k to fix it. The monthly charges were a low $380. I only needed to live there for a year and then I could rent the place out (board rules).

May 2017

I make an offer for $135k cash and it's accepted. I move to a tiny, tiny studio way out by LaGuardia airport that was super cheap. I figured I would only need this crash pad for a couple months while I close and renovate.

June 2017

Contract is signed which required a $13.5k contract deposit (10% of total value).

July 2017

I'm sent the application packet which is extremely lengthy in requirements and background info, etc.

August 2017

I submit my application with several checks amounting to maybe $1k.

September - October 2017

No word or much of an update. I'm starting to notice my lawyer and seller's lawyer are not very motivated to sell. I'm getting a little annoyed because I hate where I live (too far from city) and want to get this renovation started asap so I can move in and begin my year until I can rent it out.

November 2017

Interview with board! This is exciting because this is the final step until a closing date can be scheduled. They are very nice and the building is relaxed and I'm happy.

December 2017

No word or update on why my closing has not been scheduled. My lawyer is blaming the seller's lawyer.

January 2018

Because it's an estate sale, my lawyer explains that the seller's lawyer needs to get a judge's approval to sell the unit. The judge sends an appraiser, the seller's lawyer files an order, etc.

February 2018

A hearing is scheduled with the judge and the seller's lawyer and the guardian, etc. The judge approves the sale but won't sign the Order until the seller's lawyer gets a bond. My lawyer says getting a bond will take a day or two. I hear nothing. I decide this isn't worth it. These guys are just ****ing with me and I need to move on with my life. I tell my lawyer I no longer want the apartment.

March 2018

My lawyer says that I'm under contract to buy the place and can't just change my mind. He filed a motion which sets the closing date at March 15. My lawyer says I need to show up with all the checks prepared as if I am going to close. He says it is unlikely the seller will show up. He will document our appearance and then can file with the judge that we want our $13.5k check back and the deal is dead. If the seller DOES show up, then I will be obligated to buy the apartment. I'm not really happy about this at all. I honestly am just over the whole thing and want to move to Brooklyn. If the seller does NOT show up, my lawyer said he may not just send back the check. So then he said I will have to sue the seller in order to get my check back. I'm not happy about this either. I have no desire to enter a lawsuit.

Isn't this fun????