All Forum Posts by: Elizabeth S.

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???? 

Hey all, I just got an invite to a Queens meetup... but only 6 people have bought tickets. Anyone here attending? This is the link: First Queens Meetup

Just want to throw out there I'm also a Queens-based investor and would love to meet up with local REI'ers. I went to a few in Manhattan a while back but everyone was investing all over the place. Would be awesome to connect with other niche, Queens investors :)

Hey everyone, 

I'm also a Queens investor. I recently put in an offer on a place in Rego Park, was listed at $140k but needed about $20k in work. I offered $120k, then $130k... and decided that $160k all-in for a Rego Park studio was too much (they wouldn't budge from $140k). That said, I did plan on living there. Anyway, I'm still on the hunt. Live in Sunnyside currently. I have a private lending option of $100k with a 5% interest rate and can come up with the rest myself. However, I'm really not wanting to spend over $200k. I think my sweet spot is going to be Jackson Heights/Elmhurst. 

Please reach out if you guys ever connect in person, I'd love to engage.

Elizabeth

Hi AJ!

Looks like my response is a little delayed here.. it's hard to make REI a priority but I've been hunting for deals in KC for a few months now. If you do have a list, I'd love to be added :) My brother is my partner and lives in the area and I'm back and forth between KC and NY quite a bit - would love to connect!

Elizabeth

Hey Jonathan,

Wow, congrats on the find!  And I love that it was posted just a few hours ago, it seems like you are really serious about this!  

Just to clarify a few points above - you're saying the FHA loan would be at a 3.5% interest rate, right? Or are you saying like Josh Briggs said, that you are only putting DOWN 3.5%?

Also, what neighborhood is this in??  

Will be looking forward to what you decide, what new information you have.

Cheers!

@Ayad Mirjan any update?  I'm also an out of state investor looking for buy and hold properties in the KCMO area.  I have a slight upper hand since I grew up in the area but it's been a good 12 years away so I have some catching up to do.   I'd love to keep in touch and see how it goes for you.  Ideally I'd like to own a place in the next few months but I'm stuck in window-shopping mode... 

Cheers,

Elizabeth

Hi Daniel,

Ditto to what Larry said; there are meetups for the "ny area" and that certainly includes NJ.  I would go to this one if I were you, Al is the organizer and it's usually a pretty solid group: http://www.meetup.com/Multi-family-Apartment-Devel...

Good luck!

Yay! Hi Katie!  

My dad does a lot of REI deals in the KCMO area (where I grew up) and have no doubt you'll find solid deals in the area. I regularly wish I was closer to that market - if I were you I would look down in the crossroads area or those little neighborhoods north of the plaza (can't remember the name).

Anyway, best of luck to you!

Elizabeth

Hi Nikolai,

Welcome!  Lucky you, I think you may find some good opportunities up there where the numbers can make sense (opposed to the five boroughs).  If you haven't scanned the podcast titles for shows about investing with little or no money, do that - or just check out this: http://www.biggerpockets.com/renewsblog/2013/03/29...

Good luck!

Elizabeth