All Forum Posts by: Gilbert Nyantakyi

Hi BP, 

I'm a small investor in Brooklyn New York looking to network and meet other investors in the area. I currently own $970k in real estate and I'm looking to purchase two multifamily properties this year so that I can cross the $1.5-2M mark in real estate investment. I'm interested in getting other's opinions on the multifamily/real estate market in Brooklyn or anywhere in NYC for that matter. Is it worth getting into based on the price, types of tenants, laws related to rental properties in NYC etc?

Also, does anyone know of any accountability groups for real estate investors in NYC? 

Thanks in advance! 

Thanks for your response Theresa! The house is worth $830K. I already spoke with my lawyer and she said that thinks I should try to get him to sign the boundary line agreement to save the cost and headache of taking it to court but $40K is a lot of money to handover. The survey does show that my property is encroaching on his property

Hey BP family, 

I recently purchased a property in Brooklyn New York. My neighbor recently brought it to my attention that my building is encroaching on his driveway by 6-12 feet. When I was in the process of purchasing the house this issue came up which my attorney brought to my attention. She tried to get the seller's to have the name sign a boundary line agreement with the neighbor which was unsuccessful. I decided to still go ahead and close on the property but the lawyer advised me to get title insurance with a title company that she know, like and trust. I took her advice and got the title insurance!

After I closed on the property, the neighbor reached out to me a few months later and told me he is looking to get compensated for the fact that my property is encroaching on his. He said that he is willing to sign the boundary line agreement but I need to pay him around $40K or more. I really don't want to pay this amount because it's a lot! Plus I have title insurance so I think thats something the title insurance should pay him if he takes me to court and win. The problem is I don't want to go to court and have to pay lawyer fees for years to come which is expensive (my attorney is charging $450/hour). Plus I will not be able to refinance if there is an open litigation against the property. What should I do?

1. Should I try to pay him the money and settle out of court?

2. Should I suck it up and deal with all the fees and headaches associated with him taking me to court with the hopes that the title company will cover the settlement he is looking to get? 

3. Should I pay make additional payments towards the principal knowing that I may be tied up in court because of this litigation so I won't be able to refinance? (P.s I wanted to make additional payments towards the principal so that I can get to 20% equity & refinance to get rid of PMI/MIP. I have a FHA loan).