All Forum Posts by: Gail Smith

So nice to hear a first hand account! I am definitely a wheel spinner at this time. I know it, I see it but I'm holding back for some reason...The most important line in your post is the one about FOCUS. I'm going to make a big sign that says just that and put it over my desk!

The owner was renting it out and the tenant stopped paying rent...he had to evict her and that leaves the property vacant. I've got a call in to the bank to get another key. I have an authorization to release form on file so they will talk with me. I told them that it needed to be winterized since it's getting cold here at night...but I didn't expect them to drill out the lockset and put a metal plate in! Thank you all for your comments...it looks like I'll have a key this week..

I've been working on a short sale. Unfortunately the bank rejected our first 2 offers and "closed our file". Then they winterized and changed the locks on the house but they haven't filed Lis Pendens paperwork yet. I have other interested parties but can't get inside to show the condition of the house.. I would think that the property is still legally the sellers in spite of the fact that he is behind on payments until the paperwork is filed with the county...am I wrong?

Hi Rob. I live in Rochester and am a local investor. I'd be happy to help you locate a nice cash flowing property, locally. You're right, our taxes are very high compared to other areas but our property values are very reasonable and there are lots of good rental areas with great cash flow. Not being local, you just need to make sure that whatever you consider is in good condition with limited repairs needed. I hate seeing out of state landlords run down their properties and there are lots of those around here! Feel free to contact [email protected].

Hi John. Jon is right...you have two different situations here. I spent over a year looking for a "nice" property for my daughter to live in/rehab. Ended up buying in the South Wedge. Great neighborhood. If you want great cash flowing properties...you can look in other areas that are very profitable but not necessarily where you want to live. I'm guessing your 1st example is in the Park/East/University area. I'm guessing your second is SW. Am I close? If you want to chat, feel free to add me as a colleague..Gail

thank you all for advice given. I am right on board with both motiv8ed and Jonathan's comments...I want to do right by this man and anyone else that I deal with. Strange how many people ask me why I'm still bothering when there's nothing left in it for me....they don't "get" that there is [u]something in it...experience, satisfaction of helping someone out of a bad situation...Pls. don't consider this thread "dead"..I'd love to hear from others who have had a good result with a situation like this...

Rochester,NY was listed as the #1 (of 10) in cash flow property market by NuWire in '08. It really hasn't changed much. We have low property values which allow a greater cash flow opportunity. (we do have high property taxes, though but still ranked #1) We also have a high concentration of colleges here...(RIT, Uof R,MCC,Nazareth,St.John Fisher) I'd post the link to the article but I prefer to keep Jon on my side! :)

I've been working with a homeowner since July. It's a rental property in poor condition in a great neighborhood. He evicted his tenant for non payment and I marketed the house @ $99K. (Assessed @ 145K) No takers, needs lots of work. He owes $90 on the property. He tried to do a loan mod but doesn't earn enough. So we decided to do a short sale. I've put in 2 offers, (1st at $48K, 2nd @ $61K) both were rejected as too low and I was told that they would now "close my file". They want $75K for it. With the amount of work needed, I think an end buyer might go to $75-$80K so that puts me out of the picture with a double close scenario. I don't want to see this guy foreclose and I would like to get the property sold. Has anyone worked something out with an end buyer to get compensated for all of their work and delivering the deal but not actually participated in the closing? This would be an A-C transaction. I've read about many possibilities for adding fees on the HUD but my lawyer's not too keen on that. Any suggestions from those with more experience?

Hi Babs! I recognize you from the VDF website! I'm in Rochester, ny. Not exactly next door but closer than many on this site...
Gail