All Forum Posts by: Isadore Nelson

@Meshael Eady I sent you a PM, there's a lot to know! =)

I've regularly attended the auction in Brooklyn, but never bidded on anything. Let me know if you have any specific questions about how it works.

@Isadore Nelson

From my experience in the Brooklyn market, you are most likely looking at tenant buy out instead of an eviction. It is very common here for investors to model a buy out of anywhere from $50-$500k.

If you’re getting the property for significantly under market, this strategy can still be advantageous and everyone wins, good luck.

Your bare minimum eviction in NY State is 6 months, but that would be best case scenario. I had tenants who had not paid in seven months and we had been to court twice before and the judge said, "they said they are trying."

Since you have bought a foreclosure before, at least you have experience with the liens and the process, but you won't get a final tally of the liens unless you can get your title company to run soft title search for these things in advance.

Closing on a foreclosure anywhere in Brooklyn seems like a nightmare to me from an operational end.

Hello @Isadore Nelson,

From my conversations with colleagues and investors in CT, evictions can happen in ~60 days. Not sure what the process is like there but compared to NY, it is a faster process.

We just toured an occupied 4-family in NY today with a client and the eviction process for those tenants commenced not long ago (within the last couple of weeks). This process can take a couple of months if the tenants are cooperative, but will likely take 6+ months and possibly over a year.

Do you know if the tenants for the subject property are cash tenants or program/voucher recipients?

Do you know if the eviction process was started by the owners before foreclosure?

More than likely, the bank will not want to invest in attorneys for an eviction if they're looking to sell as-is. 

In that case, this would need to be an all-cash purchase and could be sold along with any liens, violations, or judgments against the property to be the responsibility of the purchaser.

To your point, this is difficult but feasible. Aside from the risk of taking on the property with tenants, you may also have to purchase site unseen which makes it tough to calculate repair costs. 

All the best!

Abel

Hello @Isadore Nelson,

From my conversations with colleagues and investors in CT, evictions can happen in ~60 days. Not sure what the process is like there but compared to NY, it is a faster process.

We just toured an occupied 4-family in NY today with a client and the eviction process for those tenants commenced not long ago (within the last couple of weeks). This process can take a couple of months if the tenants are cooperative, but will likely take 6+ months and possibly over a year.

Do you know if the tenants for the subject property are cash tenants or program/voucher recipients?

Do you know if the eviction process was started by the owners before foreclosure?

More than likely, the bank will not want to invest in attorneys for an eviction if they're looking to sell as-is. 

In that case, this would need to be an all-cash purchase and could be sold along with any liens, violations, or judgments against the property to be the responsibility of the purchaser.

To your point, this is difficult but feasible. Aside from the risk of taking on the property with tenants, you may also have to purchase site unseen which makes it tough to calculate repair costs. 

All the best!

Abel

I looked at a loan request today. I know the area very well in Philadelphia, without seeing anything my first thought was the property was worth 350k or so. The appraisal came in at 640k, the comps they used were out of the area, in much better areas, much better condition and really no comparison at all. Philadelphia is a city of neighborhoods where each has its own personality and values. They are not alike in terms of values. This appraisal was a joke. I feel bad for the lender who believes this.

What is your experience with appraisals?