All Forum Posts by: Kristin Riker

Hello all,

I am very interested in an off market property.  Needs work but good neighborhood, no tax lein and would be perfect for a house hack.  I contacted the previous homeowners who advised me they don't have anything to do with the house (neighbors told me the house has been abandoned for at least ten years).  I contacted the trustee lawyer I found listed and through my own lawyer sent them an offer which they say they received.  I tried contacting again but his response was "since you've retained counsel I can only speak to your lawyer".   I feel like I am going to drive by this house and see someone fixing it one day (this has happened to me before).  Are there any other angles I can try?  The taxes are being paid by a 'debt management company' who I have also tried to contact but can't get any information out of them.  Taxes are current and up to date (verified by town tax assessor).  My offer was a conventional mortgage with a 20% down payment (trying to reserve capital for the repairs the house will need).  I have a hard time believing I am the first person to attempt to purchase this house, and I know there are plenty of investors/contractors in my area with cash.  Wondering why it's been sitting/ what other strategies I can take to acquire it. 

Any advice?

@Randall Alan A little different here in NY.  10% is required at auction and no closing the next day.  Bank's attorney informed me if title isn't clear deposit can be refunded.  Lawyers required for closings in NY.  I don't mind paying the taxes and clearing the lein if its reflective in sale price.

Thanks so much for your response @Randall Alan.  The county division of real estate informed me that the title company won't close with unpaid taxes. I was planning on adjusting my bid but it sounds like it can be a negotiating point prior to closing.  Just trying to get as much information as possible PRIOR to auction.

In stead of starting an additional thread I had a NY auction question that this thread is suitable for...

The owner of house I am looking to purchase through auction has not paid property tax in AT LEAST 5 YEARS (according to the town tax assessor, who told me they can only go back five years) I have tried listed and active plaintiff attorney and defendant attorney and no one seems to be able to answer.  Who pays the back taxes?  Some things I have read state that if the homeowner has equity in the property the sale will cover the taxes owed.  Every other number I try tells me they cant give legal advice.  Can anyone advise?

@Crystal Smith

Yes, attempting is right but I want to have things in place for a quick close and hopefully quick rehab period.

Very helpful thank you for your tips.  I have read about the draw schedule but a third party inspection and escrow are great ideas.

Thanks!

@Miller McSwain What is the brand of lock you use?

Hey @ jared trindade

Thank you for the tips.  The realtor I am using works for an investment group that has a GC and PM but I want to get multiple bids and check my sources.  The house needs mostly cosmetic updates it is not a full gut.  I was definitely going to implement a 'late fee' for an untimely finish and have an outline as to what work is to be completed what days and weeks.  I was also thinking about a remote wireless camera (there will be no wifi initially so I am going to have to do some research) that I can view and keep track of the comings and goings.

@Wendy Man Not unfortunately in my area due to high prices and I'm not in a landlord friendly state. I work three days a week and one of the reasons I like this area is because of the accessibility from where I am (frequent, non stop flights).

Hello all,

I am attempting to purchase an out of state BRRRR. A lot of what I read said to attempt to manage rehab yourself, but I don't even know where to begin considering this will be out of state. Pending me finding a contractor, do most investors use remote door locks to allow access to home? What if I wanted to order some supplies myself and have them shipped to the house (IE: light fixtures, bathroom vanities, flooring etc). While vetting contractors I want to ensure that I will have a weekly facetime call to be updated on progress. I have already established a PM I am hoping to enlist for help. I have read David Green/Brandon Turner's books but am having trouble figuring out the logistics of managing a an oos rehab. Any insight would be greatly appreciated.

Thanks,

Kristin Riker 

Hey All,

Not sure if I'm doing this right but when using the BP BRRRR calculator, if I was to get a bridge loan then refinance into a 30 year fixed.

For the 'purchase loan details'

Down payment, loan interest rate but then when it asks for amortized over how many years a bridge loan would be 1, refinancing after 6 months correct?

Then under refinance loan details, the loan amount would be 70% of ARV and I tried to be conservative with an 8% interest rate.

Not sure If I'm doing this right as Ive come back with some very skewed numbers.

@Kenneth Garrett I’m willing (and able ) to go higher depending on how much rehab is needed. Max purchase price would be 250k