All Forum Posts by: Randi Plevy

Shamo, you don't say if the tenant has a lease or if she is behind on rent.  Both of those are significant factors in NYC.  Also, how many units in the multi and is the unit your tenant occupies rent stabilized?

Something I've started paying closer attention to is whether a Seller who is getting a property tax rebate is actually entitled to it.  There are cases where the surviving spouse of a veteran for example continued to get the rebate years after the spouse became deceased.  After the transfer, the Department of Finance discovers the mistake and seeks to collect the back taxes from the current owner.  Ugly.  

Think of this as the anti-meetup.  Four people from the BP community meeting for lunch and discussing real estate.  You might make a great business connection, meet a friend, or just have a good cup of coffee.  

I will follow up with everyone who responds.  If you are interested and also among the first, you will get an invite with further instructions as to location.  I will create a wait list for everyone else and they will have first dibs on future meetings which I intend to keep small.  Looking forward to better engagement.  

I always like to know what jobs the renters have.  Are they all in the restaurant service industry (can be very transient), or is there a strong employer in the town?  

An attorney will explain to you how you can protect yourself in this scenario.  Although pardon my 

cynicism that the bank is willing to accept half the value of the property.  

Change the zoning?  That seems like hitting a nail with an elephant.  Did the former owner change the CO from two family to one family?  If he did so without removing one water meter, that would come as a surprise.  If you want to keep the option of renting the property as a two family, why would you remove one of the water meters?  

My two cents: don't overestimate your buyers.  Many may overlook this defect, or consider that the sales price adequately compensates for it.  Few will offer you full asking price unless you have listed the home below market.  Sell the house "as is" and negotiate the price, if necessary, to compensate for the windows.  Taking on a post-closing repair is unnecessarily complicated.  

Hi @Meshael Eady.  If it's any help, it would normally be the Seller that provides the Contract of Sale to the Purchaser.  If the Seller is telling you that he expects you to provide the contract, then that is a different story and you should exercise reasonable caution to insure that you are providing a fair contract.  Unfortunately the normal online depositories for forms do not include land only contracts.  Most real estate lawyers have created their own.  If you're specifically looking for a real estate attorney with an office in Brooklyn, I know some terrific ones.  PM me and I'll give you their info.  

Echoing the previous remarks, you should consult with an accountant and you will likely set up an LLC, but don't do so until you actually get a contract. I see so many new investors spending the money to set up the LLC and then never using it. Don't waste your resources until you're ready to sign. You can always contract in your name with right of assignment to an LLC. It takes one hour to set up an LLC. Good luck.

@Account Closed: My two cents. You should in no way be required to deposit the full 3.5% at the time of contract. That's ridiculous. That is the all in amount at the time of closing. PLUS, you have a due diligence period! I represent a lot of sellers, and when dealing with FHA buyers, we routinely accept $5,000. If you are not already represented by an attorney, get one fast.