All Forum Posts by: Randi Plevy

Sometimes an institutional seller, like Fannie Mae or HUD, will put a restriction on the timing of your sale, for instance: you may not sell within three months for more than 125% of the sale price. I don't know who you bought your property from, and I don't know if this was in your contract, but this is a common restriction for people who buy distressed properties, fix them up, and then sell.

A contractor is offering to JV with me wherein he would rehab at cost and I would come up with the money, splitting the profits. My question for those who have done this is: What tools did you use to confirm that the contractor did not pad any of the costs?

@Carlos Araujo: I don't know which part of NY you're investing in, but standard downstate contracts allow for financing even if the deal is not contingent on financing.  Of course, you better be sure that you're getting that mortgage otherwise you are at risk to lose your deposit if financing falls through.  Good luck!

@Account Closed: Which boroughs are you considering? I have closed scores of transactions in Queens and the Bronx of two family properties in the $600-$750,000 range. These buyers are all putting 3.5% down on FHA loans and using the imputed rent from one unit to qualify. Pointedly, the buyers have good, but not great, W2 jobs. If you are a commission based employee, you may find it harder to qualify, but speaking to a knowledgeable mortgage broker is a good start.

Esen Edip of Kensington Vanguard.  PM me if you want her cell.  

@Rafael Campos.  I recommend Esen Edip of Kensington Vanguard in New York City.  You can PM me for her number.  

@Malica Pollard: Hi Malica!  Don't be discouraged.  If you're working, put as much money aside each month as you can afford into your dream account.  That's for your downpayment on contracts.  And don't worry, wholesaling is legal in NYC, but do be forewarned that it is very competitive.  Keep your integrity, start building your networks, and good luck!

@Ronny Tiburcio: Do your due diligence on the property you are buying.  Examine the Certificate of Occupancy, review the building's SRO status on DOB, and analyze the rent roll for clues such as preferred rents.  Good luck!

@Tamara Jefferson: Hi Tamara.  I'm not licensed in FL, but I would recommend you speak with a local real estate attorney about how to deal with the loan.  Even if the bank isn't actively foreclosing, it still has a lien on the property.  Why would you want to put this property in your name unless there was a plan to deal with the mortgage?  Good luck!  

@Reynaldo Eloy.  You can absolutely wholesale in NYC.  It takes hustle and moxie, but if you can get distressed property owners to listen to you, you can do it.  And when you get those contracts, let me know.  I've got lots of investors taking assignments from wholesalers.  Good luck and let me know if I can help.