All Forum Posts by: Ricardo S.

ill be there @Darren Sager 

I applied for a rent stabilized apartment a got approved. The rent is $700/month for 2/1 apartment in a new constructing high rise. Is it legal to sublease the apartment for a higher amount than the actual rent price? Market rent is about $1500/month. Assuming I let the landlord know about the sublet but don't include the amount the new renter will be paying to me.

 Can this be done? 

I currently live in Brooklyn NYC and as we all know, the property prices here are ridiculous.

My question is if I wanted to finance a duplex or a 4plex out of state, do I have to go to that state to obtain a bank loan or can I use Chase bank in NYC to apply for a loan for a house in Philly. Is that legal?

I'm asking because I realize that I can probably qualify for a 100k loan if I make 35k a year and I can get my moneys worth if I buy a duplex out of state. Whereas in NYC a 100k loan can probably buy a 1 bm 400sq condo.

@Dave Cababe I have a website that I use.

@Nathan Paisley 

I have read several post about the fact that the owners are very emotional but at the same time these group of people are the most motivated.

The pre foreclosure list I have are all homes with at least 60% equity so in terms of that I did my homework. 

@Account Closed 

I'm going to send white letters to a list of  pre foreclosure homes. That were is default within the last 2 months.

@Account Closed 

 The time period for last sale date was about 5 years. Is that too soon?

I also received Miscellaneous calls from people who just wanted to give me a complement on how nice my handwriting was. (I use a yellow letter printing company). 

I sent my first mailing lists out on July 10th with 700 mailings to absentee owners in Brooklyn NYC with residences other than their primary with 90% LTV. Come to my surprise the vast majority are investors doing the buy and hold strategy. I targeted Canarsie and East Flatbush. The other few who weren't only wanted to sell me 1-2 bdrm condos with ridiculous HOA fees . I spent around $800 on this campaign and i'm pissed lol. Well this will be a learning experience.

btw I converted those absentee investors into a potential buyers list so it wasn't all bad.

When I get a potential lead the owner wants me to send the contract to her lawyer and then asked my lawyers information. I dont have this as yet. I need help!

This is what you do.

Lease Option Deal.

If the house has no loans tell the seller that you will pay them in monthly installments for 2 years then pay the difference as a lump sum amount. But first they will need to quit claim deed the property to you.

if the home is still under a mortgage tell the seller you will take over the payments for 2 years and then buy it from them.

Get a tenant to make the payments and price the rent at peak market value to pocket some cash within that time. 

@Garrett Zander