All Forum Posts by: Scott Wolf

@Troy F. you could also engage the services of a local title company or attorney.

@Faysal Alam, I'd actually take the money off the purchase price.

The 10K is already more than $9,250 which you be paying taxes on.  And that $9,250 is already your own post-tax money.

I do like the $10K credit to closing costs idea floated by @Will Fraser to reduce cash out of pocket.

 It depends on what you're looking for.  Will it be a flip, your home, or a long term rental?  You need to run the numbers for yourself(both on the investment, and the are you'll be investing in) and make the leap.  Anyone can give you the pros or cons of where to invest if they've invested there themselves. But just asking where should I invest is going to lead to analysis paralysis.

Most co-ops have restrictions against renting or allow limited renting.  I.E. You can rent for 2 out of 5 years.

A house hack in the surrounding areas may be your best way in.

Just read this article in The RealDeal and wanted to get BP's thoughts.  It's funny that the article calls it a "race to the bottom" because I always thought, at this scale, a minor hiccup would catch these companies with their pants down.  It'll be interested to see the scale at which they restart, if at all.

While flipping (and investing) is inherently risky, I believe it can be done at scale to a level.  I think local knowledge is very important, and these companies didn't have this, only deep pockets.  Thoughts?

@Isaac El, as a former broker, who logged over 500 cold calls per week, that approach will not work.  You need to call them with information about their market.  Perhaps a recent local sale they may not know about, some developments in the area.  Once they're interested you should ask about their property and get the back story and plans.  It's a longer track, and will take a lone time, but you won't get an immediate hang up.

 What county is it?  If the county is closed, then yes, all banks and title companies would run into the same problem.  If the bank is saying their title company is short staffed, and that's the issue, I'm not sure why they wouldn't just say "Hey, the county is closed so they can't run a title search".  Seems like the easiest way for them to explain the situation. 

@Carol Labbe while I can't speak to your specific county, as someone in the title industry, I have had many files put on hold due to county closures(damn you South Carolina!) and banks stopping certain lending programs (smaller banks and third party lenders).  If the county you purchased in is closed, the title company can't complete their search, and a bank won't take the risk of a loan without title insurance.  That being said, I'd check with another local bank to see if it can be done, or call a title company to see if the search could be completed. (I could probably find out if the county is closed).  I've heard great things about Webster Bank from my brother-in-law.

Good luck!

While I must admit, I have not read any of the other posts (I'm exhausted from grinding + having 2 kids under 4 in a tiny apt), so this may have already been touched upon.

Out east, the rental market has gone crazy with people trying to escape NYC.  Because of that, rental prices have gone through the roof in the Hamptons and North Fork.  Since I have no stake in the Jersey Shore, not sure if the same scenario is playing out there. 

Also, from the last recession, the first form of vacation to come back was local travel and vacation spots, since driving is less expensive then flying to destinations.  So I'm sure how it will all play out, but we'll know soon enough.

@Robbie Snipes TitleVest is pretty good.