All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1796 times.
Post: Seeking a less expensive Title company...any referrals?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Originally posted by @Sakib J.:
@Scott Wolf thanks Scott. Have you used them? For what state and how much was the cost? Since, I am a recurring ppty buyer it would be good to have one reliable and cost friendly title company to go to. instead of having the broker choose it for me and pay more expensive title service.
Hi Sakib, I actually have yet to use my company for a purchase. But all my repeat clients are very happy with the work we do, and at the price we do it.
Post: Is your title company open?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
My firm (in New York City) is still open, yet 95% of us are working remotely. This hasn't caused any slow downs for our operations.
All deals on moving on as usual, with slow downs coming at the county levels. Some counties have shut down completely (so no searches can be done) and others are slower as they have made 50% workforce attendance in the office mandatory. The county closures are mostly effecting our national work right now. Most of NY counties are still open for business, just with reduced staffs.
And a whole lot of elbow bumping at the closings I've seen!
Post: BRRRR on Long Island, NY
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Originally posted by @Allen Boulos:
Hi, so I'm new to the real estate investing world. Unfortunately, the market I live in (Suffolk County, NY) is very high as far as taxes are concerned. I was wondering, how would one BRRRR on Long Island? Is it even worth it or should I just flip?
Welcome Allen! You gotta run the numbers on multiple scenarios to see if it's worth it to you personally. If you think it will help you achieve your long-term goals, then it may very well be worth it.
Good luck!
Post: Wholesaler backing out of purchase
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Originally posted by @Megan Brooks:
Hi,
A wholesaler reached out to a land listing I had on Craigslist and made me an offer and we signed a contract. He’s now saying he can’t purchase the land because it doesn’t make financial sense and he doesn’t have an end buyer. Shouldn’t he have done this research prior to making me an offer? Do I have any chance in this sale going through? He told me if he could not find a buyer he would purchase it. Any advice?
Thanks!
If he has the legal recourse to get out, that is his right. Hopefully you collected some earnest money, so that this is not a complete loss of time. Mark this as a lesson learned, and go find a real buyer!
Post: Seller back out of contract
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Cheryl Marks did you read the contract you signed? Was it with the broker, or was the commission written into the sales contract? We all need more specifics.
Post: Intro Into Real Estate
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Sarah Muneer, not a terrible return in NYC on what should be a stable and appreciating asset! Just be careful the co-op doesn't try to change the rules on you!
Post: New to BiggerPockets and Multi-Family Investing
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Welcome @Sean Banilivy! Most of my deals are LP interests at this point, but the first deal where I'm the primary, I closed last year in January, I made an aggressive offer on a 3 family that was on the MLS and had gone through many price cuts. One of the best decisions I've made. Have offers out on multiple other properties.
Post: Structuring a deal - What are my options?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Originally posted by @Philip L.:
Yesterday I agreed to purchase a house in Michigan sale price is $110,000
The seller is asking that I pay $40,000 upfront to eliminate the current mortgage then the remainder $70,000 on seller finance for four years
can be longer as the seller likes the idea of a regular income.
The seller doesn't want any connection to the house and ideally wants to be just a lender. We talked about what else could be used as collateral and I suggested my business but I am not sure how to structure the deal.
I currently have an LLC that has:
1 rental with $80,000 equity
$26,000 cash in the bank
+ if we do this deal a property valued around $110,000
I'm thinking that I could draft a promissory note from the business that states the agreed terms
Or should it be the seller owns a % of the business until the $70,000 is paid in full
Would love to know everyone's opinion of the best way forward.
If the seller is becoming the bank, the collateral should still be the house, and they should have first lien position on the home. I wouldn't give them anything else as collateral, especially a completely separate business.
Post: Typical sponsoring broker arrangements and fees in NY?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Most companies have career links on their websites that you can email, or you can call and ask for the hiring manager.
Post: Typical sponsoring broker arrangements and fees in NY?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Malgorzata Gorniak Manhattan is a big island. You should try to become an expert in a certain area first. Find a firm that you think can offer you the tools to succeed. No one can do the ground work for you. Interview multiple firms!