All Forum Posts by: Kenneth Wong

Very nice job. Thanks for sharing.

Welcome to BP Joe.

Really nice place to ask questions that you will get answers/opinions from many of the nice folks here.

As Caitlin mentioned, check out the tab above "Learn" and check out the beginners guide. It is a must read before you dive in too deep here at BP- but, its just a suggestion. Good luck.

Althea / Travis,

Thanks for the quick reply. As it turns out, the investor bought the house a few months ago, and a tenant in the property has been living there for 19 years. The tenant is 86 years old, and recently a nurse's aide alerted the investor to the problem.

I'm in agreement with having the investor bear the cost, but wanted to hear some other opinions, Many thanks guys. ;)

Hi Chris,

Welcome to the BP family. I am very familiar with Westchester, and I have recently been concentrating in the surrounding areas and Connecticut with regards to real estate. I am a former financial advisor for over 25 years and have assisted thousands of Westchester customers.

If you are near Yonkers, then let me know if you want to chat. Cheers.

Welcome to Bigger Pockets!

I am in the Northeast (NY and CT), but just wanted to welcome you to the BP family. Be sure to check out the "Learn" tab above, and read the beginners guide, as it is very helpful. I just passed my NY state test last week. Good luck.

Hello.

Although I just recently passed my real estate salesperson exam in New York State, I do not believe this question or topic was covered.

A real estate investor I met yesterday asked me if his tenant has bedbugs in the first floor of his two family house, is he responsible for contacting a bedbug specialist, and as the landlord, is he responsible for paying for the extermination of the bedbugs?

Good question. Thanks for any assistance.

Laura,

Many thanks for the prompt response. The Bank is BOA using Nationstar...

Phil / Andrea,

Many thanks for the prompt response. The Bank is BOA using Nationstar...

Hello all,

In purchasing a property in Connecticut, as an out of state investor (NY), I was asked by the CT real estate salesperson handling the property to provide the last five digits of my social security number. As I am paying all cash, I was very reluctant to provide this info. I eventually gave him my LLC tax ID number instead. Anyone know of this practice? It is a short sale, but I'm not clear on why they need this info. (I'm not related to the current owners...) Thanks.

Hi @MarcStein,

I have successfully purchase, as well as lost out some properties on auction.com.

The reason for the low start price is to drive interest towards the property, so more people bid on it, and drive the price up. keeping in mind these are all cash deals, you need to be careful not to get too caught up in the bidding.

I was bidding on a property in Cooperstown, NY and for 3 days I was the only bidder at $18,500. The last hour of the auction, some knucklehead bid all the way up to $40k, and I let him have it. Ten days later, last Friday, I got a call from Auction.com advising that he reneged on the deal, and if I was interested in it at my last price of $38,500. It did reach the reserve at $38,000, mind you, but I only offered to buy it at my $18,500 price. It will be back on the auction block shortly...

My other property I was the only bidder, and won it in Newburgh, NY. And, it did not reach the reserve. I am closing on it shortly.

Do not forget the 5% premium that is added to the price, you really need to remember this fee, as it is added to your bid at the end- there are some crazy bidders out there.

Lastly, even though you might not hit the reserve, if you are the high bidder, auction.com will go through the motion of having you "buy" the property, and put down an earnest money deposit (EMD). The seller has 10-15 days to either accept your low bid or reject it.