All Forum Posts by: Yossi F.

Yehonatan,

Was this permit from the current owner or the previous owner? You can have them tidy it up and make that part of the contract due diligence time. Or a reduction in price for you to take care of it. On one property I found an open permit from 1945 that I had to remove. It turned to be easy since it was superseded by a permit 10s of years later. I paid an expediter to remove it. 

Yehonatan,

I have come across this many times. From NYC, the DOB is very complicated so I will try to hit all points. Please clarify what you mean by open permit. Is it an open filing with a permit that was pulled. Then the permit expired. The nature of a permit is that it expires and there is nothing wrong with this if you finished with all your work. I assume you mean final sign-off and approval when you refer to "finalized permit". The permit is to perform the work. The approval-of-design fling and final sign-off is for the design/zoning/code approval and final use. However if the filing is still open, that's a different story. Was work ever performed on the old permit? Is the new work the same as what was filed for with the old permit? If no work was done on the old permit, it probably can be rescinded as long as you can prove that. If not you might need an inspection to close it out the old permit even though in reality is doesn't make sense. Having the new work signed off properly will help if its the same exact work even if it doesn't supersede it. Hire a good local expediter who knows the local municipality and its personnel. this is not the first time or the last time this has happened.

Hope this helps,

Yossi

To add....

I have family in Norfolk and a friend investing in Troy. Therefore they are in my bulls-eye even-though they more than 2+ hours away. 

Yossi

Thanks Arthur. Currently I am looking into Norfolk VA, Allentown PA, and a friend is pushing me towads Troy, NY.

All,

I have been heavily researching and performing due diligence to invest in local real estate. I have partnered to provide hard money loans (one completed successfully so far), gone to auctions, spoke to home owners by knocking on some potential investment properties (I have some bites). The barrier is high to invest in NYC and surrounding areas. I have 150k to invest which will get me at most one or barely two properties. I was wondering what the closest neighborhoods outside of NYC (but close enough to drive, within 2+ hours) that are more affordable/invest-able i.e. something to buy for 50k, fix up and flip or rent. Any insight is great.

Thank you,

Yossi

Bradley/George/Stephanie,

I am clear now that this falls under the multi family investor property classification. I read what you wrote about LTV limits. Are there any other creative ways to reduce the down payment?

George,

Thank you for your response. Yes, this would be a non-owner/family occupied property. Curious question, as a Lender would you consider this two single family homes on one lot or a multi family property with two homes? The lending would be slightly different I assume but in what way? Are the lending terms better or worse, two single family investor homes vs one multifamily classified investor property with two homes? What is the highest LTV allowed if it is based on rental income?

Thank you,

Yossi

All,

       What is the latest down payment requirement for an residential investment property in the New York area? Specifically a property with two houses on it (i.e. a multi-family property but not a multi-family building).  I am not referring to raising the actual down payment funds. I am hearing 30% these days. Is there any way to reduce this even though it won't be a primary residence? Any regular or creative way? Even with PMI?

Thanks for all the help,

Yossi

Larry,

Let me clarify. They are not vacant. There is one house on each property and people are living in them. I was told the smaller one which is for sale has a renter and not an owner.

Yossi

All,

This is my first post, so any constructive criticism is welcome.

I am looking to buy three properties in the NY/LI area near where I live. 

1) 23,278 sq. ft. - Not for sale

2) 27,520 sq. ft. - Not for sale

3) 6875 sq. ft. - For sale/Pre-forclosure

I would like to take these three adjacent properties and combine them all to build 6-8 houses or rental complex (attached housing) including a new street/cul-de-sac. Working in the real estate development field for 8 years and overseeing the development and design of large (30-40 story) hotels, office buildings etc, I am not newbie. I plan on going on my own eventually and this might be my first go. Being knowledgeable in the financial part has helped but since I don't practice it, therefore it is just knowledge and not experience. My real question is how would someone approach a specific owner who doesn't have his property up for sale? Through a broker? Attorney? Knock on their door? Mailing?

Any and all advice would be great!

Thank you,

Yossi