Posted by Carrie Burton on March 27, 2003 at 19:28:22:
Finally, someone in Bklyn during creative real estate.Can we please talk? You can reach me at 347-267-7563. Hoping to hear from you soon!
Buying in NYC - Posted by Suzanne Spellen
Posted by Suzanne Spellen on March 19, 2003 at 16:24:12:
First of all - I am a total newbie, just found your site the other day. Background:single woman, no kids, bought 3 family brownstone 1 yr ago from RE investor friend, no downpayment, but high interest rate, as credit is not very good. For last year, just scraping by to pay mortgage, no $$ available for much needed repairs to both rental units and my duplex. Refinancing now, w/ debt consolidation loan and small improvement loan. Still feel as if drowning in bills and taxes didn’t even know about a year ago, and can’t pay.Don’t really even like the house that much, but always knew this was a necessary first step. BUT I LOVE REAL ESTATE! Part of reason always wanted to own my own home is because I love old houses, and architecture, and want to be able to preserve by owning as much as is handleable. (Not to mention make money) Anyway - my question: I live in an inner city neighborhood that is slowly coming back. Houses here are beautiful, and are architecturally as good as or better than houses in very upscale neighborhoods such as Brooklyn Heights. It’s only a matter of a couple of years before these places will be priced above half a million each, and on the better blocks, some are. Most now go for between $200K to $450K. I need to move now. In my frequent walks around, I have noted the addresses of several interesting places, and one was recently listed in the city’s list of houses whose tax liens will be sold soon. What do I do? I would sell my house in a minute, but is that my only option? Can I somehow use my property to get new property, even though I am mortgaged up the wazoo, and the house needs a lot of work? Who do I see about buying the house? I checked with the City Register, and the last person listed as owner bought the house in 1954. Chances are they are dead, but no one else is listed. (The house seems to be empty, but the electricity is on in the form of an outside light, and there is a garbage can outside, so someone may be checking up on it)Maybe heirs are maintaining it, I don’t know. I am willing to do all the legwork on this, I don’t want to involve a realtor at this time, because I am paranoid enough to think he may just pass the opportunity on to someone who has ready cash. What can I offer? What are my best options? Please help me if you can, I appreciate all advice. Did I mention I had no cash money? I could probably scare up a couple of grand if I had to, but that is all. All of the wonderful testimonials I have read, and advice seems to be from people everywhere BUT New York City, so I am wondering if things work the same way here.
Thanks so much, in advance.
Re: Buying in NYC - Posted by Izzy NY
Posted by Izzy NY on April 01, 2003 at 18:44:27:
go to google, type in "NYCProperty< search by address, youll get the owner’s name, which will start you off in looking for a contact person.
Re: Buying in NYC - Posted by jstew
Posted by jstew on March 19, 2003 at 23:00:50:
I grew up in Long Island and know how you feel. New York is a tough market to break into but not impossible.
You should try to owner finance your present home with atleast 10% down and have them take over payments. If the buyers default, after a short period of time, you can resell it over and over and over again. Make sure the buyers know they can’t assign, transfer or re-owner finance the home and have them waive the eviction process. Take the money and look for another home to buy via mortgage or owner financing.
The house that peaks your interest might have several heirs. All you have to do is contact one of the heirs that will assign you (sell) their portion of the estate then you can force the other heirs to sell you the house or buy you out.
Nothing in real esate happens fast in New York because everyone wants a piece of the pie. You need to go to the library an educate yourself on the real estate market.
New York is tough but New Yorkers are tougher. Good Luck!
Re: Buying in NYC - Posted by Suzanne
Posted by Suzanne on April 03, 2003 at 09:39:27:
Thanks! This was a NYC site I didn’t know about. Gave me all kinds of interesting info, such as who the neighbors are. Thanks again.
Re: Buying in NYC - Posted by Suzanne Spellen
Posted by Suzanne Spellen on March 20, 2003 at 08:30:23:
Thanks, jstew, for your advice. I am going to do more homework, and I appreciate your comments. I’ve noticed many NYC posters haven’t gotten even one reply to their questions, so I appreciate yours. I will try to find the heirs, and hopefully can make a deal.
I’m in NYC let’s talk - Posted by Nechelle Vanias
Posted by Nechelle Vanias on March 23, 2003 at 16:43:10:
Suzanne as I am in NYC and previously lived in Clinton Hill in Brooklyn. As I am both a Real Estate Investor and a Mortgage Loan Officer, I’m sure we can talk and I can help you to figure out your next move. Contact me via my e-mail address.
Re: I’m in NYC let’s talk - Posted by Sterling
Posted by Sterling on March 29, 2003 at 19:38:36:
I lived in Long Island and looking for creative investing in Brooklyn. Contact me via email to discuss my situation in buying properties.