[Jec1]

I own a multi-family REO in Brooklyn (Flatbush) where the tenants are in the process of leaving and I'm working on cleaning up for resale.

Problem is, within the past week someone blocked the driveway with a pickup truck without plates or registration and there are 6 junker cars now parked in the driveway also without plates or registration. Furthermore, business cards or tape are covering the windshield vin etching on every single car.

I am concerned that one of my fund's assets is now being used as a dumping ground for stolen cars or cars being used for other illicit purposes and what liability my company has for this situation.

I need to figure out the process to get the cars off the premises-if anyone has a towing company and can assist or has a tow yard that wants them for parts subject to the mechanics lien process and all required formalities, etc.

I'm in the process of sending notices to cure to the appropriate parties, I have the legal end covered but I don't have a tow truck or the appropriate licenses/knowledge of that process.

Please shoot me an email or text if you are in the tow business or have any real ability to assist in this situation.

Contact info redacted situation resolved.

Thanks a lot.

[Ph0zenstone]

Just have the cops tow and impound them. Especially if you have reason to believe they're stolen

[Jec1]

Originally Posted by phozenstone

Just have the cops tow and impound them. Especially if you have reason to believe they're stolen

More complicated. I cannot get into details, but we originally acquired a non performing loan and have certain agreements in place regarding delivery of a property free of tenancies which the ex-borrower/ex-owner is responsible for. We currently hold recorded title to the property and have for several months.

I cannot take action for several days for various contractual reasons. I have all the expertise I need in that regard between myself and my attorney, I'm not coming onto online forums asking how to do what I do. Having police on the premises will hamper my ability to quickly obtain full vacancy for various reasons (from my experience) and I cannot start spit shining for resale until tenants are out. I need to handle this quickly, discreetly and legally.

I just was looking to see if any members had a NYC based tow company. The two contacts in industry I have lack the necessary city licenses to accomplish the task.

[335NJ]

Originally Posted by Jec1

More complicated. I cannot get into details, but we originally acquired a non performing loan and have certain agreements in place regarding delivery of a property free of tenancies which the ex-borrower/ex-owner is responsible for. We currently hold recorded title to the property and have for several months.

I cannot take action for several days for various contractual reasons. I have all the expertise I need in that regard between myself and my attorney, I'm not coming onto online forums asking how to do what I do. Having police on the premises will hamper my ability to quickly obtain full vacancy for various reasons (from my experience) and I cannot start spit shining for resale until tenants are out. I need to handle this quickly, discreetly and legally.

I just was looking to see if any members had a NYC based tow company. The two contacts in industry I have lack the necessary city licenses to accomplish the task.

Have you called around, anonymously, and explained he situation to reputable companies in that area?

[Jec1]

Originally Posted by 335NJ

Have you called around, anonymously, and explained he situation to reputable companies in that area?

Have not and do not intend to. I have other recourse and do not need to go to that extent if nobody wants them.

Car boards tend to attract contacts from car related businesses. Dealing with these situations is my business. Perhaps I miss spoke. I'm not clueless and am up shits creek without a paddle if someone from e90post doesn't assist. I don't know the process for filing a mechanics/storage lien and reselling an unregistered car abandoned on private property. Rest assured the cars will be gone soon regardless.

If someone with the necessary DCA and any other licenses wants the cars to store, lien and resell, please contact me via email or text. I will provide all documentation necessary to establish my right to a nonconsensual tow for your file as the property owner. There are a few late model domestics (late 2000s) and a few old 90s shitboxes for parts. If nobody responds to my notices to cure (i am not expecting any response but it is a necessary formality) and you have the licenses and the wherewithal its found money for you and less headache for me.

[fazman]

Originally Posted by Jec1

I own a multi-family REO in Brooklyn (Flatbush) where the tenants are in the process of leaving and I'm working on cleaning up for resale.

Problem is, within the past week someone blocked the driveway with a pickup truck without plates or registration and there are 6 junker cars now parked in the driveway also without plates or registration. Furthermore, business cards or tape are covering the windshield vin etching on every single car.

I am concerned that one of my fund's assets is now being used as a dumping ground for stolen cars or cars being used for other illicit purposes and what liability my company has for this situation.

I need to figure out the process to get the cars off the premises-if anyone has a towing company and can assist or has a tow yard that wants them for parts subject to the mechanics lien process and all required formalities, etc.

I'm in the process of sending notices to cure to the appropriate parties, I have the legal end covered but I don't have a tow truck or the appropriate licenses/knowledge of that process.

Please shoot me an email or text if you are in the tow business or have any real ability to assist in this situation.

jordan -at- bcncap -dot- com

or text @ five one six-four one seven-three two five seven.

Thanks a lot.

Body shops and towing companies have these skate board like things that pick up the wheels one by one so u can move around the vehicles with easy... Just move them into the middle of the street and the cops will do the rest

[djjasper]

This is my favorite thread ever.

[Jec1]

Originally Posted by fazman

Body shops and towing companies have these skate board like things that pick up the wheels one by one so u can move around the vehicles with easy... Just move them into the middle of the street and the cops will do the rest

I did say they'll be gone soon regardless...didn't say how

Originally Posted by djjasper

This is my favorite thread ever.

Glad to amuse you lol. I hold between 50-60 non performing residential mortgages/reos on 1-4 family and mixed use properties from Mastic to the Bronx at any given time. It's the same shit on every one of them, just different shit. I could tell you about the time where the Suffolk sheriff was evicting a hoarder I foreclosed on in rocky point. It took 5 moving trucks to move all his crap out of an 1100 square foot house which cost me a ton and the sheriff swore he was going to find bodies after he cleared out the house.

Or the time I found a massive grow op on a property in the Bronx up in Wakefield. Or the time I caught the ex owner breaking into a house in Rosedale I had paid him to vacate in lieu of going to landlord tenant court for 9 months. The motherfucker was stealing copper from his old house and chasing me out of the house waving my own copper wire at me. It's always something, hence me getting home at 2:45 on a Saturday night from dealing with another situation and being awake to respond to this thread.

[Izero]

Here are your options:

1) The Cops will only be "willing" to have the truck that is blocking the driveway towed & impounded....

2) You/your company will only have the ability to tow & impound the vehicles in the driveway after you've given adequate notice to the current tenants. You will have to tow the vehicles at your expense and the notice must specify that you will have pass that charge on to them for the tow and they will be responsible for the impound fees to get their car back. You also have to give them ALL of the information on the towing company that will be impounding their vehicles.

Now if they don't pay you for the towing you will have to go to a collection agency... and hopefully they gave you the right SS#'s so you can collect on the debt.

The 2nd option is that you report the problem to the cops anonymously that there are "suspicious vehicles" at the said property and they haven't moved in days/weeks and it's making your "family" nervous.. they'll send an officer out to look at it.

The only way you can legally obtain ownership of the vehicles is under the following circumstances:

1) Your tenants have vacated or been forcibly removed and they have failed to remove their property.
- You have to wait a set amount of time (i forget how long for NY) before you can petition the DMV for ownership of the vehicles (you will need the VIN numbers) which is where you secretly have a locksmith open the doors for you...
- if the vehicles are determined to be stolen you will have ZERO claim to them no matter what.
- depending on your lease terms you may be required to "store" the vehicles for the former tenants for a set period of time, NYS law may also force you to hold the vehicles for a period of time before you can forcibly take ownership.
- usually the stipulation is that you are taking ownership to recoop. costs associated with the vehicles removal and storage... but once you own it you can do what you want with it from there...

2) You take it as a personal loss and remove the vehicles yourself.
- You will still have to give notice and you will have to give all the details on where the cars are going to be impounded.

3) Get police to issue citations for unregistered/unlicensed vehicles at the property which are inhibiting business for you & pick action 1 or 2 above.

To be honest the way in which you are describing the situation here is sketchy to say the least, and without having all of the details those are really the only options you have.

Kinda shady that you're in the business of purchasing and owning properties that are being used for illegal/illicit purposes and you're posting on a forum for "help" when you/your company should be consulting a lawyer for assistance.

Good luck!

[hemi to e90]

not touching any of this shady shit. please don't bring it back here.

but heres another free gif

[FL335]

This is crazy shit! I could see 1 car/truck being abandoned but 6?? GL, OP...I hope some gets jail time for this bs!

[Jec1]

Originally Posted by Izero

To be honest the way in which you are describing the situation here is sketchy to say the least, and without having all of the details those are really the only options you have.

Kinda shady that you're in the business of purchasing and owning properties that are being used for illegal/illicit purposes and you're posting on a forum for "help" when you/your company should be consulting a lawyer for assistance.

I'm not going to address the rest the rest of your post re: inaccuracies nor anyone elses, but I try to give as little information as possible for reasons that I'm not going to get into.

I run a small private equity fund that buys, manages and trades non performing institutionally originated residential mortgages. I am an attorney. My partner is also an attorney and general counsel for my company.

I don't own properties. I own secured debt, which is then converted into ownership of the property through foreclosure or a contractual arrangement resulting in payoff to my entity or title being transferred in exchange for satisfaction of the debt. I have no control of the use of the property until I have title, and as soon as I have title I take necessary steps to make the property marketable for resale. I am not a landlord or a property manager but rather a debt investor. The situations I described are the nature of the beast and I offered them for amusement as they sometimes seem to preposterous to be true.

I'm not going to get into armchair lawyering/asset management. I've done this day in/day out and have a stellar record of consistent returns over hundreds of deals going back 5 years.

If someone has the necessary city DCA and tow licenses and wants the cars to store and file a storage lien, they're yours. I can document my right to a nonconsensual tow of the vehicles as the property owner. I can guarantee you no one will claim the cars, and if they do your fees get paid which is a tow company's bread and butter business anyway. I know the process enough to know this is the process, as I've dealt with this exact situation before on properties in Suffolk County. My contacts in the tow industry lack the city DCA licenses. This thread otherwise seems to have taken on a life of its own.

Please contact me if you have or work for a tow company with NYC DCA licenses and want to work with me on this in the next few days. Otherwise, lets leave it as far as the rest of the thread.

[Izero]

That makes much more sense now, I'm pretty sure we all thought you were running some very shady business... lol

So, why aren't you contacting local tow companies? or better yet call the local police precinct and ask them what tow company they use?

Sounds like its about time for you to put a contract together with a towing company if this happens so frequently to you... I'm sure they would love the business...

If I was you, I'd still report the cars to the Auto Theft division of the NYPD.... that way they don't start investigating you for no good reason. I've seen that happen... a long time ago (got me through high school) I used to work for a moving company that dealt with repossessions after a foreclosure, and we would frequently have a detective or two roaming around, and they would always ask, "do you know who currently owns this property, we'd just like to ask them a few questions..."

[nyalpine90]

if you get the cars tow to junk yard isnt that illegal, isnt that evidence to a crime scene?
tampering of evidence , (CSI)

[eric@helix]

[fazman]

Originally Posted by nyalpine90

if you get the cars tow to junk yard isnt that illegal, isnt that evidence to a crime scene?
tampering of evidence , (CSI)

LOL someone likes crime scene action eh?

[nyalpine90]

Originally Posted by fazman

LOL someone likes crime scene action eh?

i do

[smithf80]

Flatbush is so sketchy! I wouldn't even drive my car through that neighborhood.

[Jec1]

Originally Posted by smithf32

Flatbush is so sketchy! I wouldn't even drive my car through that neighborhood.

You'd think that way but the reality is counterintuitive. We acquired this position as bad paper in August of 2014. As far as the underlying real estate is concerned, its increased in value approximately 190-200k since that point.

The area is becoming highly desirable for buyers who are priced out of other areas in Brooklyn such as Bed Stuy, Bushwick and Williamsburg, and it is one of the new frontiers in the wave of gentrification that has been sweeping Brooklyn over the past decade or so.

It still maintains a certain element of "old Flatbush", which you likely refer to as the "sketch factor", however the neighborhood is currently an odd mix of the old Flatbush residents along with hipsters and the young professionals, along with the Hassidics who are now expanding back across the Flatbush neighborhoods they retreated from several decades ago.

I am familiar with almost every block in most of Brooklyn and Queens and I have an ongoing log of everything I see and hear from the 5-6 days a week I am on the road going back to 2009. Each one tells its own story that has a bearing on the surrounding neighborhoods and the real estate contained within. If the upside is there the sketch factor means nothing to me. I can't control the forces of gentrification whether I see logic in the patterns or not, but I can surely ride the wave which is what I do and have done.

[smithf80]

Originally Posted by Jec1

You'd think that way but the reality is counterintuitive. We acquired this position as bad paper in August of 2014. As far as the underlying real estate is concerned, its increased in value approximately 190-200k since that point.

The area is becoming highly desirable for buyers who are priced out of other areas in Brooklyn such as Bed Stuy, Bushwick and Williamsburg, and it is one of the new frontiers in the wave of gentrification that has been sweeping Brooklyn over the past decade or so.

It still maintains a certain element of "old Flatbush", which you likely refer to as the "sketch factor", however the neighborhood is currently an odd mix of the old Flatbush residents along with hipsters and the young professionals, along with the Hassidics who are now expanding back across the Flatbush neighborhoods they retreated from several decades ago.

I am familiar with almost every block in most of Brooklyn and Queens and I have an ongoing log of everything I see and hear from the 5-6 days a week I am on the road going back to 2009. Each one tells its own story that has a bearing on the surrounding neighborhoods and the real estate contained within. If the upside is there the sketch factor means nothing to me. I can't control the forces of gentrification whether I see logic in the patterns or not, but I can surely ride the wave which is what I do and have done.

I hear you, and that's a very interesting perspective. If it works for you business wise then I would be in the area too. I'm sure as with most places in Brooklyn it really is a mix of of old/new good/bad. I just don't think I would ever be comfortable working in certain neighborhoods. Then again maybe its because I'm a pasty 19 year old.

[fazman]

Originally Posted by Jec1

You'd think that way but the reality is counterintuitive. We acquired this position as bad paper in August of 2014. As far as the underlying real estate is concerned, its increased in value approximately 190-200k since that point.

The area is becoming highly desirable for buyers who are priced out of other areas in Brooklyn such as Bed Stuy, Bushwick and Williamsburg, and it is one of the new frontiers in the wave of gentrification that has been sweeping Brooklyn over the past decade or so.

It still maintains a certain element of "old Flatbush", which you likely refer to as the "sketch factor", however the neighborhood is currently an odd mix of the old Flatbush residents along with hipsters and the young professionals, along with the Hassidics who are now expanding back across the Flatbush neighborhoods they retreated from several decades ago.

I am familiar with almost every block in most of Brooklyn and Queens and I have an ongoing log of everything I see and hear from the 5-6 days a week I am on the road going back to 2009. Each one tells its own story that has a bearing on the surrounding neighborhoods and the real estate contained within. If the upside is there the sketch factor means nothing to me. I can't control the forces of gentrification whether I see logic in the patterns or not, but I can surely ride the wave which is what I do and have done.

How can i learn about real estate investment like this? I'm a noob and haven't ever tried a real estate investment yet (just my own residence). I'd like to learn for a couple years and then try to venture into buying something in about 2 years.

[Jec1]

Originally Posted by fazman

How can i learn about real estate investment like this? I'm a noob and haven't ever tried a real estate investment yet (just my own residence). I'd like to learn for a couple years and then try to venture into buying something in about 2 years.

These are honestly institutional positions. Throughout 07-08 I bought at auctions and flipped short sales using hard money, and these lenders eventually became my first backers.

The attorney I worked for in law school was a private lender and has been prosecuting foreclosures for private lenders for over 30 years. He is now my partner and I manage the acquisition, ongoing positions and workout strategy while he takes care of the legal end.

When I buy I am buying between 25-30 loans at a time, good bad and ugly. When a bid is accepted its a 48 hour all cash closing, wire initiated day after contract signing. Its difficult for individual investors to be involved unless they are high net worth high liquidity and if they are chances are they don't want the brain damage of doing what I do and would rather sit back and accept a fractional share as an LP.

On a side note the situation is now resolved.