- Location
- Philippines
i'LL stick to Manhattan... better mileage on your diNero... but that's juSs mE 
off topic Real Estate
- Thread starter jhale
- Start date
bad coffee said:
um no, this could take a while, and I've not discussed this with everyone yet so can we keep this to our selves for now. I have a feeling if I leave that the landlord may want to renovate the place a bit, I'm sure the rent here would go up to 5.5K at least.
I wish I had the cash to do that B, if anyone wants to invest, I can do the work
I went through the same thing not to long ago. To get a place in the city or not. Bklyn, Qns is all good until one of my wifes aunts put me onto Weehawken Hoboken West Newyork area. I literaly live 7 mins from the port authority and nowadays 300k will get you a good sized townhouse. I am just in the process of completing a gut renovation. I bought this place for 225k in Dec last year. Now I am already getting offers for 400k plus. I sure am happy and listened to my aunt. Got 4 places so far out here. Best of all taxes here in Weehawken are dirt cheap!! My favorite thing is that this house I am in now was built in 1864. Good solid stone structure!. Renovating these things is a lot of fun cause they built things so simple back then.
Buying one place in the city for half a mil to one mil will get you a studio or a crackerbox apartment. Keeping up with payments is tough. At least here in Weehawken I can rent the **** out and let them pay for the mortgages.
I will keep looking in this area for more opportunities. I have had greater success investing here than anywhere else. Its easy cause the innitial investment is low. Makes it so easy!!
Buying one place in the city for half a mil to one mil will get you a studio or a crackerbox apartment. Keeping up with payments is tough. At least here in Weehawken I can rent the **** out and let them pay for the mortgages.
I will keep looking in this area for more opportunities. I have had greater success investing here than anywhere else. Its easy cause the innitial investment is low. Makes it so easy!!
cash
have a reserve of cash a few months before you close, or present to the bank for a mtg. when i first bought my place, my mom hooked me up with the down payment, but they needed to see it in my account for 3 months!! so it didnt seem like it just borrowed really quickly from someone ansd didnt have the ability to actually to pay myself.
have a reserve of cash a few months before you close, or present to the bank for a mtg. when i first bought my place, my mom hooked me up with the down payment, but they needed to see it in my account for 3 months!! so it didnt seem like it just borrowed really quickly from someone ansd didnt have the ability to actually to pay myself.
hermangareis said:
that's true, but even the little studio will appreciate in the city.
I had an ex gf in weehawken, it is close to the city.
I still feel like I want to be downtown, I won't rule out other areas, but I should concentrate looking in one spot. let me know if you find any deals
- Location
- Union Square, NY
Well, the good lawyer thing has already been mentioned, I have one if yours doesn't work out.
You may want to look at co-ops or cond-ops since the price will be lower than a condo. Always find out how financially stable the building is, or your maintenance fees will go up every year.
Don't go by listings in the paper or fliers from real estate agencies, they are never for real and never available. The best listings will come with repeated dates with a full blown realtor that can show you everything that is not listed.
Make sure you visit the new place a few different times before buying. You want to know how loud it is at night and during the day, also keep an eye on the street traffic and general pedestrian issues. Sometimes apartments get sold an hour after they are listed. Don't get too upset if this happens, you need to be ready to act quick, but not too quick.
If you have a day job, I recommend finding a place with a 24-7 doorman. It is a night/day kind of thing for me, I wouldn't be able to function without my doorman there to sign for packages, accept the laundry, allow workers and cleaning people into the place, etc.
Also, you may want to think about the current real estate market before making any moves. It has softened a bit and people seem to be expected a pullback in prices. This could be a good time to get in, or a good time to sell and start renting again, no one knows.
Aside from my current kitchen remodeling woes, buying an apartment was the hardest personal project I have ever done.
Lots of stuff to think about, good luck!
You may want to look at co-ops or cond-ops since the price will be lower than a condo. Always find out how financially stable the building is, or your maintenance fees will go up every year.
Don't go by listings in the paper or fliers from real estate agencies, they are never for real and never available. The best listings will come with repeated dates with a full blown realtor that can show you everything that is not listed.
Make sure you visit the new place a few different times before buying. You want to know how loud it is at night and during the day, also keep an eye on the street traffic and general pedestrian issues. Sometimes apartments get sold an hour after they are listed. Don't get too upset if this happens, you need to be ready to act quick, but not too quick.
If you have a day job, I recommend finding a place with a 24-7 doorman. It is a night/day kind of thing for me, I wouldn't be able to function without my doorman there to sign for packages, accept the laundry, allow workers and cleaning people into the place, etc.
Also, you may want to think about the current real estate market before making any moves. It has softened a bit and people seem to be expected a pullback in prices. This could be a good time to get in, or a good time to sell and start renting again, no one knows.
Aside from my current kitchen remodeling woes, buying an apartment was the hardest personal project I have ever done.
Lots of stuff to think about, good luck!
my 2 pieces of adices is:
-if you can muster the 20% down payment you'll save in the long run. The w/o paying the mortgage insurance (PMI).
-perform any work in the place before moving in (ie: flooring ,sanding, kitchen/bath renov.) these are a PITA when you're living in the space.
Good luck.
Peter
-if you can muster the 20% down payment you'll save in the long run. The w/o paying the mortgage insurance (PMI).
-perform any work in the place before moving in (ie: flooring ,sanding, kitchen/bath renov.) these are a PITA when you're living in the space.
Good luck.
Peter
- Location
- The Big City
Josh hit on some good point about getting a building with 24 hour doorman as not only is it great for delivery but the safety issues also are important and because of having a 24 hour doorman you'll save on insurance.
You want to make sure that you read the board minutes as in them you'll find out about the building finances and what capital improvements and repair work that the building may have coming up. This is some thing that your lawyer should do as well as checking out the building financial statements.
Also don't get caught up on one place because alot of times things fall though and you get stuck trying to get that place and it just turns out it's never going to happen. Always keep looking until the deal is completely.
It is a long draw out process that can take months and is very frusting.
Michael
You want to make sure that you read the board minutes as in them you'll find out about the building finances and what capital improvements and repair work that the building may have coming up. This is some thing that your lawyer should do as well as checking out the building financial statements.
Also don't get caught up on one place because alot of times things fall though and you get stuck trying to get that place and it just turns out it's never going to happen. Always keep looking until the deal is completely.
It is a long draw out process that can take months and is very frusting.
Michael
don't buy now. the real estate market in NYC dropped 13% in the third quarter. The huge influx of new real estate brokers and the increase in the number of people speculating on real estate in the area and rising interest rates are all signs of a downward trend.
1. the influx of brokers is much like the mass exodus of workers into the stock market field. when a large portion of the general public jumps into something, it's usually a bad sign.
2. the increasing number of buyers who are speculating - see above. morons jumping on the bandwagon hoping to not miss a boat that is on the last leg of its voyage. panic buying is often worse than panic selling.
3. increasing rates. as mortgage rates go up, the value of real estate comes down. as it becomes harder for people to get mortgages on high priced properties, new and interesting ways to borrow seem to pop up in the market place. these loans are dangerous and can be deadly in the real estate market. I read somewhere that something like 4% of all loans used to be unconvenional loans (mainly ARMS). now it is something like 30 or 40%, possible higher and the loans are not only ARMS but oddballs like pay what you want loans, with the unpaid monthly portion added to the balance on the mortgage.
when the market drops 13% on you, and you paid 10% down, you will have a house with a mortgage on it that is larger than the value. now, let's say the rates on your mortgage go up and you cannot afford to make your payments anymore. so you say "let's sell it before we go broke"
great, selling it will cost you money.
the only way you should be buying now is if you are planning on being in the home for a long time, so you can ride out the inevitable downturn in the market (real estate is cyclical and does drop in value). It would also be wise to figure out every worse case scenario cost on the mortgage, if you are planning any of the crazy options out there. In other words, can you afford that $300,000 mortgage at 7%? 8% etc.
1. the influx of brokers is much like the mass exodus of workers into the stock market field. when a large portion of the general public jumps into something, it's usually a bad sign.
2. the increasing number of buyers who are speculating - see above. morons jumping on the bandwagon hoping to not miss a boat that is on the last leg of its voyage. panic buying is often worse than panic selling.
3. increasing rates. as mortgage rates go up, the value of real estate comes down. as it becomes harder for people to get mortgages on high priced properties, new and interesting ways to borrow seem to pop up in the market place. these loans are dangerous and can be deadly in the real estate market. I read somewhere that something like 4% of all loans used to be unconvenional loans (mainly ARMS). now it is something like 30 or 40%, possible higher and the loans are not only ARMS but oddballs like pay what you want loans, with the unpaid monthly portion added to the balance on the mortgage.
when the market drops 13% on you, and you paid 10% down, you will have a house with a mortgage on it that is larger than the value. now, let's say the rates on your mortgage go up and you cannot afford to make your payments anymore. so you say "let's sell it before we go broke"
great, selling it will cost you money.
the only way you should be buying now is if you are planning on being in the home for a long time, so you can ride out the inevitable downturn in the market (real estate is cyclical and does drop in value). It would also be wise to figure out every worse case scenario cost on the mortgage, if you are planning any of the crazy options out there. In other words, can you afford that $300,000 mortgage at 7%? 8% etc.
Fantasic advice Crakeur!
Get a fixed rate mortgage. Rates are going up in the next year, IMO. The low yields on mortgage rates have already been seen, it only up from here, especially with the fed raising rates and inflation picking up in a big way. Did you see the most current CPI and PPI, , and that's the governments BS data!
Get a fixed rate mortgage. Rates are going up in the next year, IMO. The low yields on mortgage rates have already been seen, it only up from here, especially with the fed raising rates and inflation picking up in a big way. Did you see the most current CPI and PPI,
, and that's the governments BS data!
- Location
- The Big City
Crakeur lost his password said:
Unfortunily people have been predicting the market to do a down turn for the ;ast 5 - 7 years and it hasn't happen yet.
JoshSaul said:
I agree about the doorman.
I'm thinking of moving, so at this point I would rather buy something than keep spending money on rent.
pmui said:
I hope to have the 20%, but if I find a place I love that might not happen.
I plan on doing major work to the place I get, and I won't be living there. I know that drill, it's no fun.
marrone said:
thanks, I did not know about the board minutes, is that something they have always available?
Crakeur lost his password said:
thanks crakeur,
this will be my home, but I'm also hoping to find something to improve greatly and give myself an extra cushion for when it's time to sell.
what about a fixed mortage? I'm pretty conservative when it comes to finances, except for a having a reef tank
solbby said:Fantasic advice Crakeur!
Get a fixed rate mortgage. Rates are going up in the next year, IMO. The low yields on mortgage rates have already been seen, it only up from here, especially with the fed raising rates and inflation picking up in a big way. Did you see the most current CPI and PPI,
I have not seen the current data, what's happening?
- Location
- The Big City
They should have the board mintues in either the super or managing agent office. You'll probably need to ask in advance and they should let you and your lawyer review them. You'll find all kinds of stuff form mortgage renewal to building repairs to any assisments that maybe needed. Also maintance increase should be in them as lawsuits and any other issues,.
Data present by Mr. William A. M. Buckler from THE PRIVATEER:
"The US consumer price index for September rose by 1.2 percent, its biggest monthly increase in 25 years. The US ?CPI-U?, the consumer price measure of all urban consumers, stood 4.7% higher in September 2005 than it did in September 2004. The US PPI, the Producer Price Index, shows that over the past year, unadjusted US producer prices rose 6.9%. These are all savage numbers. US producer prices climbed 1.9 percent in September, a Labor Department report showed, as surging energy prices boosted all US raw material costs. Worse, in economic terms, is the fact that the acceleration of both the CPI and the PPI is increasing. Taking the data for the past six months and stretching it out for a year gives figures above the current annual increases.
This very simple method shows that the trend is now firmly in place for both of these US indices to climb further over the months ahead. The current US September CPI is pointing to an annualised increase in prices of 14.2 percent and the US PPI is pointing to an annualised increase of an enormous 22.8 percent. This last points firmly in the direction of even higher US consumer prices."
"The US consumer price index for September rose by 1.2 percent, its biggest monthly increase in 25 years. The US ?CPI-U?, the consumer price measure of all urban consumers, stood 4.7% higher in September 2005 than it did in September 2004. The US PPI, the Producer Price Index, shows that over the past year, unadjusted US producer prices rose 6.9%. These are all savage numbers. US producer prices climbed 1.9 percent in September, a Labor Department report showed, as surging energy prices boosted all US raw material costs. Worse, in economic terms, is the fact that the acceleration of both the CPI and the PPI is increasing. Taking the data for the past six months and stretching it out for a year gives figures above the current annual increases.
This very simple method shows that the trend is now firmly in place for both of these US indices to climb further over the months ahead. The current US September CPI is pointing to an annualised increase in prices of 14.2 percent and the US PPI is pointing to an annualised increase of an enormous 22.8 percent. This last points firmly in the direction of even higher US consumer prices."
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