Submit Offer Form Advice


My brother is planning to put in a submit offer form on a condo. Beyond the obvious commitment to the offered price, the form also asks about a payment breakdown…how much on signed contract, how much on approved mortgage, how much at closing… Any input on this? I think that I’m being thrown by the 2nd field for more $$ upon approved mortgage, but he is planning on a mortgage and inspection contingency. So should it be 1/2 the downpayment on signed contract, 1/2 on approved mortgage and the balance at closing?

Also, any insights on points to include here? FYI: This is a resale, so no TCO issues etc.
Again, this is just the Submit Offer form; our attorney will be dealing with Offering Plan and Contract.

Thanks BStoners!

Categories: Brokers
By BKRed | 05/11/2010 3:14 PM | Comment

Passing on Sanitation Fine


I need the forum’s advice… I have four tenants in a non-owner-occupied home. A month or two ago, we got a sanitation ticket and I paid it, and alerted everyone that if it happened again, I’d split it among the apartments if no one ‘fessed up. It just happened again, but this time it’s $100, not $25. I’ve asked everyone if it was them, but they all say no. I know there’s a (remote) possibility that it wasn’t any of them. Despite the warning/alert, is it wrong (or petty) to pass on the charge? I’d like them to self-police the trash better. (I do have someone who brings the trash to the curb, but this incident was about putting out the trash on the wrong day, so it’s not on him.)

Thank you!

Categories: Landlord
By BKRed | 03/24/2010 9:31 PM | Comment

Condo or Coop?


I’d love to get opinions on whether people would lean towards a well-managed pre-war coop (24 units total) or a new development condo (8 units). Assume factors like layout, neighborhood, unit price & monthly costs are all relatively equal.

I know we’ll have to negotiate transfer taxes on the condo; any other advice?

The idea of owning the property vs. shares is more appealing, but new construction is certainly a bit scary…they don’t build ‘em like they used to.

Thanks Brownstoners!

Categories: Real Estate
By BKRed | 03/16/2010 9:45 AM | Comment

How Can Self-Employed Refinance?


I’m almost afraid to unleash chum into the water by asking, but with a recent post about refinancing, I have a general concern about freelancers and mortgages.

I have two properties and have over 20% equity in both of them. I’ve also been self-employed (S-corp) for almost 10 years.

Each year, my accountant has (legally) done his magic to reduce my taxable income via the expenses involved investment property and my small production company.

I truly feel like since I left corporate America and went on my own, I have no idea how much I make…of course the company has a gross, but between the S-corp flow through, the expenses as deductions etc…I just focus on the fact that the bills are paid, there’s food on the table and I can travel and save a bit, because the AGI is so low.

But all that flies in the face of qualifying for a refi.

So, how can the (growing) legion of freelancers refi in this climate? Do you really have to take the hit on taxable income one year to qualify?

Categories: Mortgage
By BKRed | 09/02/2009 5:23 PM | Comment

Professional Mirror Hangers


Can anyone recommend anyone who specializes in hanging mirrors? I have a large, heavy mirror that I want to hang over a stairwell, which has my handyman very leery. I think using a pro is the best way to go. There was one recommendation in the archives that was about 3 years old, so I thought I’d do a more recent inquiry. Thanks!

Categories: Glass
By BKRed | 06/06/2009 3:57 PM | Comment

Who’s On the Lease?


I wanted to get opinions on the pros/cons of having only one of two people living in a rental apt on the lease. I think sometimes a couple only wants to process the application for one of them to save on the credit check fee. If one of the two qualifies, is that OK, or does it leave me open to any potential issues down the road? Thanks!

Categories: Landlord
By BKRed | 06/01/2009 4:21 PM | Comment

Replacing kitchen cabinets


I need to replace the sink base cabinet in my rental apt and wonder if anyone knows where these older Euro-style cabinets can be found. Thanks!

Categories: Kitchen & Bath
By BKRed | 05/26/2009 11:31 PM | Comment

Assessing Tenant Damages


I did a complete gut on a multi-family brownstone so the tenants moved into an apartment that was brand-new, with all the current amenities.

The first tenants are moving out and I’d like to get a sense of whether three issues exceed “normal wear and tear” and should be covered by their security deposit:

1) Floors…there were 2 girls in the apt. who ALWAYS wore high heels. The result is hundreds of tiny dings in the floor, which is primarily beech with cherry in the bedrooms…really hard woods! Whether I resand them now or not, I feel like this is excessive damage but would love the forum’s input.

2) Painting…while the apartment is going to be repainted for new tenants, these people violated the lease by smoking in the apartment…not ALL the time, but bouts of days at a time throughout the past 18 months. Should they contribute at all to the cost of repainting?

3) Stainless steel fridge: They must have used some cheap magnets that left really, really bad scratches on the fridge door. I’m not even sure how to remedy that, but I think that’s beyond normal wear and tear, right?

I want to be fair to both them and me, so thanks for your input.

By BKRed | 03/29/2009 10:11 AM | Comment

How to Remove Stains from Marble Floor?


I didn’t want to put it in the headline, but unfortunately, I have several vomit stains on my marble floor. There are two parts…one is light (creme marfil) and the other dark (nero gold). I cleaned up but, as I now know, the acid leaves an etched stain. I did a little research online, and it sounds like a poultice is in order, but the advice is all over on the ingredients…anyone have any experience with this? I’m nervous that it’s either already ruined or that I’m about to accomplish that! Thanks in advance!

Categories: Marble
By BKRed | 11/03/2008 9:37 AM | Comment

421a Abatement Advice_2nd Try


Hi all,

I thought I’d repost in case I had bad timing with the weekend. Please know that I doublechecked the archive before posting!

Five months ago, I’ve moved into a 16 unit new condo development which hasn’t yet received its 421a abatement. (It’s eligible, but it hasn’t received approval yet.) The building filed for this last year and has also received its C of O.

A few questions:
1) Should I be paying property taxes until the 421a comes through? The bank that holds my mortgage has increased my escrow payment because the 421a hasn’t been approved yet.

2) If I do, will I get the paid taxes back? (Will the 421a be retroactive?)

3) What can be done to expedite or even follow up on the status of the 421a? The developer has been no help in the process and I’d like to call anyone else who can give me some facts/insight on how to navigate this process.

Thank you in advance!

By BKRed | 09/22/2008 10:10 PM | Comment