Lisa FG's Profile
- Lisa
- 2005
- 2005
- Brooklyn
- Fort Greene
- House
- Finance
- Female
- 40
Author's Posts
February 5, 2009
Refinancing a 3 Family?
I bought my 3 family brownstone in Fort Greene about 3.5 years ago with 10% down. I'm still employed, the rental history has been good and Fort Greene seems to be holding it's value, but my mortgage broker keeps telling me that it is impossible to finance jumbos or 3-families with only 10% down. My rate is 6.25% and I was wondering if I could do better?
January 23, 2009
Soft Rental Market - Part 2
Hi All,
I'm the OP from yesterday's post. Thanks for all your comments. I wrote a response on the original post - #44 or so.
Thanks, Lisa
January 22, 2009
Soft Rental Market?
I've rented 2 floor-thrus in my Fort Greene brownstone for the past 3 years with no problem, but I always use a broker. Suddenly, I'm having trouble. Has the bottom fallen out of the rental market already? Has anyone else had to lower rents? I'm probably going to list it on craigslist - any other ideas?
Author's Comments
Hi All,
I'm the OP. Thanks for your comments. I've been using a broker to rent my apartments because when I bought my brownstone 3 years ago and rented them myself, a con-man saw me coming a mile away. He pretended to be a doctor (he wasn't even close), gave me a fake w2 and SS#, and when I asked him to send me a credit report (very bad strategy), he told me he had trouble printing it and modified it to show "low risk". All this while sweet talking me with his Ivy League non-credentials. I was totally naive and didn't follow-up on any of his claims. I had never met anyone who wore a Harvard t-shirt to try and con people! He actually paid the rent for a year, and then stopped - making up every excuse in the book to carry on the charade that he was a legitimate professional rather than a pathological liar and psychopath dead-beat loser. (For those of you on this list curious about the socio-dynamics, we're both Black, I'm female and was single at the time.) It took me 6 months to evict him (yep, 6 months of no rent plus legal fees) and it was a horrible experience. (Tip: spend the money on a good lawyer. It will save you time, i.e. rent, in the long run.) Soooo, I've been using a broker ever since to really dig into people's credit checks. That being said, I'm a little wiser than I was 3 years ago and will probably attempt a craigslisting. In addition to credit checks, it's amazing what you can learn about people on the Internet now for free. The consensus from the Forum really sounds like people aren't using brokers anymore.
As for the apartment, it's a 1 bedroom, 3rd floor walk-up in good condition with great light on Clermont between Fulton and Greene. The previous tenant was paying $1,850. More comments?
Thanks, Lisa
Posted by: Lisa FG at January 23, 2009 11:02 AM in response to Soft Rental Market?
In a word - no. I've had my broker looking for a loan to refinance my 6.25 jumbo for months - nothing. I also heard that many banks aren't even offering that product - 90% financing for a 3 family - anymore.
Posted by: Lisa FG at January 22, 2009 2:17 PM in response to Jumbo Mortgage Rates
Lisa FG wrote a review about Tillie's of Brooklyn on December 1, 2008 1:43 PM
Wow, I didn't realize so many people felt the same way that I do about Tillie's! Someone should send the owner this thread. I really wish Tillie's was better. The coffee is consistently terrible and the food is really uninspiring. It is such a great place for the community, I really want to support it. I love the newspapers, art, outdoor tables, mural, characters and neighborhoody feel. Yeah, the counter-people could be nicer (kinda snotty college kids who really don't want to be there), but I can put up with even them. But the coffee and the food make me frequent the place a lot less than I'd like to. And it isn't even cheap! Thanks for posting Tillie's, Brownstoner. Maybe it will help. And it feels good to vent :)
It is hard for me to say anything positive about Jerry Minsky. He was supposedly the broker on my FG townhouse when I bought it 3 years ago and I NEVER EVEN MET HIM.
Posted by: Lisa FG at October 31, 2008 11:43 AM in response to Minsky Out At Corcoran?
I'd like to know how he controls the mosquitos in his Fort Greene backyard to even entertain anybody.
Posted by: Lisa FG at October 15, 2008 11:49 AM in response to NY Mag Tackles Home Design
Wasn't anyone at the Fort Greene Indy Bookstore thing last night? I know an independent bookstore that is looking for 1500-2000 sf. Also, what IS the story with Cellars? Why has it been empty so long?
Posted by: Lisa FG at September 17, 2008 2:37 PM in response to It's Official: L'Epicerie Est Morte
$1.2m initially sounded VERY cheap to me too, but rent stabilized at $1700 is a total deal breaker. It is hard enough to get non-stabilized tenants out if they don't want to move.
Posted by: Lisa FG at July 17, 2008 2:51 PM in response to House of the Day: 228 Washington Avenue
Responses to Author's Forum Comments
I let my attorney do the credit check.. Money well spent.
Posted by: daveinbedstuy at January 23, 2009 11:32 AM in response to Soft Rental Market?
As for Brokers vs FSBOs, I own a two family and have used brokers for the rental. It saves me the time and effort of dealing with prospective tenants and has always resulted in a good experience from my perspective, and good tenants who have always renewed. Brokers do know the market and what the asking price should be.
When I used to rent, I hated dealing with the rental brokers, especially those who handed you a key and told you to find the place yourself, or showed you garbage that was nothing like what you wanted. But as an owner, its my preference, and I dont see the downside.
FYI - My my most recent rental started in Nov 2008, and its possible things have changed significantly since then.
Posted by: very bored at work at January 23, 2009 11:41 AM in response to Soft Rental Market?
Everywhere I've lived in NYC the landlord has phoned both my employer and my last landlord (except when I moved in with a boyfriend. I guess he figured he knew me). The internet is your friend, too. If you're really feeling paranoid, you can make sure that the "landlord reference" you're talking to actually owns the building (Property Shark).
Posted by: serpentor at January 23, 2009 12:24 PM in response to Soft Rental Market?
OP, what a story. I'm not a landlord (yet) but I gather there are services that do credit and background checks for landlords. Anyone know the name of some?
I would say only 3 percent of FRBO listings on Craigslist are legitimate. The rest are unlicensed brokers posing as owners. They use every trick in the book. They are terrible.
I have never seen a genuine FRBO listing that did not accurately state the location and other details.
Posted by: mopar at January 23, 2009 2:40 PM in response to Soft Rental Market?
The fake FRBO listings are fairly easy to spot, I think.
There are credit/criminal/background check services. I use TenantVerification.com for this. They do provide housing court records, if any, as well as terrorist watch list checks and other exotic checking.
Even so, I think you have to trust your gut to a degree and do the reference-checking yourself. Like the OP said, a lot can go wrong.
Posted by: corolla at January 23, 2009 4:51 PM in response to Soft Rental Market?
have you found anything yet? as wells fargo is rolling out a special super credit jumbo product which might be very attractive to you.
email me at benjamin.levin@wellsfargo.com for more info
Posted by: Blev9701 at January 28, 2009 2:40 PM in response to Jumbo Mortgage Rates

Here we go again. I have been on mosquito warfare for 3 years - with little success. I spent over $600 on a Mosquito Magnet last year with very disappointing results - and it was a total pain in the a$$. It takes constant vigilance - some squirrels attacked it, I had to build a wire encasement to protect it! And changing the propane tanks every 2-3 weeks is no small feat if you have young children - or a life. Very few places repair them or are capable of maintaining them. I tried all the various placements, attractants, etc. But I totally agree with New South Sloper - if your neighbor isn't doing anything and there is standing water or even overgrown brush - your efforts will be futile. This year I am planting citronella and penny royal all over the place. I also bought a ton of cintronella candles, which seem to help as long as you are standing right on top of the candle, and plenty of citronella oil so I can lube up. It really pisses me off that after essentially buying a house for the outdoor space I can barely use it!!!
Posted by: Lisa FG at March 30, 2009 5:52 PM in response to Mosquitoes