annieny's Profile
- Annie
- 2005
- 2007
- Brooklyn
- Park Slope
- Rental
Author's Posts
February 12, 2010
Homeowner's Insurance - Bed Stuy
I'm in contract for a three family brick new construction in Bed Stuy near Clinton Hill. Does anyone have recommendations for homeowner's insurance, and what are you paying? Owner occupied. Thanks!
February 8, 2010
Seller's Concession Question
My broker mentioned using a seller's concession to cover closing costs. I'm still trying to wrap my head around something-does this mean the buyer get reimbursed, in cash, the closing costs? (After the new purchase price adding closing costs.) The higher mortgage amount still works for me. Has anyone done this and how was the experience? Thanks!
February 1, 2010
Creative Input Needed
A seller (who is also a builder) offered to finish a cellar for me as part of the deal. He wants to tile the floor, but I would prefer (mostly) wood floors. I realize that moisture is an issue. I plan on putting a rec room and office. The office would have a window in the back of the house. Any other flooring alternatives that are attractive but not too expensive etc. Any other basement/cellar ideas appreciated!
It's about 850 sq. feet.
January 29, 2010
Amerifund Mortgage?
Has anyone used Amerifund for a mortage, and how was your experience? Also, how long are house closings taking these days once offers have been accepted?
January 25, 2010
Anyone used Mortgage Concepts?
Has anyone used Mortgage Concepts mortgage bankers? I believe they operate out of Bed-Stuy. The broker on a house I'm interested in recommended them, and I was just looking for a reference. The mortgage banker/broker I'm talking with is Eric Eisenberg. Thanks!
January 15, 2010
FHA Insurance Question
I'm getting mixed messages on how long one must continue to pay FHA mortgage "PMI". I know that the property has to reach 78% LTV, but does it have to be after a minumim of 5 years of paying it? If, after one or two years, your equity reaches 78% (22%), after an appraisal is one eligible to stop paying the FHA-MI? thanks!
December 30, 2009
Game Theorists Needed!
Has anyone had experience in a "blind bid" foreclosure offer? The bank wants "X" amount. I can go 10-15% above X and still make a great profit as a rental carrying a mortgage. Of course, I could offer LESS than X and make an even bigger profit, but I will be competing against other offers including all cash offers. I can only put down 10%.
My dilemma, do people ever offer MORE than the bank's asking price? I am wondering if I should just offer the asking price, assuming that everyone else will be offering LESS than the asking pricek but I may be wrong in this assumption. Aside from being a great financial opportunity, the property is extremely close to my residence, so there is intangible value in that to me. Any thoughts people have would be appreciated.
November 17, 2009
Investment Neigborhoods.
I'm thinking about buying a 2 or 3 family as a rental property. I've been looking at Sunset Park, Bed Stuy & Bushwick. Any thoughts?
July 25, 2009
Fruit Flies
All of a sudden, I've had this mild but irritating fruit fly infestation. I can't find the source, my kitchen is clean, and there are never any other bugs in my apartment. Does anyone have a recommendation, product etc. for getting rid of them?
April 11, 2009
"Settlement" charges for Refi
I just received my mortgage app in the mail for my refi, and one of the sheets they want me to sign says using their Settlement agency the "estimate of charge or range of charges or settlement services" of between .24% & .37% of the loan. Does anyone know about this, if it's normal, too expensive, negotiable etc.? They disclose that I am free to look for another settlement service provider.
Author's Comments
don't convert it. Just do your renovations saying you need another kitchen. 3 family is higher insurance, higher interest rate on loan, harder to sell.
Posted by: annieny at December 30, 2009 4:49 PM in response to 3-Family Woodframe?
Yes, I'm in Greenwood Heights lower than you, and had to chop $100 off the rent from an apartment I rented out two years ago. Also, I didn't get nearly the responses. I may have to be open to using a broker. It's definitely tougher right now. But losing $1200-2400$ in rent this year is probably a lot better than what you'd lose if your money had all been in the stock market!
Posted by: annieny at July 26, 2009 12:47 PM in response to Hard to Rent in G'wood Heights?
Well, it's 3rd Avenue. Where else should you put a strip club whorehouse?
Posted by: annieny at May 24, 2009 11:39 AM in response to crossroads supper club 3rd ave
i think until your check clears the contract isn't enforceable. check your account to see tht it's been deposited. This happened to me. The seller didn't deposit my check for two weeks, and said he was working on a better offer. I didn't counter offer, but just rode it out. Sorry if that's not the answer you wanted to hear.
Posted by: annieny at April 8, 2009 11:00 PM in response to Can a Seller Change His Mind?
This is why it's so expensive:
http://en.wikipedia.org/wiki/53rd_&_3rd
Posted by: annieny at March 26, 2009 9:21 PM in response to Ridiculous price for lot of land
They look like they're getting ready to walk away together : ) Sell or keep. Really nice!
Posted by: annieny at March 22, 2009 10:32 AM in response to 2 Unusually Decorative Cabinets
Could you explain this a little better?
Posted by: annieny at March 20, 2009 3:14 PM in response to Cellar access
Hey Nanook, to where did you move? Is there anywhere in Brooklyn that isn't a little boring besides Williamsburg, which is a little too unboring?
Posted by: annieny at March 12, 2009 6:00 PM in response to Shout out for Cobble Hill
The seller has probably already worked the lowball offer into the price by asking more than they actually want. They'd probably be ecstatic with a 1.2 offer so how could they be offended by 1.1? Make your offer and then walk away. They'll pretend to be offended and then call you back in 2 weeks...
Posted by: annieny at March 9, 2009 1:13 AM in response to Making an Offer?
Whether sale prices go up or down, my rule of thumb about purchasing is this: After putting 20% down, will my "nut" be more than I would be paying to rent a comparable place? If so, then you may be overpaying in this market. If not, then don't worry about it. People have been telling me that I overpaid for the 3 family I live in since I bought it last year at the height of the market. My answer to them: My tenants pay the mortgage. I live rent free---who cares!!!
Posted by: annieny at January 17, 2009 9:53 AM in response to best pricing strategy now?
I remember when I was a bartender, and certain people left me outrageously big tips. I never thought "Gee, what a great, generous, person!" I thought "What an insecure, needing-to-be-liked idiot..." (Unless they were wealthy and it didn't matter and they were spreading the wealth.) Chances are, your tenants, whom you admit don't talk much to you, just think you're an idiot.
Posted by: annieny at January 8, 2009 10:05 PM in response to Raising Rent, Followup
Let me use an analogy. Let's say you were a struggling street vendor selling a vintage suit. At 9 a.m. someone said, "I love the suit. Can I come by after work and pay for it?" "Sure, but you have to leave a $50 deposit." So they leave the deposit. Through the course of the day, 2 other people came up to you and offer to buy the suit. You turn them down. Then the person who put the deposit down comes back at 5 pm and says, "On second thought, I don't want the suit. Can I have my money back?" If you were the vendor, what would you say to this person?
Posted by: annieny at December 10, 2008 11:43 PM in response to Realtor help
Who "blindly" gives someone $1500? If realtors are sleazy-- and they are-- they are merely a reflection, a distillation of the public. Please define again for me what exactly a "deposit" is. Maybe I don't understand.
Posted by: annieny at December 10, 2008 11:36 PM in response to Realtor help
"You folks asked for it, and .... it looks like you're going to get it." The stock market is down 35% ... We already GOT IT idiot!!!!!
Posted by: annieny at November 16, 2008 11:55 PM in response to Obama's First Interview: Oh my God!
COngratulations. What bank did they end up using for the mortgage?
Posted by: annieny at November 15, 2008 9:39 AM in response to bought a house with 10% down
Responses to Author's Forum Comments
if it is not a rent control or rent stabilized then you can do what ever you want. especially if there is no lease. be a slum lord or subside their rent but dont whine.
Posted by: meme at April 21, 2009 2:07 PM in response to Raising Rent, Followup
check DOB website for the building designation. There is "Adult" designation. If the building is not marked - call 3111
http://a810-bisweb.nyc.gov/bisweb/bispi00.jsp?static=true&s=F9857D609E3F3856C39E62CB3E32F19D
Posted by: bobjohn at May 24, 2009 2:05 PM in response to crossroads supper club 3rd ave
Crossroads googles out to 402 3rd Avenue. Looking at link below, there's a "Legal Adult Use" category that is "No" for this address.
Posted by: bkrules at May 24, 2009 3:06 PM in response to crossroads supper club 3rd ave
Check out their facebook page... the place doesn't look like what you are implying.
Posted by: oe at May 24, 2009 8:48 PM in response to crossroads supper club 3rd ave
mmmm, illegal strip join....
can you make pictures of the girls and post it on this site?
Posted by: bobjohn at May 24, 2009 10:58 PM in response to crossroads supper club 3rd ave
What's wrong with a a strip-sex club with occasional ghettofab parties? ;)
Posted by: meerkatz at May 27, 2009 5:30 PM in response to crossroads supper club 3rd ave
Agree, you just have to lower your price. This happens everywhere and you should not assume the rent will always go up. In Carroll Gardens, rents went down between 2001 and 2003 or so, then started slowly rising again. Now they are going down again. Lower the rent enough to find a good, reliable tenant (and be able to be choosy) instead of waiting for someone unreliable who agrees to a higher rent. You will be far better off.
Posted by: CGfan at July 26, 2009 1:11 PM in response to Hard to Rent in G'wood Heights?
I had to lower the rent by $50 in center slope. What was really shocking was the amount of people that responded to the ad. I used to get a stampede! Now only a few showed up.
Posted by: troll at July 26, 2009 6:06 PM in response to Hard to Rent in G'wood Heights?
I live in Greenwood Heights and I'm only paying $1,070 for a one bedroom. $1475 may be viewed as too high by many apartment hunters unless that apartment is super nice with a lot of amenities.
Posted by: InsertSnappyNameHere at July 26, 2009 6:46 PM in response to Hard to Rent in G'wood Heights?
I'm looking for a 1 br right now for under $1,300, but I think that location would be too far out. Like they said above, it would have to be super nice for me to consider it for even 1300. just a little renter's pov for you. good luck!
Posted by: sendmemedia at July 27, 2009 10:41 AM in response to Hard to Rent in G'wood Heights?
but I've done mortgages before, and they usually fold the closing costs into the mortgage anyhow. I don't see how this is any different...
Posted by: annieny at February 6, 2010 1:44 PM in response to Seller's Concession Question