annieny's Profile
- Annie
- 2005
- 2007
- Brooklyn
- Park Slope
- Rental
Author's Posts
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.
March 12, 2009
"All-American" Mortgage?
Has anyone used All-American mortgage for a refi or original mortgage? They are not brokers. Every company (including Countrywide, whom I have my original mortgage with) are so inconsistent every time I speak with them. Just so you know I'm not a spammer, I find All American to be slightly shady, but I'm just not sure! Any feedback appreciated.
November 8, 2008
Using a co-borrower on a Mortgage
I am looking at purchasing a 3 family. I will live in it and rent out the other 2 units. With the current tenants, my mortgage and insurance would be more or less paid, and the units are not even at market value. However, despite excellent credit, the mortgage folks have told me that I'm a little short on gross income, given the the sales price and debt to income ratio. I have an extremely close childhood friend who could/would sign on as a "co-borrower" so that I could make the income minimum. If my friend is neither going to live there or pay costs, what are the implications for her, tax-wise etc. She will put no money down. (I realize if I default or die she is liable) I'm just trying to get a general idea about the nuances of this. If anyone has had any experience with this, please share! Thank you.
Author's Comments
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
Congratulations if it has gone through.
Is it the same place that you were discussing here?
http://www.brownstoner.com/forum/archives/2009/01/offer_accepted_1.php#comments
Are you able to share any non-attributable details (eg neighbourhood, size, price v original ask, comps, etc)?
Posted by: the chicken at April 9, 2009 9:37 AM in response to Can a Seller Change His Mind?
If both parties have signed the contract and deposit has been put in escrow you're in very good shape. Never a done deal 'til the closing but think it's safe to say that vast majority of problems occur before this stage.
Won't tempt fate by saying congrats, but I've been there and I tend to breath easier at this point.
Posted by: Johnny at April 9, 2009 9:40 AM in response to Can a Seller Change His Mind?
If the seller does change their mind, you can sue them for nonperformance and essentially force them to close. It would be a huge mess and take a long time, but the likelihood of the seller attempting to back out once the contract is signed and the deposit is in escrow should be quite small, unless the seller is an idiot.
Posted by: geekspice at April 9, 2009 9:54 AM in response to Can a Seller Change His Mind?
And, the seller will unlikely be able to sell it to someone else once the lawsuit is filed!!!
Posted by: daveinbedstuy at April 9, 2009 9:59 AM in response to Can a Seller Change His Mind?
The Chicken,
I remember that post. Well, I'm happy to say that is not the property that I'm in contact for. Got a stellar deal in the same area for roughly 20% off the asking price. House needs works but it has everything that I'm looking for, and I'm more than happy to take on the task. House is in PLG, and I found it simply out of frustration with the other crappy broker who couldn't get my deal going.
Posted by: Attention2detail at April 9, 2009 12:30 PM in response to Can a Seller Change His Mind?
This happened to a co-worker of mine. They put their house up for sale in anticipation of divorce. They entered into contract and reconciled two weeks before closing so decided that they did not want to sell. They were sued and the judge awarded the prospective buyer a very small settlement which I guess covered their expenses in attempting to purchase the house. No judge will ORDER someone sell you their home if they change their mind but the seller will pay for breaching the contract. Many things can and do go wrong before closing so hope for the best, you don't seem to have a reason not to but the house is not yours until the end of the closing. Good Luck.
Posted by: Chosen at April 9, 2009 1:45 PM in response to Can a Seller Change His Mind?
Welcome to PLG. It sounds like you worked hard to get here and I hope you will be as happy as we are. It is a great neighborhood and getting better all the time. We too put 10% down with our offer because we were so thrilled to get our house and wanted to lock the deal in tight. It worked out fine and hopefully it will for you as well. We are on the house tour this year so maybe we will see you here.
Posted by: LM at April 9, 2009 2:34 PM in response to Can a Seller Change His Mind?
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
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?