hoffster's Profile
Author's Posts
November 21, 2009
Cost to install new thermostat
I have a steam heated 3 family. The heat works fine when it's on but the thermostat doesn't seem at all sensitive. Either I put it up over 70 and it comes on, or I have to drop it below 60 to turn off--regardless of what the temp is outside. I may want a programable one. What does this cost to install? Thanks.
November 12, 2009
PMI/ FHA Insurance
My question is a little longer-term in regards to PMI. Has anyone had experience getting appraised "out" of PMI? Obviously, RE values have to go up (or your principal payments bring you to 20% equity) Just curious what experience people have had getting out of PMI or FHA insurance. Thanks.
July 28, 2009
Refi Closing Costs - Shoe Drops!
Okay, went through my 3 month refi process, and finally got the good faith estimate on closing costs. Of course it was too good to be true from my original discussions with mortage banker, and suddenly there is an $6000 origination fee and .5 point loan discount fee that weren't previously discussed. My total estimated closing costs are 19,678--about 10K more than I was expecting. (I don't have to go through with it.) This is a "CEMA" loan. Before I call back and ream the mortgage banker, does anyone have any reference points on this? Has anyone done a NY refi recently and can tell me what kind of closing costs they incurred. (Original mortgage 608K) New One at 633K. Any advice? Thanks!
July 6, 2009
Feral Cats—Help!
I'm looking for someone to help me catch a feral cat family that lives in my backyard. It's two adults and 5 kittens. I'm am VERY allergic and suffer from asthma, not to mention I don't have the time really to do it. I am willing to pay someone who has the motivation and / or experience. I will cover any expenses as well. If you have a referral or interest in doing this, please leave contact info. They are all tabby cats.
February 18, 2009
Homeowner's Insurance - Slope
I'm paying $3860 a year in Homeowner's insurance, which seems like a lot. Got dumped from State Farm, currently with Sentinel. Does anyone have homeowner's on a wood-frame 3 Family west of 5th Avenue? I need a recommendation. Thanks!
January 26, 2009
Primary Res. vs Investment taxes
I own and live in a 3 Family.
I was thinking of moving out of my 1 bedroom apt. to a different neighborhood for a couple of years. (My neighborhood is somewhat transitional and just a little quiet for my tastes.) My questions are:
1. If I move out, how long until I permanently lose the owner occupier benefits if I were to sell the house, as far as not paying capital gains on profit? Can I reestablish owner-occupier status?
2. Since I will have three rental incomes if I move out, how bad are the tax consequences verses being an owner-occupier?
3. If there's anything I'm missing, please feel free to contribute your thoughts. Thanks.
January 18, 2009
Accountant Reference wanted
I am a 2nd year landlord and think I'm ready to graduate from turbotax to a real accountant. Looking for a decent RE experienced accountant that's not too expensive. Also, do people find that using an accountant is worth it? Feedback appreciated.
December 22, 2008
Wild Backyard Brooklyn Kittens
Found these critters in my South Slope backyard. Very, very, cool looking....
http://newyork.craigslist.org/brk/pet/966612586.html
November 17, 2008
Rubber Tree with a Pedigree (Redux)
Please adopt this free rubber tree before the winter winds claim it. It originally comes from "Lillie's Bar" in Red Hook.
(646) 298-4164
November 3, 2008
Street smarts
This is a response to some recent crime postings:
My tenant recently had a guy follow her up to the door when she was coming home at around 3 a.m. on a weekend night. The guy was probably just a drunk, but she screamed, and he ran off. I share this with you, especially women, to emphasize the point that sometimes it only takes something that simple --screaming-- to protect yourself. Don't be paralyzed with fear or embarrassed-- scream and or run.
I am born and raised in NYC and have been through the good and bad times. I grew up here during the bad times and had been mugged (and once kidnapped) at least 30 times before the age of 14. (Read "Fortress of Solitude" if you don't believe me. I am Jonathan Lethem's age.)
One thing I learned from back then and something I later learned from my ex Israeli-commando Krav Maga instructor: The best defense is to avoid the situation to begin with. Political correctness must be thrown out the window. If you see a questionable person loitering in front of your house, wait until they leave or call your roommate or neighbor to come down. Listen to your intuition. If you think someone is following, try to alter your route to go to a more crowded area. I used to think (when I was 11) that crossing the street would offend people loitering and incite them to mug me. I learned at age 12 that it's better to cross the street. Criminals don't want attention. If they have to cross the street, they've been exposed. Do not walk under construction scaffolding, where they have the privacy to mug you at their leisure and not be seen. Don't be afraid of "offending" someone by, yes, profiling. I'm not talking about race--I'm talking about the person's presence, way of dressing, time of day, etc. Once, when I was about 18, I was coming home with a date on the subway, and the subway car was taken over by about 10 thugs who started punching and mugging people. Everyone was paralyzed by fear, rightfully so. I told my date to stand up, and we walked to another subway car. They let us go and no one followed us. It was that simple. I realize it isn't always that easy, but the point is many bad situations can be avoided by simple methods. And of course, get off your ipod and cell phone when you are walking at night.
Author's Comments
I'm no expert, but having gone through both purchasing and refinancing in the past two years, I don't think this is a good idea at all. Focus on selling your property first before making any offers. Your deal to sell could fall through or take much longer than you think. Also, it's very doubtful you could get a mortgage approval without the cash funds (pre-approval--yes.) Any seller of the property you want to buy from would be crazy to sign a contract with a sales contingency. Much too risky.
Posted by: hoffster at October 27, 2009 1:30 PM in response to Sales Contingency?
Your broker is a lying sack of **** about the closing costs. Guaranteed. They will drag you along for a few months, get you desperate, then slap on a lot of charges at the end because they know you are desperate to close. Get all estimated charges and fees in ADVANCE IN WRITING.
P.S. I'd avoid the interest only.
Posted by: hoffster at August 3, 2009 10:48 PM in response to Yet another refinance question.
OP here: This is a 3 family. It was supposed to be a CEMA but I don't see anything on GFE saying that.
Posted by: hoffster at July 28, 2009 2:51 PM in response to Refi Closing Costs - Shoe Drops!
First of all, the shades are great and totally worth it. Make sure you are extra careful with measurements. Whatever you do DO NOT go to Home Depot. Go to Lowe's. There's a very nice and competent woman in the shades department. Home Depot completely botched my order (completely their fault), lied, told me what I ordered didn't even exist, and then gave me the hardest time about a refund--the same year I dropped 25K there.
Posted by: hoffster at July 22, 2009 12:45 AM in response to Top Down/Bottom Up Shades
Thanks for the comments and advice. I will post an update when/if this resolves!
Posted by: hoffster at July 7, 2009 11:13 AM in response to Feral Cats—Help!
This fact might actually might help you. If you can get it as a two family you will get a better mortgage rate than a three, because it's considered less of an "investment" property. You might get the benefits of a three fam (more income) without the increased mortgage and insurance rates. Since your place is functioning as a 3 fam, you wouldn't have to change the C of O to convert it to a 2 Family. So you might have the best of both worlds. Also, the taxes might be higher on a three fam. (I own a three family.) But, I'm no expert...
Posted by: hoffster at July 6, 2009 2:20 PM in response to Mislead by seller
I do plan on "TNR" and hopefully give away kittens. I'm not trying to "clean up" the problem, but deal with it a responsible humane way. I do not feed the cats, but other neighborhood people do. I perfectly enjoy watching the cats and kittens in the backyard, but obviously need to deal with this for their benefit. I would like to have them returned, neutered, to the yard.
Posted by: hoffster at July 6, 2009 10:51 AM in response to Feral Cats—Help!
Thank you, but already have this information. There are no "for hire" or volunteer resources at animal alliance. If anyone has actual contacts, it would be appreciated.
Posted by: hoffster at July 5, 2009 8:28 PM in response to Feral Cats—Help!
Time to break out the $20 bill... (Maybe two of them...)
Posted by: hoffster at June 6, 2009 9:46 PM in response to Having super install window AC
I have a 3 family. I am not complaining because I have a good situation, but I can also tell you that refinancing is easier to do on a 2 family and you will get better rates, because it's less of an "investment" property. Also, if you sell the house the banks might require the buyer to put a greater percentage down, which will make it more difficult to sell. Just some other things to keep in mind...
Posted by: hoffster at June 5, 2009 9:20 AM in response to Using 3unit townhouse using as 2
This site is a good resource. Be careful of people posing as fha.
http://www.hud.gov/local/index.cfm?state=ny
Posted by: hoffster at May 29, 2009 8:42 PM in response to FHA mortgage
Gracious Home on the upper east side, third avenue, has some stuff.
Posted by: hoffster at May 23, 2009 8:52 AM in response to Ceiling fans
Yeah, I have this problem. I'm using Sentinel insurance that I got through my insurance broker, Mogil Insurance. I'm paying a lot $4K a year for my 3 fam. Google Mogil.
Posted by: hoffster at May 12, 2009 12:02 AM in response to Can't Get Insured Near Water
If you are saying that you have 25k for a down payment, no, you will not be able to do it right now. 3 families in particular are difficult right now in NY with low downpayments. Closing costs alone are probably 15K or so. You MIGHT be able to do a FHA loan. I doubt it.
Posted by: hoffster at April 25, 2009 1:18 AM in response to Will a mortage ever be offered @
From what I understand, FHA is just a matter of you applying through the mortgage lender. You can do any house and apply for a FHA loan if it meets their requirements. Keep in mind that you will pay PMI for five years if you do a FHA loan. In short, don't look for "FHA" houses or listings, --find a place you like and then talk to an FHA approved lender.
More: http://www.hud.gov/offices/hsg/sfh/insured.cfm
Posted by: hoffster at March 15, 2009 1:38 PM in response to How does FHA work in Brooklyn?
Well, I doubt they had mortgages in Elizabethan England, and probably a very small pool of potential buyers.
Posted by: hoffster at February 14, 2009 10:10 PM in response to Elizabethan England RE prices
Ask if they'll give you or email you a PDF.
Posted by: hoffster at February 12, 2009 8:45 AM in response to Having to "Buy" Offering Plan
Get the Rat Zapper at Pintchik's hardware in the Slope. Pintchik himself gave me a unsolicited money back guarantee. I gave it to my tenants and it's been working.
Posted by: hoffster at February 11, 2009 8:11 PM in response to Exterminating Mice?
One thing to keep in mind is when shopping for bathroom items: tile, fixtures, etc., see how long it takes to get the items, especially if they are "special order." I made the mistake of having my contractor ready to go, and when I went to purchase the tile I wanted, found out it would take 3-4 weeks to get it! Same for certain bathroom fixtures. So best to consult with contractor, get all the materials before hand so that the job isn't held up.
Posted by: hoffster at February 11, 2009 5:07 PM in response to Planning for a Bathroom Reno
I don't know if I would call it remorse, but I was expecting some degree of extra happiness when I got my place, which has eluded me. It's funny ... I put so much time, effort, and $$$ into getting my place, but the only time I have a sense of abstract satisfaction about it is when I sit in my backyard and watch the birds and stray cats.
The other way I feel good about it is when I use the house for personally enriching activities--having friends and family over, cooking, making music, and even completing (myself) some of the home improvements that initially seem like headaches. Without utilizing your house in a communal or creative way, it's just another material possession that has little bearing on your spiritual enrichment or happiness. (P.S. I'm pretty much an atheist.) Anyhow, that's probably not exactly what your feeling or talking about, but it may relate...
Posted by: hoffster at February 9, 2009 10:28 AM in response to Is Buyer's Remorse Normal?
Patience is nice, but what rate did you get and what were the closing costs etc!
Posted by: hoffster at January 26, 2009 8:09 PM in response to Recommedation: Mortgage Broker
Can't be done. No one will finance mixed-use for less than 25% down. This will probably save you because you are also probably vastly underestimating renovation expenses.
Posted by: hoffster at January 11, 2009 8:56 PM in response to Financing For Mixed Use Property
Two things, one I would second eman1234 about having it on the garden level. I have a great backyard, but I live on the second floor of my 3 family and vastly underuse the garden for dining because of the running up and down stairs with dishes etc. Even barbecuing is inconvenient when you don't have quick access to your kitchen. Think of the suburbs-you very rarely see anyone put a kitchen on the second floor. I would also agree with CH11231 about being able to plop your groceries down on the first floor, rather than schlepping them up to the second. Well, I guess you know where I stand!
Posted by: hoffster at January 2, 2009 9:19 PM in response to Where would you put the kitchen
I can't get into the complete aesthetics of it, but I recently got blinds that open from the top down, so that I have sunlight and complete privacy at the same time. I am very happy with them, and they have a lot of options at Lowe's etc. I can leave them open from the top at night, no one can see in, and when I wake up the room is full of sunlight. They are custom ordered.
Posted by: hoffster at December 26, 2008 2:06 PM in response to blinds or curtains?
They have ALL been adopted. What a relief!!!
Posted by: hoffster at December 22, 2008 7:55 PM in response to Wild Backyard Brooklyn Kittens
Give the gift of Kittens!
Kitten update: Cut and paste:
http://newyork.craigslist.org/brk/pet/966792785.html
Posted by: hoffster at December 22, 2008 9:45 AM in response to Wild Backyard Brooklyn Kittens
The white has just been adopted!
Posted by: hoffster at December 22, 2008 12:36 AM in response to Wild Backyard Brooklyn Kittens
Ummm, I am a graffitiologist with a Master's in Graffiti Studies (MIGS) from City College. Doing some quick graffiti forensics, it seems to me that you need look no further than your local Girl Scout troop to find the culprit of this proud act of vandalism. You see, "Smor" is a contraction of "S'more", which is itself a contraction of "Some More" which is the general response one has upon eating a "S'more," which is the unofficial snack of the Girl Scouts.
From Wikipedia:
"While the origin of this popular campfire dessert is unclear, the first recorded version of the recipe can be found in the Girl Scout Handbook of 1927.[4]"
You may want to bait the area with marshmallow and graham crackers. Do it now, because these are some hardcore folk you are dealing with, and if not, they may be back to carol your house during the holidays. ; )
Posted by: hoffster at November 11, 2008 10:11 PM in response to Someone tagged the side of my house.
Don't forget, you will also have to change the certificate of occupancy. I haven't done it, but I believe it can be a headache.
Posted by: hoffster at November 8, 2008 5:06 PM in response to 3 Family vs. 2 Family
Just want to clarify my political correctness point, although I know you're not flaming me over it. It's really not about race. Yes, I was mugged by a veritable rainbow coalition of folks during my youth. I guess my point is that the demographic that reads this blog trends towards the liberal (of which I am one) and while these people might have no problem exercising their common sense with a sketchy looking white person, with minorities, out of white liberal guilt etc., they might not listen their intuition and be afraid they are going to offend someone. So my point really is, sketchy is sketchy, and even if you are occasionally wrong you have to listen to your intuition. This doesn't mean you are calling the police on them. And yes, people who dress better or look better can cause problems too, but I'm talking about street crime.
Part of me being mugged a lot, or "yoked", as Lethem would say, was that I grew up with so much autonomy in the city. My friends and I would wander all over the city and I took the subway to school. This was sort of before the national paranoia with children, ironically enough, since it was actually dangerous! The muggings didn't usually net a lot for the muggers-- typically a bus or subway pass and a dollar or two. (My allowance was $5 a week! ) Sometimes the muggings were quick and perfunctory, all business, but often the people were sadistic and got off on power tripping, drawing the process out. Exactly like my experience with police officers, as a matter of fact... Once I hit about 5' 9'' and filled out a bit the muggings stopped. Just like National Geographic, -- the young, the old, the weak, the sick .... all targets...
But, the City was still a kick ass place to grow up. And I didn't learn how to drive until AFTER i learned how to drink....
Posted by: hoffster at November 3, 2008 8:02 PM in response to Street smarts
If you have the luxury I would stay as far away as possible. Curiosity will undoubtedly send your wife into the constructions area. While I don't know what effect this will have on your unborn child, I can tell you from personal experience that you can have permanent physical damage from exposure to construction debris etc. I had occasional asthma my whole life, averaging once a year, but only if I held a cat or slept with down pillows. It would generally go away in a day or two. Since my renovation, in which I did NOT live in the building but oversaw quite a bit, I now have chronic asthma. I have to take advair twice a day, (which has some side effects), and if I don't take it my asthma will come back the next day. It's been about 18 months. I am otherwise a healthy 42 year old male. So, just a warning. Wear a good mask, avoid demo, and get a professional cleaning at the end.
Posted by: hoffster at November 2, 2008 7:09 PM in response to Pregnant and Renovating
Rubber tree has a new home. (Well, someone's supposed to pick it up.) FYI, Rubber tree has to come in for the winter.
Posted by: hoffster at October 25, 2008 1:14 PM in response to Rubber Tree with a Pedigree
I'm not an expert, but from what I've learned a basement is distinguishable from a cellar by the fact that the windows have more than 50% above the curb line. It's al about light and air. Because of this, you can legally convert the basement into a bedroom or perhaps even into an apartment. You could frame out and hide your meters. Cellars are less valuable because you can't have a legal bedroom and perhaps not a full bathroom. (Not sure on that.) Hope that's a good starting point.
Posted by: hoffster at October 11, 2008 9:49 AM in response to habitable Basement/cellar
Well, the name might not be great, but the owner is an authentic European. I believe he's austrian or slovakian.
Posted by: hoffster at February 8, 2008 11:31 PM in response to Earnest New Bar or Bad Movie Joke in South Slope?
As Rick said, tilt radiator towards pipe. Also, keep radiator either completely OPEN or completely CLOSED. From what my plumber tells me, when it's half open the water also gets trapped etc. Open them up to get the water out of the radiators.
Posted by: hoffster at January 27, 2008 1:38 PM in response to Banging pipes
3 bedrooms are great for post college, room mate situations. (Just screen everyone very carefully, credit checks and guarantors...) If I were you, I'd save the money on renovations for that unit and just stick three "kids" in there. They can each pay $700 and there you have your $2100. Do minimal renovations, assuming everything works.
You're going to spend 15-30k on renovations, plus have NO income for 2-6 months, permits, finding the right people to do the work etc. For what? an extra $150 a month in rent? Not worth it in NYC. Plus, whoever said rents are trending downward is probably wrong. The mortgage crisis makes rent go UP because people who would be buying now have to rent. Supply and demand...
Posted by: hoffster at January 17, 2008 1:09 PM in response to to buy or not?
Thanks for the input. The stable lot is being sold as a package with the house and house lot. The two lots are contiguous, with the stable being on a small lot directly behind the house lot. I wonder if I ever did I tear down (that's not my motivation.) if I could combine the FAR of both lots.
Posted by: hoffster at November 5, 2007 3:24 PM in response to Uses for Stable/Garage
Responses to Author's Forum Comments
Contact Erick The Skilled Electrician Reliable & Trustworthy @ (347) - 512-4869
References Available Upon Request
Thank You & God Bless
Posted by: RickInstallation at July 21, 2009 10:45 PM in response to Ceiling fans
I used top down/bottom up in my reno exclusively, and like them so much just redid my house upstate as well. We used blinds.com and their cellular shades.
http://www.blinds.com/control/product/productID,8774
Even if you don't buy from them they have a couple of videos on measuring and installation you might want to see.
We had no problems measuring or installing.
Posted by: denton at July 22, 2009 6:39 AM in response to Top Down/Bottom Up Shades
I have top-hanging wooden shades from Smith and Noble and am really happy with the quality and customer service. When I ordered last year there was also a '$100 off orders of $400 and more' code I found online.
Posted by: fawn at July 22, 2009 9:53 AM in response to Top Down/Bottom Up Shades
We got this kind of shade from Greatwindows.com, I think. We got the honeycomb shades. Not cheap but easy to measure, order and install.
We also went with some really gauzy white curtains for our LR for the same reason you mention. Let in light, maintain privacy. We just tie them back when we want more light.
Posted by: slopefarm at July 22, 2009 10:32 AM in response to Top Down/Bottom Up Shades
We have had Hunter Douglas honeycomb translucent shades for about 10 years now. No complaints. Work great for the use you are intending. Shop around. Prices vary greatly. We got ours from some wholesale place in Chicago. Being able to cover the bottom half of your parlor floor windows offers privacy yet allows plenty of light into dark rowhouses.
Posted by: IMBY at July 22, 2009 11:07 AM in response to Top Down/Bottom Up Shades
You wont find that on the GFE. I am assuming that a 1st and 2nd are now combined into one loan? And that figure should be stated on the GFE.
The GFE is just you estimate of the cost.
Once at closing you will find plenty of docs concerning the consolidation.
Posted by: big swinging nick at July 28, 2009 2:56 PM in response to Refi Closing Costs - Shoe Drops!
i too have been through re-fi hell. came down to the bank being overwhelmed, and that my original mortgage had been sold twice before it ended up at BofA. worth it tho....
Posted by: wine lover at July 28, 2009 3:08 PM in response to Refi Closing Costs - Shoe Drops!
Switch!
***Bid half off peak comps***
Posted by: Brownstones Half Off at July 28, 2009 3:09 PM in response to Refi Closing Costs - Shoe Drops!
Thanks, buttermilk. You have made me feel marginally more comfortable!
Posted by: mshook at July 28, 2009 3:41 PM in response to Refi Closing Costs - Shoe Drops!
I'm in the process of a re-fi with Chase and they have been taking FOREVER (going on 4 months). I did get them to lock my rate for another 2 months (they were really slow in getting an appraiser out). The scary thing is that it appraised at about 20% less than I paid in 2007 (!!!). I had over 40% equity a year ago, now I only have just above 20%. Really sucks.
They also have been asking for tons of documentation and forms that they never asked for before. I think it's good that they are being more careful who they loan money to, but it seems silly that I already have a loan with them and I have to do all of the paperwork (plus some) over again.
I'm waiting to get the final paperwork and costs. I'm actually on the fence if it's worth it for me to continue with the re-fi.
Posted by: kimmc at July 28, 2009 5:29 PM in response to Refi Closing Costs - Shoe Drops!
thanks for the input
Posted by: hoffster at November 12, 2009 4:34 PM in response to PMI/ FHA Insurance