jcnycarch's Profile
- Jack
- 2009
- 2009
- Brooklyn
- Male
Author's Posts
October 1, 2009
Downpayment as a Gift
I know this topic as been approached before but I hope to ask this in a more comprehensive way. In order to obtain a mortgage with help from parents in the form of a down payment gift, what series of events has to happen and what issues do we need to understand? For example, are there tax implications? If so, how can we not have this burden (would defeat the purpose)? Would it be better to just put the money in my bank rather than declare it as a formal gift? If we're ready to search for homes, what needs to happen first? Do we find a mortgage broker or bank to get pre-approval? Does a real estate agent come first? How does the "gift" roll into this process? When does that happen? Co-op or condo?
I'm sure I'm missing some things here and there so any advice would be helpful.
Thanks in advance.
Author's Comments
walk by this place often. from the outside, the place is pretty bad. the pictures don't do it (dis)justice. it will need extensive work on the outside. it's such an eyesore to the rest of that block too.
Posted by: jcnycarch at October 20, 2009 1:39 PM in response to House of the Day: 65 Prospect Park West, Reduced
went to the windsor terrace one just because it's nearby. it wasn't too impressive. it needs a total (or near total) gut renovation, especially if converting to a 2 family. from the look of the facade, building has some serious settling issues with cracking, etc. the internal staircase is so narrow that even a skinny individual would feel cramped. i'd be surprised if this goes far north of 7 figures.
Posted by: jcnycarch at October 18, 2009 10:45 PM in response to Open House Picks
Re: WT house
Not the best block, very loud at the intersection of Prospect Ave., a bit of the missing teeth phenomenon too. Not the same character as other blocks such as Sherman or Windsor Place.
Posted by: jcnycarch at October 16, 2009 2:54 PM in response to Open House Picks
very true.
also, sf is probably calculated using the plans as drawn by the architect on a computer and doesn't take into consideration construction tolerance.
Posted by: jcnycarch at October 15, 2009 4:44 PM in response to Law on Square Footage?
check the fine print. they might have measured center of wall to center of wall.
Posted by: jcnycarch at October 15, 2009 4:25 PM in response to Law on Square Footage?
no subway nearby. no wonder.
Posted by: jcnycarch at October 14, 2009 11:33 AM in response to The Locale: Greenpoint Condo Auction
stop repositioning my browser, please.
Posted by: jcnycarch at October 7, 2009 10:57 AM in response to Brownstoner Directory Launches
Hi everyone,
Thanks for the comments, even the negative ones. This was/is very helpful.
Everyone has their own different circumstances, no need to go into it w/ the rest of Brooklyn but I can assure joe that if I/we need a little bit of help to capture the American dream in the most expensive city in the States, we won't get carried away and think we can suddenly bid for the penthouse in your favorite co-op.
Keep the advice coming!
Posted by: jcnycarch at October 1, 2009 4:01 PM in response to Downpayment as a Gift
Responses to Author's Forum Comments
There are many qualified, experienced, credentialed, and hungry architects in Brooklyn. Check out www.edkopel.com
Posted by: edkopel at October 21, 2009 4:40 PM in response to Architectural Assistance
Go with the Costa Rican guy. He sounds perfect for the job. I'm sure that will work out real well!
Posted by: HDL at October 22, 2009 12:03 PM in response to Architectural Assistance
I recommend Giants in the Dirt (www.giantsinthedirt.com), a small office based on the LES but w/ a lot of brownstone Brooklyn experience.
Posted by: jcnycarch at October 21, 2009 3:39 PM in response to Architectural Assistance