Tin Ceilings

I got really lucky and am about to close on a 2-family in Greenpoint with an FHA loan. There is a ton of red tape to deal with this type of loan. I have an ultra secure government job , 10 years on the job. They required Bank statements, VOE from employer, 401k statements, 2 years tax returns, 2 years W2 statements, and a lot other documentation.

The program imho is great right now for people with decent/good credit and very stable jobs. HUD dots every I and cross every T. You will have to verify everything , they are strict, and be prepared to wait months to close your deal. They are really strict about the DTI , if your numbers are off , you will not qualify. My wife and myself make over 100k and could barely qualify for a 500k loan on a legal 2-family with rental income. If anyone is looking to buy a condo with an FHA loan , you better conform to their DTI ratios , this will be more difficult without the benefit of added rental income.

Posted by: rdl1972 at June 29, 2009 6:21 PM in response to F.H.A. Loans Skyrocket in Popularity

Cut the price by 30-40% or rent the units , it's that simple.

Posted by: rdl1972 at March 17, 2009 11:12 AM in response to Price Cuts at The Elan

212 Calyer in Greenpoint was purchased in 2001. When do you think it was renovated ? In 2008? Most likely it was renovated in 2001 when it was sold. I really doubt that the owner spent more than 200k to renovate this property. Let's be generous and say that they did spend 360k for home and renovation. 8 years later they expect a 600k profit for a property that cannot even cover the mortgage ? Good luck!

Posted by: rdl1972 at March 17, 2009 7:51 AM in response to House of the Day: 345 Hoyt Street

While you guys are talking about crazy markups , check out this listing from sotheby's. This Greenpoint home was purchased in 2001 for 160K and totally renovated. Gosh , even if it cost 150K to reno , you are talking about a 310k cash outlay. Now less than 10 years later , the owner is trying to more than triple their investment on a crappy Greenpoint framehouse. Just bonkers!!!!! It's not even a brick home for crying out loud, GREED!!!!

http://www.sothebyshomes.com/nyc/sales/0134650

Posted by: rdl1972 at March 16, 2009 5:46 PM in response to House of the Day: 345 Hoyt Street

That Bedford house has been for sale off and on for many moons now on Craigslist. I recall having seen it for sale for at least 4 years or more. Probably the house has been in someone's family for years. You think they would have taken 1.75 million and called it a day. If it was purchased in the 70's , what could the owner have paid maybe $40,000?

I remember seeing a house on Ft. Greene Park for sale @ $4,500,000 , the owner paid less than $40,000 in 1972 for the property. To the best of my knowledge it has never sold, talk about greed. The correction is coming. I am hoping to buy something either this year or 2010. I feel a 20-30% is very likely to happen and look forward to snapping up a 2BR-2 Bath unit in a nice part of Brooklyn for around $375,000

Posted by: rdl1972 at January 23, 2009 5:12 PM in response to Open House Picks

I noticed on Craigslist recently there were a few multi-family homes were the owners were willing to take a mortgage. I wonder if this might be sign of things to come . Given the difficulties in the short and likely long term jumbo mortgage market, maybe homeowners are going to start playing banker if they want to sell their properties.

Posted by: rdl1972 at October 10, 2008 7:01 PM in response to Open House Picks: Price Cut Edition