Home Buying in 11375>Question Details

Beachman, Home Seller in Flushing, NY

Hello there! I would like to buy an apartment in my name close to where I live and have my disabled brother live there. Any advice to share?

Asked by Beachman, Flushing, NY Wed Feb 16, 2011

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Hello Beachman:
Yes, you can buy a Condo but you can also buy a Coop as long as you meet the criteria. Coops are a lot cheaper that Condos, apple to apple. From your questions, I see you live in Forest Hills, which is my neighborhood. I know quite a few Coops in Forest Hills where you can buy and your brother can live if you meet the qualifying criteria. For example, do you currently own your home? If yes, do you have any mortgage?
How is your credit and income? I do not expect you to answer these private questions in a public forum, so please call or email me directly. I will be glad to help you any way I can. There is no obligation, you do not have to use my services. Thank you.
- Belal Mohd
917-763-2260
belal1@juno.com
1 vote Thank Flag Link Fri Feb 18, 2011
You can check out http://www.mlsli.com for available properties in your area(s) of interest--if interested in co-ops--most complexes may not allow you to purchase in your name unless you plan to live there as well, therefore do ask management beforehand; if you need additional assistance feel free to contact me directly.
1 vote Thank Flag Link Thu Feb 17, 2011
Hi Beachman,

If you're buying a Condo unit under your name, it will be no problem to let your brother live there, because there is no board requirement whoever buys the unit.

But, if you're buying a Coop unit, you have to know about the board requirements of that building. Most of the Coop boards require that whoever the buyer/s is/are, he/she/they have to live there and not just let anybody to occupy the unit.

There are few Coop buildings that can allow you to buy the unit and let your brother live there if the board members are not that strict and they allow the units be rented. Your price range will determine whether you can buy a Condo or a Coop. In Flushing area, 1 bedroom Condo's starts at $238,000, while Coops starts at $135,000 (again, you have to know the board requirements).

Let me know if I can be of help.
Ray 917-693-3024 or ray@aurirealty.com
1 vote Thank Flag Link Wed Feb 16, 2011
As spme of my colleagues have stated, if purchasing a Condominium you will generally not have a problem having a tenant live there. However, this is not always the case and should be looked into before purchasing. In addition, I do not agree that co-ops are cheaper than condo's simply because the purchase price may initially be higher on a condo than a co-opo, the ongoing maintenance is generally higher on co-ops than condo's. In the condo situation you can reduce your cost over the long hall by making some extra payments along the way thereby reducing the principle amount which automatically reduces your interest costs over the long haul. (Never use an extra payment to pay interest payments, you won't get anywhere doing this.) You cannot use this technique in reducing monthly maintenance charges in the co-op environment as these charges never go away and usually go up as a property gets aged and requires more maintenance. Further as far as co-ops go, if you decide on a co-op purchase instead of a condo, their are several other things to consider before making an offer to purchase. One consideration is the financial health of the project. Since I function primarily as a Buyer's Broker I have faced this many times. If my buyer is interested in a property I first check several things: 1)Is the project's financial health 2) what is the ratio of owners to renters in the property. 3) what is the maintenance history of the project. These are some of the areas the bank will look at when deciding if they will give a mortgage for the purchase of this property. If you decide that a co-op is the way to go, some co-op's will either not allow tenants at all or will allow tenants for a specified period of time like 1 or 2 years. The way around this is to put both you and your brother on the deed as co-owners. Should one of you pass away the other would automatically pass to the other without the need of a will or probate.(A qualified attorney would easily be able to arrange this for you in conjuction with the bank). If you would like ownership to revert back to you in the event of some other event happening again a qualified attorney who understands what you are trying to accomplish and possibly is versed in establishing certain kinds of trusts will easily be able to handle this). Therefore, there are ways of accomplishing your goals within the law and wiithin the co-op rules. You just need a sophisticated team around you. I hope this has been helpful.
0 votes Thank Flag Link Fri Jan 27, 2012
Have you met with a mortgage banker yet? It should be the 1st thing you do if you plan on financing the new apartment. I'm able to meet with you at our Forest Hills office and go over your financing.

Javier Meneses
Sterling National Mortgage
516-606-9648
0 votes Thank Flag Link Mon Jul 18, 2011
Should not be a problem. If you already own a property, it would be an investment property which typically required between 10-20% dowpayment depending on the mortgage product you get qualified for.
0 votes Thank Flag Link Sat Feb 19, 2011
We will need to sit down preview what are your needs and wantsa little closer, so we can have a clearer idea of what to look for. Feel free to call me if you have any questions.
0 votes Thank Flag Link Sat Feb 19, 2011
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