Home Buying in Queens>Question Details

Burgandy1, Home Buyer in 11355

I am looking for a Queens condo under 180k

Asked by Burgandy1, 11355 Thu Nov 7, 2013

I am looking for a condo (not co-op) in Queens that I can rent out as soon as I complete my purchase. I have around 30k available for a down payment.

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If purchasing with a mortgage be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore if you haven't done so yet, visit with any licensed loan officer; also choose an agent to work with, he/she will be your best guide; for available area properties check http://www.mlsli.com
1 vote Thank Flag Link Fri Nov 8, 2013
While your income would need to support the payment, a down payment of $30,000 will result in your maximum sales price being $200,000. This is because you're purchasing an investment property which requires a minimum down payment of fifteen percent; $200,000 x 15% = $30,000. I'd be more than happy to discuss some properties you're possibly interested in so we can weigh out the payment options and determine which will give you the greatest return; both short term and long term. I may be reached directly by phone or email, whichever is easiest for you.


Kindest regards,

Paul F. Marzolla
Sr. Mortgage Advisor
0 votes Thank Flag Link Fri Nov 15, 2013
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