Rentals in Astoria>Question Details

Kristinax5, Renter in Queens, NY

I am looking for a studio apartment in queens, maximum is $800

Asked by Kristinax5, Queens, NY Thu Dec 27, 2012

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Rent today; Buy tomorrow. How to convert from Tenant to Homeowner.

When I rented my first apartment in Astoria, I did not want to be a Tenant my whole life and pay my Landlord’s mortgage. I longed to become a Homeowner.

That’s why I found my way into the mortgage business in 1989 and soon afterward became a Homeowner. Here are the fundamentals any Tenant should know to prepare to become a Homeowner in the future, no matter when that might be.

• Credit: Establish 3 credit accounts, no more than 5. Pay your bills on time. Keep your balances to no more than 50% of your credit limit. Don’t pay off the accounts in full. Keep balances active for 12-24 months. All of the above will provide both a good credit score and adequate credit history to qualify for a mortgage loan.

• Assets: A basic savings budget isn’t hard to do. Pay your rent first in your budget; then set aside 10% of your income before taxes . Make it a budget priority and you’ll still have money left over for entertainment and restaurants and clothing.

How much money do you need to buy a home? Many buyers spend no more than $25,000 to buy their first homes. There are loan programs with low down payment requirements and many real estate agents negotiate for their Buyers a “Seller’s concession” to include the Buyer’s closing costs (which are HIGH here in New York!) in the price of the home.

• Income: Two years consistent income is the basic requirement for either a salaried individual or a self-employed person. Income from Bonus, Commission, and Overtime is treated differently and is best discussed with your Mortgage Banker.

• Market Survey: it doesn’t hurt to go out and get to know neighborhoods where you might like to buy a home. Visit open houses on Saturdays and Sundays. It’s okay that you’re not yet buying; tell the Realtor at the Open House you’re just beginning your “survey.” You’ll also get to know market prices for different kinds of homes. It’s okay to “window shop” homes on the weekend at Open Houses!

I hope these fundamentals will help you better understand the path to homeownership is a process that, with preparation and dedication, you can move through easily. And if you’re interested in getting Prequalified today to create an Action Plan for your future of Homeownership, call me anytime!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Tue Aug 20, 2013
I have a studio apartment available for rent, I'm a home owner, if interested email me at
0 votes Thank Flag Link Tue Feb 26, 2013
That property is for sale not for rent. Check or local newspaper if you can't afford the services of a professional Realtor.
0 votes Thank Flag Link Sun Feb 10, 2013
WE specialize in rentals , please check our site for all our updated listings
0 votes Thank Flag Link Sat Dec 29, 2012
Kristina- how are you? I want you to know, that the les spencive studio that I have in Rego park, Forest hills, start in $1040 and up to ($1225 include all utilities)
0 votes Thank Flag Link Fri Dec 28, 2012
I believe he stated $800 maximum
Flag Wed Jan 30, 2013
Didn't he just say maximum $800.00 ?
Flag Wed Jan 30, 2013
I have 1 in Richmond Hill Queens ,close to the A train $700.00,give me a call 347-257-4633
0 votes Thank Flag Link Fri Dec 28, 2012
Check Also check local print media for by owner rentals, always verify ownership before exchanging any money; word of mouth, etc.
0 votes Thank Flag Link Thu Dec 27, 2012
Hello Kristina. This property doesn't seem to be for sale by a Broker, and the current rental asking price is $1,400.00 which is far from $800.00. Consider working with an Agent of your choice for available rentals. Additionally, should you use some service like Craigslist, be sure to verify homeownership before exchanging money.

Should you need further assistance, please do not hesitate to contact me.

Truly yours,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!"
0 votes Thank Flag Link Thu Dec 27, 2012
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