Shainna Tuck…, Renter in New York, NY

I'm looking for my first apartment, a year out of college with a steady income. My credit is decent. Just looking for some advice as to where to

Asked by Shainna Tucker, New York, NY Mon Aug 13, 2012


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Consider working with an agent of your own; he/she will best guide you.
1 vote Thank Flag Link Mon Aug 13, 2012
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
Go out and look or search online areas you are already thinking about or don't know much about. A good realtor can help you lower your options. Ask around and don't be afraid to ask questions about a neighborhood. Take your time, unless your in hurry to move. Your first apartment is usually not the best unless your renting on the high end. Good luck on your search. If and when you decide to move, and it happens to be in Bronx area, Give me a call @. 646-305-6318. I'll help find your first best apartment. Good luck!
0 votes Thank Flag Link Thu Aug 16, 2012
Check your local print media or online Realestate web-sites! My advice work with a Realtor in that local area! Do a little research working with someone with great reviews and expertise will save you the headaches in the long run! Congratulations and best of luck with your apartment hunting! If your looking in the Bronx call me, I can offer you my expertise in the local area!
0 votes Thank Flag Link Tue Aug 14, 2012
Hi Shainna,

Congratulations on graduating! A few quick questions...

1. Are you looking to buy or rent an apartment? Rent just a room?
2. Are you considering an specific locations in NY?
3. Where is your new job?

Let me know, I am excited to help you start the hunt!

Ali, Community Manager
0 votes Thank Flag Link Mon Aug 13, 2012
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