I just sold an interest i had weekend property i sold upstate. Looking to buy a multifamily in BedStuy or Bushwick that needs renovation. I have 30k in cash and 20k can be gifted in. I am a construction supervisor with over 30 yrs experience in highend residetial, currently overseeing a 7 story gutt renovation in Soho section of Manhattan NYC. I have access to excellent design team and subs.... more
These two companies are notorious for Bait and Switch tactics. I worked with a Buyer and we closed on an Extreme Homes property in Dec 2012, but believe me, it was a "Charlie Foxtrot" from the beginning.
It was pulling teeth in order for them to even work with a Buyer's Agent. They finally agreed only because my client was an all cash buyer and offered me a low ball flat rate regardless of the property value (looking back, having to deal with them wasn't even worth the paycheck)
Second, the Seller's Representative (he wasn't a RE Agent) literally screamed at the top of his lungs at both my client and I when we did our initial viewing and pointed out both major/minor issues of the property.
Third, they were late to EVERY appointment - including being 2 hours late to the Closing.
HUGE Red Flag #1: Undisclosed Address. If a home is listed legitimately, then the address will be present.
HUGE Red Flag #2: They refuse to work with a Buyer's Agent. If you as a Buyer are willing to walk into a deal where the property is already being suspiciously marketed, what makes you think this "under the table" party is going to represent YOUR interests in the transaction?
Unfortunately, this is a common trend in Brooklyn as greedy unscrupulous Listing Agents don't want someone representing the Buyer so they can slime their way through the deal and pocket YOUR cash.
As an Agent, I wouldn't recommend these companies to anyone.... more
Well with the recent transitions that have been going on in Bedford-Stuyvesant a lot of investors are starting to pay attention to Bushwick. Price really depends on where and how close to the public transportation.
I personally have a fully renovated two family 2700SF for 750K.
http://gadrealty.com/listings/bushwick-newly-renovated-townhouse-income-property... more
Good morning Taniaak05,
In my 23 year career as a Mortgage Banker, I've had the pleasure to close many 203k loans. My answer to your question is twofold.
First, the lending environment for 203k loans is much tighter today than it used to be. There are far fewer Lenders offering this program, and, when they do, they may have more stringent guidelines for obtaining an approval than even the FHA Underwriting Guidelines suggest.
Second, and once you've identified a Lender for your 203k loan, the key to success with this program is the paperwork. Your Licensed Contractor must prepare accurate, legible, and professional estimates. I can't tell you how often I am presented with sloppy paperwork by the Contractors. Be sure your Contractor knows she has to be on-point an professional in her presentation of her work estimates. Your Loan Officer at the Lender needs to be VERY experienced with the program. When interviewing Loan Officers you should ask if he can complete the 203k Worksheet manually, without the aid of a computer. The basic knowledge required to do so is key to your success in working with the Loan Officer. If she doesn't know how to complete the form without the aid of the computer, move on. Intimate knowledge of THAT form, proves the experience level. And that experience is KEY in moving your loan application through the system efficiently.
There are two types of FHA 203k Loans: Regular 203k or "Full" 203k and Streamline 203k. The Streamline 203k program limits the repair costs to $35,000 and does not allow for structural changes/repairs to the property. The regular 203k program can be used to complete a full "gut-renovation" of a home.
Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
If you thought my answer was helpful, please give me a "Thumbs Up." Thanks!... more
Hello. Buying a home is a very important decision that must be well thought thru. When I work with my buyers and sellers my aim is to establish a genuine business relatinship. You would be surprised to know many realtors really don't mind splitting commissions and are more or less satisfied with fulfilling a job well done!
Feel free to call me directly@ 3474691272
I would be happy to assist you in your search
Roxanne Robinson
Fillmore Real estate
75 Lafayette Ave
Brooklyn, Ny 11217... more
Good morning Keith,
You should consult immediately with your Attorney. This is a legal matter.
With regards to the 203k program and switching contractors, you should consult with your Lender, but in general it is very difficult to change contractors once you have closed on a 203k loan.
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528... more
Yes !
We have such properties.
Call for details,
Robert Gross| Licensed Real Estate Salesperson
97 Hoyt St l Brooklyn NY 11217
Office 718-923-9601 l Fax 718-923-9606 l Cell 718-614-1066
www.skylinegroupny.com
Follow us: Twitter Facebook LinkedIn YouTube... more
Bushwick has changed dramatically in my opinion there are pockets in this area that are becoming safer and more and more people are moving here because of gentrification and being so close to the city Its like a mini SOHO you will see more positive changes to come
--------------------------------------------------------------------------------
Kayvan Talasazan
Senior Loan Officer
Company NMLS ID #8115
Branch NMLS ID #955310
Individual NMLS ID #162920
NMLS CONSUMER ACCESS
Direct Phone and Fax: 516-858-4987
Cell Phone: 917-306-0163
Main Phone: 516-858-2225
kt@mcsmortgage.com... more
Hello, Bushwick is the best place for ROI right now, i have 15 properties in the best blocks of Bushwick available for sale at below market value. Lior 718-880-2170
There are plenty of low down payment loans. There are several different things you can do, but a great percentage of home buyers are only coming up with 3.5-10% down, not 20%.
Dear Karen,
Sit down face to face with your Mortgage Banker to be thoroughly prequalified. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for, and most importantly, what is a realistic mortgage amount for you in terms of monthly payment.
As to price---rate and fees---competitive if not better than the BIG BANKS.
You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org
Trevor Curran
NMLS #40140... more
Avoid Apartments/rooms without windows or very small windows. These are often found in illegal cellar or basement apartments. Landlords will sometimes describe the ones with very small windows as “sunny” to entice renters. Every tenant should ask questions, conduct research and confirm whether the advertised living space is legal and if construction work was performed with proper permits.... more
Dear Bob:
Unfortunately nobody has a crystal ball to determine what will happen with property values in the future. People can formulate opinions, but in the end there is no guarantee. With regards to the Bushwick area, before the market started going down there was significant refortification happening there and lots of potential for future value growth. Now prices are very low in the area which makes it very affordable for most buyers. On the negative side, there is also a high level of short sale and foreclosure activity in the area which will make it hard to determine which way property values will go over the next 3 to 5 years.
In my opinion, if you are planning to stay for more than 5 years you should be in good shape.
With regard to the occupancy rate, with two family homes in the area it is quite high, I would dare to say that 97% of the apartments in two family homes are occupied, excluding foreclosed and/or vacant properties.
If I can be of further assistance please let me know. Good luck!
Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com... more
Dear Anna,
We have experience with multi-families and estate sales in Bushwick and would be happy to help you. Contact David at the number below, and we will assist you.
Best regards,
Bonnie Chernin & David Rogoff
Fillmore Real Estate - Branch 19
917-593-4068 - David Mobile
646-318-5031 - Bonnie Mobile... more
Ba:
There are many other questions needed to be asked inorder to find the right loan office. Some are:
Income
Credit History
Work History
Assets, etc.
You may email at mrrealestateking@yahoo.com
Thanks.
Pierre King... more
Israel
As I once heard Moe tell Larry when Curly was up to some of his shenanigans...."Everything starts at the beginning"
Israel you have presented a situation with some parameters and the reasons for those are unknown. We don't know why the credit is or your income is but perhaps it does not really matter in determining the answer to your questions.
1. I'm a first time buyer, i have no ideal how to go buy it
Then it is time for you to take steps to correct that situation. Here's my suggestion: Hud has an excellent site for people who are unfamiliar with the buying process and resources available for helping someone in your situation, so start doing some research, get informed, learn what options you actually do have.
I would start here and read everything on this page carefully..http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home
I would absolutely make use of one of these Homebuyer Classes (WHY? Contacts, info on loan options, programs, most programs help find financial assistance ect.)
A must do for you IMHO ..http://www.hud.gov/buying/localbuying.cfm
I would make use of this Fed. site of all current Fed. loan programs to become familiar with them and again to begin preparing to make use of and learn about the process..You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program.
http://www.govloans.gov/govloans_en.portal?_nfls=false&_nfpb=true&_pageLabel=gbcc_page_browse_loans&action=locateLoans¤tSubType=6
2. I need help
The above will help you begin to get actual help by making contacts, becoming a little more informed and knowledgeable about your options based on your situation.
3." I'm income is 13,260 a Year , and my Credit is "E" do I Have A Chance of buying at les a Three Famliy house."
A. With what you know about the process now do you really want to try?
IMHO no because to be quite frank in your situation with no real knowledge of your options, rights, the process you are far to likely to become the victim of some low life.
B. Do you really think you are currently in a position to achieve the goal you have suggested you have? Unrealistic IMO...
Can starting at the beginning help achieve the goal you have set and is it possible if you begin becoming informed?
Absolutely!
Good luck
Dunes... more
Ann, if the home you are asking about is listed, have the agent aks the sellers for copies of their bills. This will give you some idea of what to expect. Naturally, your usage may cause those numbers to vary.
Good luck!... more
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