I am interested in purchasing a multi family home, but I am not sure what I can afford on a 70K salary. I am looking in the Bronx and Queens.

Asked by Theresa, New York, NY Fri Oct 2, 2009

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Fri Jun 28, 2013
First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. 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. (The Mortgage Banker can review your credit and give you a clear estimate of where you stand on your credit today. If your credit is less then outstanding here are some steps to help fix your credit:)

Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
NEW YORK ONLY
Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!
Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
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” or “Best Answer.” Thanks!
0 votes
Antonia Hass…, Home Buyer, Bronx, NY
Wed Jun 12, 2013
Hello, my husband and I are interesting in purchasing a multi family home, but between the two of both on make like 75k a year. We are looking in the bronx areas of woodland and bronxwood. Can you help us to . Right now we are renting and we are getting tired of paying someone else house instead of paying for our own.
0 votes
Manuel Panti…, Agent, Bronx, NY
Sat Oct 10, 2009
Theresa:
Congratulations on your decision to investigate home ownership. I am attaching the link of a simple online Calculator to give you a better idea about how much home you can afford. Keep in mind that, as it has been mentioned, a portion of the potential income from a multi-family home will also be considered as your own. Best of luck in your search.
Manny Pantiga
PantigaGroup Inc.
347.657.1114
http://www.pantigagroup.com
0 votes
Ralph Windsc…, Agent, Hauppauge, NY
Sat Oct 3, 2009
Hi Theresa, If you're interested in Queens, I can certainly help you. And, I could certainly recommend competent mortgage people who could answer your question more completely. With respect to what you can afford, much will depend on your credit score and any other debt you may have. There are a couple of things a bank/mortgage broker will take into account also. If you're purchasing a legal, multi-family dwelling, they will take rents into account but usually require leases and rent records to approve those loans. Please contact me at your convenience.

Ralph Windschuh
Certified Buyer Representative
Associate Broker
Century 21 Princeton Properties
631-467-0009
0 votes
Kenneth Brown, Agent, Bronx, NY
Fri Oct 2, 2009
Your first step would be to speak to a few lenders and get pre qualified for a loan. They will be able to tell you, after getting such information as the amount of your assets, total income, credit information, and amount of your down payment, how much of a loan you can qualify for. Please contact my office if you wish to talk about your real estate options.

Kenneth Brown, Broker
718-597-7070
Web Reference:  http://www.bronxagent.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more