If i am trying to buy a single family home in New Jersey or Connecticut what will i have to start off paying before the actual rent?

Asked by Joquae13, New York, NY Tue Jun 28, 2011

Such as a deposit i may have to pay like if i were to invest in a condo or coop. What other payment will i have to make besides the monthly rent?

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Annette Levi…, , New York, NY
Tue Jun 28, 2011
Very few co-ops allow you to buy as an investor, so you would have to buy a SFR or condo. For an investment property, you would need to put down a minimium of 25% down. Each month with the mortgage you will be billed for real estate tax and homeowners' insurance. In a condo you will also have the common charges to pay each month.
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Nancylu Vivi…, Other Pro, Jackson, NJ
Tue Jun 28, 2011
Your question is a little confusing- are you trying to identify all the home owner expenses once you are an owner with a mortgage? or Are you asking about the ownership expenses involved in owning an attached home? Perhaps you are looking at your present credit obligations that will remain after you sign a contract to buy something and concerned about their affect on your ability to secure a financing approval. Please be more specific.
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