Student looking to purchase Multifamily house in Crown Heights, Brooklyn or Sunset Park, Brooklyn

Asked by Sam, 11230 Wed Dec 5, 2012

Hello,

I am currently a senior graduating Baruch College with over two years of internship experience (although it was not full-time, I have income from the experiences). I have signed a contract to start working at Bank of America full-time starting June 2013 for $60k /yr. My credit score is around 770 for Experian, TransUnion, and Equifax. I will be able to afford around $120k down payment for the loan.

With this sort of background, would I be able to purchase a 2 unit multifamily home (to invest and to in live) in Crown Heights, Brooklyn or Sunset Park, Brooklyn?

If yes, do you have any referrals to a Mortgage Broker or an Agent/Broker?

Thanks

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Answers

8
unkhkhih, , New York, NY
Thu Nov 7, 2013
I’m an agent working for ReMax NYC Midtown and I’m always doing my research on property and stay in touch the best professionals. If you simply need advice please email me at KDrake@remaxnyc.com I’ve provided links below regarding any concern you may have.

Finance Advice:
http://www.fpanet.org/LifeGoals/BuyingaHome/

Legal Advice:
http://www.lawhelpmn.org/issues/housing/buying-and-owning-a-…

Advice for Buyers:
http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home

Advice for Sellers:
http://www.realestateabc.com/homeselling/
0 votes
Kirtan Stoute, Agent, New York, NY
Tue Oct 22, 2013
Congratulations on your graduating and your new job. Your endeavor is a good one. Sounds like your'e in good condition. Based on the information you provided it sounds like you would be able to obtain that type of purchase. Call me at (347) 846-0711 or email me at kirtan@residentialgroupnyc.com

Thanks
0 votes
Ronny Guzman, Home Buyer, Brooklyn, NY
Mon Dec 10, 2012
Hey Sam,

I am a licensed loan officer for Prospect Lending. We are a direct lender so we dont charge any points like brokers do. I will be able to help you out with any mortgage related questions you may have. I grew up in Sunset Park so I know the area quite well. I also know some of the top agents in the area that will be able to meet all of your real estate needs. Please reach out to me so can chat some more. My cell # is 718-404-8386

Sincerely,

Ronny Guzman
0 votes
Fajardo Dela…, Agent, Flushing, NY
Sat Dec 8, 2012
Sam
It sounds like you are on the track. Please feel free to
call me and I will be able to answer most of your questions
one on one.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group
Direct Line: 347-932-0609
0 votes
Michael A., Agent, New York, NY
Wed Dec 5, 2012
Hello,
My name is Michael,
I would love to help you fined the right place place for you.
Please feel free to give me a call
718-745-5792
0 votes
Mike Garcia, Agent, New York, NY
Wed Dec 5, 2012
my name is Mike Garcia. I have a few homes for sale. Five me a call. I will be able to find you something. 346 864-9619
0 votes
Tania T., , Brooklyn, NY
Wed Dec 5, 2012
I have someone who is a mortgage broker and an agent. Her name is Melanie, and her # is 347-826-2725 and 347-372-2128, and her email is melsellhomes@gmail.com. Good luck with finding your new home, and you may also contact me if you need any further assistance to reach her. You have a good evening.

Tania Tisdale
Licensed Real Estate Salesperson
Rapid Realty Clinton Hill North
880 Bedford Avenue
Brooklyn, NY 11205
http://www.rapidnyc.com/ttisdale
Cell: 347-775-1762
Office: 347-425-9747
Fax: 347-425-9746
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Wed Dec 5, 2012
Dear Sam:

Based on the information you have given, I would suggest you purchase a property for about $417,000 and put down 20%. If you want to spend more you can add to your down payment, but you do not want to borrow more than $334,000.00.

This is for two reasons 1) if you go 20% down or more you do not have to pay for private mortgage insurance which would significatly increase your closing costs and monthly living expense and 2) when the bank qualifies you they do not want you to be spending more than 40% of your income on your real estate taxes, homeowners insurance and mortgage. Based on a 30 year fixed mortgage at 3.5% (today's prevailing rate for a qualified buyer) and your income of $60K a year (a portion of the rental income you collect will be counted as additional income) you cannot borrow more than the $334,000.00.

This is also assuming your qualifications are in order. The only way to find out for sure would be to get yourself pre-qualified by a mortgage banker. Once you know how much you can afford and how much the bank will lend you, you should look at each and ever property available in your price range and buy the one you feel offers the best bang for your buck.

If you want to discuss this further or 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
0 votes
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