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Queens County : Real Estate Advice

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  • Home Buying49
  • Home Selling6
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Yesterday at 5:16am
Kathy Burgreen answered:
Continued from previous post...(read my previous reply 1st)..

5. Example: let's say you have a client that signed a rental lease for $3,000. Either the landlord or your client will pay you $3,000. (1 month's rent). Your broker will keep $1,500. And you will receive a check for $1,500. You will need to pay Federal, State and NYC income taxes + Social Security & Medicare taxes. Depending on what you need to pay out, you will be left with about $800.

6. Co-op buildings take longer to sell because each buyer must be approved by the co-op Board. Even if the seller accepts and signed the contract, if the co-op Board rejects the buyer, you (as the agent) will need to start over and you don't get paid. Every co-op Board has their own method of accepting or rejecting buyers but as a good guideline, what co-op Boards are very concerned with is making sure the buyer can pay the mortgage + the monthly maintenance fee on time every month. So they review the buyer's financials very carefully. I'm a VP of my co-op Board in Westchester so I do this myself.

Sorry, I need to go for now. Will post later. Promise.
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Thu Apr 27, 2017
Davidpoore16 asked:
Hi there, we know that moving from one place to another is hectic task and two I have heard many things about the movers that they provide the best service and they also ensure your valuable…
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Wed Apr 26, 2017
james turano asked:
Buyers who bid 10% to 20% below the asking price are wasting everyones time, including their own time.
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Mon Apr 24, 2017
Cecil Bramble asked:
Sun Apr 23, 2017
Sureshashah81 asked:
I put the ad for apartment for rent. I want to remove my ad from the web, Please advice.
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Sun Apr 23, 2017
Sabot777 answered:
Well, I have been involved with ocwen, as the seller, for a short sale for a couple of months and finally, they have countered the buyers' cash offer and have been given a counter to their counter. Now we are waiting for their answer. If they opt to do the auction it will be interesting to see what happens. The bottom line on all of these issues is that complaints can be lodged with any agency the government establishes but frankly, the industry runs the regulators so it is pointless. Banks are wolves in sheeps clothing, predators. Banks are little more than Legalized theives that have high jacked the regulations to ensure they come on top. Laws very rarely protect the little guy only the banks interests. Think about it, they use capital to make loans that they make interest on, why charge interest? The business model will tell you to recoupe opertunity cost, however, they charge a rate based on risk, remember you have to qualify for the loan to begin with. Now think about this for a minute, when you make an investment on Wall Street and money is lost you have little to no recourse for recoupment of your investment. Where is the protection of your opertunity cost? But somehow we have been douped with laws and regulations that do little to protect anyone but the banks. We have the finest politicians money can buy, folks, and if you don't have money, you very likely will find yourself on the loosing end of any endeavor with a bank. ... more
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Fri Apr 21, 2017
Hairsmom4 asked:
Fri Apr 21, 2017
Kathy Burgreen answered:
Yes foreigners can buy real estate in the U.S. However, you will need a large down payment (about 30%) and get a mortgage loan for the balance. You need to Google FIRPTA because you will need to pay taxes when you sell. Finally, buying property does not give you any residency status and if you are not legally in the U.S. you can get deported.

I'm a former realtor and still in contact with lenders so this is the latest from lenders.
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Thu Apr 20, 2017
Kathy Burgreen answered:
I'm a former NYC area realtor and life long resident. I hate to give you the bad news but what you want is impossible. There are options available but you need to compromise. Here are my suggestions:

1. There are quiet, residential neighborhoods in Queens BUT the average 2 bedroom rents for $3 - 4,000./month - not $1500. On the flip side, the cheaper 2 bedroom apartments average $2,000./month are in low income, noisy neighborhoods.

2. In nearby Nassau County, 2 bedroom rentals are cheaper than Queens and the neighborhoods are quiet BUT you will need to pay for the Long Island Railroad to get into the city or take busses into Queens which cost more than the NYC busses.

3. You should contact a local realtor to assist you.
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Mon Apr 17, 2017
AJ Hernandez answered:
The best thing to do is to contact your 401k provider and see how long it takes for you to receive the funds after you request them also make sure to find out how much you can request in some cases it might be more or less than you realize which could impact your ability to purhcase the new home. Ask what documentation they need you to complete/provider to process your request as well then have as much of that paperwork as possible complete and ready so that when you do enter into a contract you can request the funds immediately. Typically you want to request the funds as soon as you enter into a contract but there are times where you may wait, say you have a 60 day closing and you are concerned about the inspections or appraisal of the home and the 401k provider says it only takes 10 days to for you to receive the funds then that might be a case when you would wait. Hope this helps, God bless. Psalm 20:4 I only currently offer loans in Florida but if you need a good recommendation in your area I can most likely point you in the right direction. ... more
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Sun Apr 16, 2017
Scott Godzyk answered:
You may want to at least speak to a real estate lawyer as to the eviction laws. You will want it done right and it could be worth the cost for a professional legal opinion.
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Sat Apr 15, 2017
Acist answered:
You sound like a j**k landlord with an illegal cr*p basement rental. Get a effing life.
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Sat Apr 15, 2017
Vartan Mensu Call ME asked:
Fri Apr 14, 2017
Ron Ferrara asked:
Thu Apr 13, 2017
Alexander Ross answered:
You can depending on your 401K guidelines. At age 59.5 you will save yourself the 10% penalty, but still have to pay income tax on the money. Depending on purchase price you could also do a loan against it as well. There maybe other options as well depending on your assets and purchase price you're looking at. Feel free to reach out to me via my profile by clicking on it and we can discuss further.

Best,
AR
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Thu Apr 13, 2017
veloris v mckay asked:
The second wants $3500 in closing costs which reduces the offer, I believe it's their first home but are there any advantages for me?
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