You should have a real estate agent help you. You will have to pay the agent's fee which usually is one months rent and you also have to give the landlord the first months rent and one months security. Hence if you rent for $1200 per month you would need $3600 to get started. In most cases they will want to review your credit report and income. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
When I rented my first apartment in Astoria, I did not want to be a Tenant my whole life and pay my Landlordâ€™s mortgage. I longed to become a Homeowner.
Thatâ€™s why I found my way into the mortgage business in 1989 and soon afterward became a Homeowner. Here are the fundamentals any Tenant should know to prepare to become a Homeowner in the future, no matter when that might be.
â€¢ Credit: Establish 3 credit accounts, no more than 5. Pay your bills on time. Keep your balances to no more than 50% of your credit limit. Donâ€™t pay off the accounts in full. Keep balances active for 12-24 months. All of the above will provide both a good credit score and adequate credit history to qualify for a mortgage loan.
â€¢ Assets: A basic savings budget isnâ€™t hard to do. Pay your rent first in your budget; then set aside 10% of your income before taxes . Make it a budget priority and youâ€™ll still have money left over for entertainment and restaurants and clothing.
How much money do you need to buy a home? Many buyers spend no more than $25,000 to buy their first homes. There are loan programs with low down payment requirements and many real estate agents negotiate for their Buyers a â€œSellerâ€™s concessionâ€ to include the Buyerâ€™s closing costs (which are HIGH here in New York!) in the price of the home.
â€¢ Income: Two years consistent income is the basic requirement for either a salaried individual or a self-employed person. Income from Bonus, Commission, and Overtime is treated differently and is best discussed with your Mortgage Banker.
â€¢ Market Survey: it doesnâ€™t hurt to go out and get to know neighborhoods where you might like to buy a home. Visit open houses on Saturdays and Sundays. Itâ€™s okay that youâ€™re not yet buying; tell the Realtor at the Open House youâ€™re just beginning your â€œsurvey.â€ Youâ€™ll also get to know market prices for different kinds of homes. Itâ€™s okay to â€œwindow shopâ€ homes on the weekend at Open Houses!
I hope these fundamentals will help you better understand the path to homeownership is a process that, with preparation and dedication, you can move through easily. And if youâ€™re interested in getting Prequalified today to create an Action Plan for your future of Homeownership, call me anytime!
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!
What kind of lease you have will dictate whether or not he can legally make you move. But, no matter what kind of lease you have, unless stated otherwise you have the right to stay until the end of the lease. And in the event that you were lucky enough to sign a rent stabilized lease, the new owner must renew your lease. It's the law.
In the event that you do have to leave... I'm afraid with that budget you may be looking in UPPER (way upper) Manhattan. There is nothing that low in Williamsburg.
Commercial | Residential
REMAX PARK SLOPE
Direct: (212) 300-3919
Trulia lists rentals, here is a link to your area http://www.trulia.com/for_rent/NY/Brooklyn,5274,Williamsburg