All Forum Posts by: Benjamin Qiu

@Charlie MacPherson & @Michael Noto Thank you!

I don't think they signed any official contract yet. She made a cash offer and wrote a check for deposit, and that was it.

Greetings,

A family member made an accepted offer for a HUD home and gave the agent a $1000 deposit. The home turned out to have a lot more problems than expected. We don't see a need to go on paying for a home inspector.

Any idea how to back out with an acceptable reason and get her deposit back?

Thank you

Thanks @Account Closed

I agree, and I did run multiple scenarios and 2 of them are 

4.2% rate, currently with a property priced at $750,000 (buy now)

6.1% rate, in the future if market turns and property is priced at $580,000 (buy later if rate is higher)

Monthly payments for both are manageable, my concern is will that 6.1% be realistic, will it be lower or even higher, or harder to get a loan? Asking since I wasn't quite aware of the situation with the last downturn.

Thanks

Greetings,

With market being so high and reasonable rate currently, if/when market turns, will rate go down since the economy needs a boost, or will it go up and become difficult to get financing?

We currently have enough money for a down-payment, is it wise to take advantage of the reasonable rate and buy at a high price or best to wait for price to go down and risk with difficulty getting a loan.

Thanks for any input

Greetings,

With market being so high and reasonable rate currently, if/when market turns, will rate go down since the economy needs a boost, or will it go up and become difficult to get financing?

We currently have enough money for a down-payment, is it wise to take advantage of the reasonable rate and buy at a high price or best to wait for price to go down and risk with difficulty getting a loan.

Thanks for any input

Thanks for the reply @Marc Winter

The home is in Richmond Hill Queens right off of Forest Park, it was priced at $505 because it was a fixer upper (also slightly smaller, we put $65K into renovation), and before the neighborhood really picked up in price in the recent years. 

The reason to buy a property locally is more for my family, they want something close by with a better chance for appreciation (eventually) and something that our relatives can move into in the future so we can be in the same neighborhood. Eventually I'll be looking into multi-family in upstate or PA with the focus in cash flow.

Appreciate the numbers, will be working out the numbers more and find out how much I'll be qualified for.

Greetings all,

Love your opinions on how to go about getting a second (investment) property after purchasing my current 2 family home in 2016. House is worth about $650K, owe $200K in mortgage (purchased at $505K, currently renting out 1 unit and live in the other here in Queens NY.)

Current situation:

Next multi family property ~$650K

$30K cash at hand

What's everyone's opinion on the best way to go about this? Heloc or equity loan?

Ideally is to purchase the investment all cash and refinance to a 30 years traditional. Appreciate any advice

Hi @Sarah P.

Woodhaven has appreciated a ton in the last 3 years from a lot of out Asian investors/home owners moving in. I used to Live in Woodhaven and now in Richmond Hill, I see the demographic changing as well. May be Woodhaven will become the next Elmhurst, who knows.

@Sherri Cook

Hello,

I'm not a realtor, but my friends @Juan Barreneche & @Abel Curiel are and they specialize in this for Queens.