All Forum Posts by: Charmaine M.

@Rick Santasiere...thank you for advice and I will certainly pay attention to them.

@Jeff S....that is exactly my plan, the prices are astronomical, but it is a great rental market once you find the right tenant.

@Account Closed....thank you and yes it is a tough market.  

@Shaulo J....there were three separate grants, so there were three separate entities to deal with. I combine all of them :)

The City grant I got the O.K/ within 10 days.

The  State grant  you have to meet certain criteria which I did.

The Lender grant they put you on a saving plan for 10mths, if you save for 10 months straight ...You get it.

There are more to it, but basically that's it in a nutshell.

Thanks everyone.

@Pete McPherson, you are right. The numbers may look crazy to you, but they are not that bad in comparison to the real numbers. It took me a long time to find something that will work for me. It is super competitive in NYC with finding a decent place to live.

@Jay Orlauski... you are right, most are income based and there are some limitations  that comes with it.  Like  I said earlier, I wanted to utilize my first time home buyer status to get my foot in the door.

@Sochima Eze...as  I mentioned to Nick G, you do have to pay back the grants if you sell the property before 10yrs.

@Nick G....you are correct about the grants stipulation, you have to hold on to the property for a period of 10 yrs ( which i do not mind as i have a young child) or you pay back that money

@Sochima Eze...that is one of the main reasons I looked into buying. My mortgage is actually cheaper than my present rent.

After  I convert my basement into a rental, I should be living rent free in NYC!!!

@Sochima Eze.....

St.Albans....Queens

@Ingrid J..... the rental income would be 1200-1250 total, but that is just an estimate. I may go higher after I do my rehab look at the rental rate in my area.

@Ndy Onyido....it sure did not hurt, as NYC is a very expensive market. It took me a long time to find something i can afford.