All Forum Posts by: Charmaine M.

@Jay Orlauski

I used my status as a first time home buyer to get a all the grants.:)

Grant # 1....$15,000 New York City

Grant # 2... $7,500 New York State

Grant # 3...$7,500 Lender (HSBC)

Every state has grants subsidy for first time home buyers... you just have to find them.

@Ndy Onyido....

 I used my status as a first time home buyer to get a all the grants.:)

Grant # 1....$15,000 New York City 

Grant # 2... $7,500  New York State 

Grant # 3...$7,500  Lender (HSBC)

@Brian Holt....that is the plan.

@Jacqueline Carrington....yes i plan on doing that saving for "problems"

@Aaron Montague....LOL, that is the same thing i said when i saw it, the whole wall was covered in glass. I thought about keeping it it for a minute...

Thank you for the advise on the permit, but basement apartments are illegal in NYC but everyone does it. I may take the basement and rent out the main floor, more rental income.

@Brian Holt....yes to both your questions.

Rehab Cost $6500...

Hey all, after months of stress and agitation finally closed on my first investment.

Here are the numbers...what do you guys think?

Single Family 2/1

Asking- $290K

Purchase -$250K

Appraisal -$275K

DP- 20% ....didn't want to pay PMI

Grants/subsidy...$30K

Closing cost around $10k

Brought to the table $10,901.

Mortgage $1,225 @ 3.5 % 30yr

All in cost me around $35k out of pocket. ):

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Rehab to move in two weeks

* Paint whole inside + basement

*Gut and repair bathroom

*Remove glass/mirrors one wall living room

* Replace/Repair range over stove/exhaust

* Dispose of all garbage.

*Remove carpet through out the whole house.

* Cannot do the Floors...Not in the budget ):

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Next Summer Plans.

Covert Basement into a 2 bedroom apartment 2/1

Rental income $1200. $1250.00

Opinions & suggestions appreciated.

Thanks

@Rodney Watson...welcome!!

@Account Closed... i am no expert by any means but i am in the process of closing on my home and i did ALOT of research on the which mortgage product would be right for me. After running all the numbers and factoring my down payment and my game plan, i decided that FHA is quite a "pricey" loan in the long run and i was not willing to put out that extra money.

Besides, the low downpayment, i really don't see very much positives about FHA...but that is just my opinion.

If you are a first time home buyer, there are a lot of options available in NYS, that can help you with DP and closing cost.

Good luck to you!!

@Annette A......I have a real job and i cannot wait to get out!!

I am  closing on my first property (not rental) and the stress it is causing me is unbelievable. My co-workers sees it and they tell me " bet you will never do this again" .... and i say "YES I will", because i will not let this stop me.

I see my future everyday and working 9-5 is not in it.

~C

@Steven Kopstein....Well said sir, well said. You ht the nail right on the head.