All Forum Posts by: Lily Ochoa

Thank you will put a large down payment sponsor unit is empty now and its next door to our apt. Will speak to attorney if we can do it a few days apart.

Hi all need some advice am selling my 1-bedroom coop for 325k signed contract -2bedroom sponsor unit was asking for 575k lowered it to 560k and will pay his closing costs. Will try to close same day have to sell my coop first for loan to go.

I owe 98k on previous loan has to be paid first in order to be approved for purchase. I will have 200K after closing is it best to put all my funds toward new apt in order to lower my monthly payment at closing or can I do it later? I don't want to be paying a large mort. payment.

the maint is 800 a month. sponsor unit is remodeled most recent sales comps for similar unit was sold at 545k range. Woodside, Queens area.  closing cost for sponsor for myself will be 4k 

Thank you !

Thank you for your time! 

Good Morning all, am in the process of selling my coop first per loan officer and will be buying coop (2bedroom) pending sale of unit on contract we signed- my question is when I do my taxes will I be hit with anything ? I lived in apt since 2007 will be closing before or same day. Any advice what to expect or should everything move smoothly? 

Thank you in advance

Lily 

Hello real estate broker said property will be up for sale under market value 2 bedroom coop in Woodside, NY area in the 400k range value range for a fixed up same apt is listed and sold 545k same size 950sf to remodel all of apt am assuming 50k cosmetic remodeling not in the walls. Would need everything kitchen and bathroom and bedrooms and livingroom sanding to painting and floors. Need to look for a contactor as well. 

not sure if it will be a good move and time frame to get it done 2 months or less? Should I make an offer? Planning on living in coop for 6 years or more then selling it. At the same time I will be selling my 1 bedroom coop to buy it not sure how long before coop apt (2bd ) will be available but real estate broker told me soon. How much under value do they legally mark a probate coop apt. Any advice would be appreciated !

also do you recommend selling coop before buying or buying first if I sell my coop first 260k after all fees and at the moment I have 60k cash in the bank not sure if it will be enough for closing ? 

Hi, am located in Woodside, NY 11377 today I will be listing my coop for sale but since it's a coop apt it will take a while, but coop am interested is right across my hallway. If you can connect me with someone who can lend me the money.

Good morning all,

I have a problem I own a coop today I will list for sale asking for 380K right across the hall my neighbor is selling a coop I am interested in for 545K real estate person told me I need 10% which is 55K I don't have it unless I sell coop first! Anyone who can lend me that amount till I sell my coop or is it possible to work something out with seller. 

Thanks,

Lily  

Good Morning any advice on how to go about selling coop 2021 I was able to transfer coop to my name : dad (co owner) passed away 2023 and uncle owner of unit (cancer) legal transfer shares to me. Now I need to sell coop not sure is it considered an inheritance I do not live there my nieces are residing they would like to move out and sell coop to get their share have to them and my sister as well. How can safely do this to avoid capital gains on unit. At least be able to have fees taken once unit is sold since party asking to sell will not pay me anything when I do my taxes. Presently a coop unit similar to unit I have sold for 480k no pending mort on unit. 

Hello all am ready to do this ! I just don't know which should be my first coop apt where am presently living since 2007 one of the advantages of buy a unit where I currently live is no broad approval since am already an owner. Am allowed to rent out unit without waiting for a year. Minus all the headaches of owning a single home since you have to be called for any problem. Since am starting out am lending toward purchasing in the coop to fix either rent out or do a BRRR which do you recommend. My unit is almost paid out will just have a mt fee of 650 a mth if to rent out its going for 2100 mth in area. Was planning on using the equity on my coop to use it recent sales for same 1 bedroom was sold for 380k any advice would be great thank you!!!

Hello all ! I have a coop apt I owe would like to rent it out is there another way without having to refinance to take the equity ? Should I consider a DSCR loan reason why I do not want to Refinance are : I owe 99k value of coop if I was to sell is about 390-400k I do have a hoa of 650.00 every month. If I refinance I will pay more for mort. The rental rate in area for a similar 1 bedroom in same building is asking for 2300 a mth. I would like to purchase a one family home but not sure if its best to purchase a two family or mult which I would live in and then rent coop apt. I also have a 2 bedroom coop in my name paid out in full but unable to rent it out legally. I am considering selling it. HOA is 739.