All Forum Posts by: Mark S. Fisher

 It was a few years ago so I honestly can't recall. It was very reasonable though. 

Cash for keys isn't a bad option depending on the tenant and how open they are to working with you. It could be a potential better solution for all.

Cris (201) 207-6744 is someone I have used in the past and was able to evict someone in less than 4 months.

 Anytime! If you need any help putting this together feel free to reach out. 

No, you do not. You can also have the same attorney since it is a family transaction. You can structure the gift of equity to cover the down payment and a seller's concession to cover the closing costs.  

 Hi Jerome,

It will depend on a few different factors. Is the C/O for a legal 2-family residence? How is the property currently set up? Is it set up as an apartment or was it changed around to be used as an attorneys office? The easiest option that will allow you the most financing options would be for it to be a legal two family and for it to be set up as a residential unit (kitchen, bedrooms and bathrooms). Feel free to reach out if you have any further questions.

Hi Raymir,

Using an FHA Loan will be tough since FHA doesn't allow you to use rental income from a property you are vacating. If you plan on selling that then FHA will be best and you would likely be qualified for much more. What is your plan for the co-op? You can also check out my IG page @NYC_Mortgage where I post a lot of mortgage hacks that you may find helpful.

Your family member can walk away with the check and then write you a separate check, but the check can't be made out to you directly. 

It's nice to meet you Samantha. Happy to help in any way if you have any questions. Feel free to check out some of my content on IG that may help you along your journey @NYC_Mortgage

Hi Frank,

You can do a gift of equity only if you do the loan as a primary residence (only required to be a primary for one year).  In this case you would have 65k to use as the down payment/closing costs. So 57k would be used as a 20% down payment and the rest towards closing costs.