All Forum Posts by: Ray T.

Hi everyone! I'm new to Real Estate and trying to get my first contract sign in the upcoming week for a co-op in Queens. It's going to be owner-occupied for the first two years with 25% down. Which bank or lender would you guys recommend? I know HSBC has a relatively low rate, but both my broker and attorney concern about their ability to close a co-op on time. According to my broker, "100% of all transactions buyers have done with HSBC have been in breach."   

Hi everyone. I am completely new to the forum and the real estate market in general. I am looking to buy a one or two bedrooms co-op for house hacking in New York City in the next few months and looking for some advice. I'm currently looking at co-ops in Harlem and Jackson Heights due to how convenient they are. The HDFC co-op in Harlem is around the same price as in Jackson Heights. Here are a few pros and cons I noticed:

Pros:

HDFC in Harlem (125th or 145th)

• Close to work, especially my company is going to move to Hudson Yards in the next few years.
• Easy to get home even at 2 am on a weekend.
• Gym, supermarkets, and most importantly, central park close by.
• Easy to sublet a room out on Airbnb.

Co-op in Jackson Heights (Roosevelt Ave)

• Close to work, less than 20 minutes door-to-door. 
• Close to gym and supermarkets.
• Close to both airports (although I don't travel often, I am dreaming of taking more vocation abroad).
• I have a friend who's willing to rent a room there.
• No flip tax.

Cons:

HDFC in Harlem (125th or 145th)

• Flip tax.
• Hard to sell in the future due to the income restriction. 
• Relatively poor co-op management. I heard many are facing financial issues.
• More strict on subletting.  

Co-op in Jackson Heights (Roosevelt Ave)

• Will be a bit far after my company moved or if I change to another job.
• Takes forever to go back on the weekend.