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Tolik
Premium
join:2002-06-19
Brooklyn, NY

[Need Info] Looking for a real estate agent

Hey all,

My wife and I are thinking of buying a house/condo/brownstone. We would like to stay in Brooklyn area, preferable downtown.

If any one knows of great real estate agent please let me know. We are looking for someone who will work with us on finding a place we can call home.

Thank you and happy new year.



HardwareGeek

join:2003-11-15
Brooklyn, NY

avoid rapid realty nothing but issues for me when I was apt hunting. I
--
Email/MSN: Michael at hardwaregeeks.comAIM: MikeR35292


Maggs
Life is awesome
Premium
join:2002-11-29
Woodside, NY
Reviews:
·RCN CABLE

1 recommendation

reply to Tolik

Shop on Trulia, then get a good lawyer. You can check out HUD programs that educate first time homebuyers.

At the mortgages rate now, you're probably better off, not putting 20% down on a down payment, and just financing the PMI into the mortgage for the interest deduction. It's about $100 a month on some loans, so 360 months = $36,000 if you finance it over 30 years. Consider that home values will rise at some point, and you can get an appraisal in the future to have PMI taken off the loan when you have 20% equity in the house. If home values rise within the next few years, you could save yourself some decent cash by not putting 20% down at closing. Put that 20% down to work for YOU in a pre-tax 401k!

Depending on the price of your desired home, you may need to put down $100k or more in cash. Why not float your money and max out a 401k with $17,500 in 2013, that will reduce your taxable income along with the mortgage interest deduction.

Let's say you make $75k (150k with 2 incomes) a year, with a 500k home mortgage.

$150k- $35k = $115k income (assuming both spouses max out a pre-tax 401k @17.5k each)

$1,250 a month in interest= $15,000 a year in interest

So 115k in income - 15k in mortgage interest = 100k net income

This doesn't take into account any other pre-tax deductions like Mass Transit and Parking QTBs or Health and Dependent Care FSAs (assume you max out both at $2,500) that's another 5k off your income.

Go for as many deductions as you can, and drop your marginal tax rate down low, you may even end up with a refund, which you can use at the end of the year for an additional mortgage payment to buy down the principal.
--
Yes, ladies I am single.



Tolik
Premium
join:2002-06-19
Brooklyn, NY

Thank you so much for that info. CAN WE HIRE YOU?!


Maggs
Life is awesome
Premium
join:2002-11-29
Woodside, NY
Reviews:
·RCN CABLE

I'm actually in the market myself. I found an awesome one bedroom in Jackson Heights, it's just that the maintenance is insane for a 1- bed, it will be up over $1,000 for common charges in about 2 years.

Here's the link, it's a nice place in a historic district but the common charges are killer for a one bed, not to mention possible flip tax.

»www.trulia.com/property/30875541···NY-11372
--
Yes, ladies I am single.



sheik28
Premium
join:2000-10-15
New York, NY
reply to Tolik

Hope it works put for you!