Bronx Real Estate / Joel Rivera

Bronx Real Estate & Lifestyle

Bronx Real Estate / Joel Rivera - Bronx Real Estate & Lifestyle

Monthly Archives: May 2012

Bronx Condos

Bronx Condos Lifestyle

When choosing the style of home to live in, a lot of Bronxites choose to live in a condo. Condo living affords you the chance to have the convenience of apartment living while having the benefits of home ownership.

Maybe you live a hectic lifestyle and don’t have the time to worry about shoveling the driveway or mowing the lawn. Living in a condo means you don’t need to deal with any of those duties.

Maybe the children have grown and gone off to college or recently gotten married. Now your home is just to much for you and your significant other. It might be time to sell your large home and buy a convenient to live in condo.

Where are all the condos in the Bronx? They are scattered everywhere from Riverdale to Throggsneck, Parkchester and other areas. Condos can come in all different forms. From large apartment buildings to town house style condos.

Condos vs Coops

The main difference is that Condos are considered Real Property and Coops are actually corporations that you own shares in. They both have their pros and cons.

Bronx Condos: Most people consider the fact that condo boards are less stringent as a major benefit. Monthly maintenance tends to be lower as well but remember, unlike a coop where the taxes are built into the maintenance, with condos you need to pay your taxes on your own. Also the overall cost of a condo tends to be higher than a coop. Click → Bronx Condos

Bronx Coops: Coops outnumber Condos substantially. Also Coops tend to cost less than Condos over all. The monthly maintenance tends to be higher but that comes with the benefit of even less responsibilities and your taxes are built into the maintenance. Click→ Bronx Coops

There are so many reasons to choose a condo as your next home. If you are in the market for a condo, use our search widget to the right to find the perfect condo in the Bronx.

Click the picture below for more on Bronx Condos.

Bronx Condos / Bronx Condos for Sale

Joel Rivera
BronxPad Founder
347-601-1551
Click→ Bronx Homes for Sale

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Bronx Real Estate Info-Graphic

Bronx Real Estate Info-Graphic

Hello all, I am by no means a graphic designer but I do feel the need to provide a simple way for people to absorb Real Estate Info. Since we are a fast paced society and might not have time to read long posts, I figured I’d attempt creating info-graphics. I am a big believer that anyone can teach themselves anything and through practice and perseverance we can all achieve greatness. Now that being said this is my first attempt at one so please be kind.

Bronx Homes for Sale

Save this info-graph and pass it along. I will be developing more and hopefully they will improve in their design but this is about the substance. lol

The info graph covers some of the basics when it comes to buying and selling Bronx Real Estate. For a more in depth analysis on current market conditions feel free to give me a call or email me. If you are looking to sell or buy a home in the near future, I can provide you with the information that will make you a  Real Estate Success Story.

Joel Rivera
BronxPad Founder
RE/MAX Agent
347-601-1551
Click → Bronx Real Estate

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Bronx Mortgage Qualification Tips

Bronx Mortgage Qualification Tips

Before you start house hunting, it makes sense to know how much you can actually afford. This way you will look at homes confidently knowing that you are in a position to buy and afford the home of your dreams.

You will want to also find out where you want to get a loan from. There are several types of places you can obtain a loan.

  • Bank
  • Mortgage Broker
  • Credit Union
  • Online

How much House can you afford?How much Home can you afford?

This is an important question because you want to enjoy your new home without worrying that you might miss a payment. Typically lenders like to see a person within a range of 28% to 44% of your monthly income. There are a lot of factors that go into determine this range.

  • Credit Score
  • Income
  • Savings
  • Other Financial Instruments
  • Debts

For your convenience we have a mortgage calculator in our menu bar up top or you can Click Here. Use it to estimate what your payments might be like. Always remember that you will want to include potential Taxes, Maintenance for Coops & Condos and Insurance. When you use the calculator play with the numbers and interest percentage so you can get a best and worst case scenario.

Down Payment

How much can you put down? You can put as little as Zero down. There are various types of loans from Conventional Loans, VA Loans and FHA Loans. Which one is right for you will depend on your situation.

  • Conventional Loans: Typically you would need a high credit score and 20% down for this type of loan. With this type of loan you won’t need to worry about Private Mortgage Insurance which you would need to get if you have a down payment of less than 20%. Example of a conventional loan: $400,000 home will require $80,000 for a down payment plus closing costs.
  • VA Loan: If you served in the U.S. Military or you are on active dutyBronx Real Estate you might be able to get a VA backed Loan. You can put Zero% down with a VA loan if approved. Check out an earlier post on VA Loans. Click Here and then Click Here.
  • FHA Loan: With this loan you can put as little as 3.5% down but remember you will need to get Private mortgage insurance.    Example: $400,000 home would require $14,000 plus closing costs and Private Mortgage Insurance.

Check your credit history

Before you go to a lender, it makes sense to know before hand what your credit profile says. If there are any errors in your credit report you want to dispute it before hand. Mistakes on your credit report can cost you a fortune or worse, keep you from your dream home.

  • TransUnion
  • Experiean
  • Equifax

The higher your credit score the easier it is to obtain a loan and to get the best rates. With a lower credit score you might have to put a larger down payment, get a higher interest rate or be denied for a loan. That is why it’s best to know your score in advance.

Pre-Approval Letter

I will bypass the discussion on pre-qualification letters because in the vast majority of times sellers want a pre-approval letter. Pre-approvals are preferred because before a lender gives you this type of letter they will perform a thorough check of your credit, income, savings and employment. What do you need for a Pre-approval letter?

  • 2 years W-2′s
  • 3 paystubs
  • Bank Statements
  • Proof of funds for down payment
  • The lender will check your credit

Next StepsBronx Homes for Sale

Now that you have a basic understanding of whats needed to obtain a mortgage, the next step is to contact a lender and your local Realtor. As a Bronx Based Real Estate Agent I will be glad to help you along the way of finding your next home. You can use our Bronx Homes Finder widget up top or contact me for more information about Bronx homes for sale.

Thank you for reading this article. If you know of anyone that is looking to buy a home then forward this article, along with my contact info to them.

Joel Rivera
BronxPad Founder
RE/MAX Agent
347-601-1551
Click Here for Bronx Homes
Click Here for Realtor Info

Disclosure: Make sure to speak to your lender about these topics as they are subject to change depending on Governmental Policy, Banking Policy and changes in the financial market.

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Bronx Foreclosure Prevention

Bronx Foreclosure Prevention

One of my favorite movies of all times is Cinderella Man featuring Russell Crowe. Crowe plays the part of James J. Braddock,  an amazing boxer who is rising to the top until the Great Depression turns America up side down. Like many, his fame and fortune quickly turned into a life of struggle. There were days when food was scarce and bills couldn’t be paid. He struggled like many Bronxites today to provide for his family but he wouldn’t let his situation get the better of him. My favorite line in the movie is when he was in the pre fight press conference and he said “I know what I’m fighting for, the milk”. Everyday we all fight for the milk!

The national and local economy has hit many people hard. With the economic downturn Bronxites have found it difficult to make ends meet and to fulfill their financial obligations. Is it their fault? The answer is a resounding no! We can spend days discussing where the finger should be pointed and I agree that there are many at fault for the financial and economic situation we now face. The answer to this problem is not resolved by pointing fingers or casting blame but by providing help and hope.

Now the question is what to do when you are falling behind on your bills? The answer is not a simple one since we all face different circumstances. But rest assured there is help for many out there who seek it out early enough. You shouldn’t be to proud to reach out for help. James Braddock realized that despite his former fame and glory, he needed to feed his family. He went to get financial help. He worked hard and trained hard, never giving up hope. He showed that America is great because of how we treat those in need.

Foreclosure Prevention Tips

  1. Home Affordable Modification Program (HAMP): This is a major part of the Obama Administrations Making Homes Affordable programs that can help to reduce your mortgage by as much as 40%.
  2. Principal Reduction Alternative (PRA): If your home is worth less than what you owe on your mortgage or whats commonly referred to as under water, this program can help.
  3. Home Affordable Refinance Program (HARP): If you are current on your mortgage but have found it difficult to refinance because of the current value of your home or financial situation, this program can help.
  4. Home Affordable Unemployment Program (UP): If you are currently unemployed and can’t make payments on your mortgage this program can help you potentially defer your mortgage payments for up to 12 months.
  5. Home Affordable Foreclosure Alternatives (HAFA): If you simply can’t afford your current mortgage you might be able to take part in whats called a “Short Sale”
  6. HUD Approved Housing Counselor: Call 888-995-HOPE (4673) for more information on all these programs mentioned above.
  7. If possible pay your Mortgage first: If your bills are mounting your home should be the first thing paid. Credit cards can be put on the low priority list. A roof over your head is more important than your credit score.
  8. HUD: The federal government wants to help. Click Here for more info.
  9. Banks: Contrary to popular belief, banks are not out to hurt you. Contact them early and discuss possible loan modification programs they might have available. Foreclosure proceedings are expensive and time consuming. Banks prefer to help resolve the situation early if possible.
  10. Speak Up: Sometimes we believe that it is only a matter of time before things will be ok and we sweep our problems under the rug. The problem arises when to much time passes by and the banks are forced to act. Follow these steps above early so that you can stay in your home.
  11. Seek Help: You can find help close to home. Friends and family might be able to help out. A true friend or loving family member should not judge you since they might one day need your help as well. There are also a ton of great Not for Profits that can provide help and guidance.  You can also speak to a lawyer that can guide you on potential legal options. You should not go throughout this tough time alone.
  12. Time to Sell? You might want to explore listing your home for sale simultaneously while exploring all the steps above. This should be on your mind early since selling a home can take a while. Obviously take your time and discuss your options with a HUD Approved Housing Counselor. Call 888-995-HOPE (4673) and then call your local Bronx Real Estate Agent.

To sum up this article, if you find yourself struggling to meet your mortgage payments seeking help early can help to keep you in your home. Like James Braddock in the movie Cinderella Man. You can be on top, fall down on your back side only to rise up again. Don’t let a foreclosure happen to you.

For more information or help contact HUD - 888-995-HOPE (4673).

Helpful Links.

Joel Rivera
RE/MAX Agent
BronxPad Founder
Bronx Homes for Sale
347-601-1551

We are all fighting for the Milk!

 

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Flipping Bronx Homes

How to Flip Bronx Homes?

Have you recently watched any TV shows dedicated to property flipping? Most people watch these shows for many reasons. Such as getting ideas on how to renovate their homes, for pure entertainment and to actually ponder if  flipping Bronx Homes makes sense.

The biggest question is ” Can I flip Bronx Homes and make easy money “? First let me start off by saying there is no such thing as easy money! Flipping Bronx Homes is no easy task.

What is Property Flipping?

Property flipping is basically buying a property at a significantly reduced cost in comparison to others within a certain radius. You want to make sure that the property you are buying is similar to others close by. You don’t want to buy a 4 family home in a neighborhood with only single family homes. The comps that banks use to appraise the property might not be in your favor.

You need to also consider your time frame. Are you looking to buy a home to renovate and live in it for 2 years so you can reap the tax benefits? Or are you looking for a short term purchase that you can scoop up and do the appropriate renovations and sell quickly?

If you live in a home for 2 years and its your primary residence you can exclude $250,000 if you are single or $500,000 if you are married. Obviously this is only good for one property every 2 years.

If you are looking to flip Bronx Homes quickly then you will have to deal with the Capital Gains tax.

How do you determine your Capital Gains?

Purchase Price + Purchase Costs + Improvements + Selling Costs -Accumulated Depreciation = your Cost Basis

Now how to determine your profit or loss

Selling Price - Cost Basis = Gain or Loss

Calculate your taxes owed

Gain - Maximum or Partial Exclusion = Taxable Gain

Now that you know some tax basics we can move on to the next item. It goes without saying that you should consult your Accountant to discuss current tax changes as it relates to Real Estate. Your accountant is there to advise you.

Your Flipping Team

You don’t want to be a jack of all trades. It’s better to have brains on Tap than Brains on Top! Do you really want to handle every single aspect of property flipping? The answer is no. There are to many ways to lose money property flipping that you really want to have the right team working for you.

Real Estate Agent: Your local Real Estate Agent has their thumb on the Real Estate pulse in your local market. Their business is to stay current on what Bronx homes are currently selling for and if the property is being sold at a price that makes property flipping viable. Your Realtor can also help you negotiate the best possible price for the property. They have a tremendous amount of industry resources at their disposal. Click here for Bronx Real Estate Agents.

Property Inspector: This person is vital, you want to fully understand what the condition of the property is in. This will help you to estimate what the costs would be to renovate. You should not purchase a property without doing an inspection.

Contractors: You want to have reliable people on tap. You don’t want to buy a property and waste time looking for contractors. Identify a good contractor to work with in advance. You will also want to have a back up in case your main contractors work load is too large. You need a plumber, electrician, dry wall specialists, painter, bath & kitchen team amongst others.

Mortgage Pro: They can help you with financing a property flip.  Your mortgage pro can also help you pre-approve prospective buyers after your renovations are complete.

Real Estate Attorney: You always need a great lawyer. Someone who specializes in Real Estate. They can help you go over contracts with your contractors, when you buy the property and sell the property.

Common Flipping Pitfalls

  1. Don’t quit your day job. Property flipping is not easy and can be costly.
  2. You must have money in the bank. Be liquid. There might be unexpected costs or longer than anticipated sale of the home.
  3. Buying sight unseen.
  4. Hiring an unlicensed or uninsured contractor.
  5. Buying too many properties with little experience.
  6. Underestimating costs.
  7. Overpaying for the property.
  8. Not having a plan.
  9. Not knowing local Zoning Laws or Permits required.
  10. Not having a team. Your team will be your guide during this venture.

Property flipping is a great way to earn a living. You are also engaging in a community service. If too many homes are dilapidated then local property values will decrease. By renovating an eye sore and selling it you will help your local market rebound.

If you are thinking about flipping Bronx Homes then give me a call and I can help you identify properties for sale that make property flipping viable.

Joel Rivera
BronxPad Founder
RE/MAX Agent
347-601-1551
Bronx Homes for Sale
Bronx Real Estate Tips

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Bronx Moms Night Out

Pre Mother’s Day Special Night

Flower

A Special Flower for Bronx Moms

Hello Everyone, This is a special post for all Bronx Moms. Sunday May 13th is Mothers Day and it’s right around the corner.  On Thursday May 10 there will be an amazing event taking place here in the Bronx. Macaroni Kid and Mommy’s Mingle have teamed up to celebrate National Moms Night Out.

I had the pleasure of meeting the organizers of  Macaroni Mingle and I was impressed with their vision for Bronx Moms. We all know how important mothers are in all of our lives. Moms work triple time keeping their family and professional lives in order. Not an easy job at all.

BronxPad and RE/MAX Results are teaming up as sponsors of the event. There are also a bunch of great sponsors that will be providing free goodies to all who attend. As a Proud Bronxite, I am helping to promote this amazing night. Tickets are only $35 and you will all be in for a treat.

Yes, my job is to help people buy and sell Bronx Homes but my main goal is to promote the Bronx and to support those who do the same. One of the ways to make a community better is by supporting people and groups who really want to make a difference. These ladies really are helping to make our community better for families.

Macaroni Mingle
Thursday May 10, 2012
6PM-9:30PM
F&J Pine Restaurant
1913 Bronxdale Ave
Bronx NY 10462
Tickets just $35
Click Here for more info.

I look forward to seeing all of you there.

Joel Rivera
BronxPad
RE/MAX Agent
347-601-1551
Bronx Lifestyle

PS. Happy Early Mother’s Day.

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