Real Estate Advice Needed--HELP!!!

MoreCowbell · 03-09-2007, 12:01 PM

As I detailed before, I am still searching for an apartment in Manhattan. This situation...

http://www.e90post.com/forums/showthread.php?t=48737

...Died on the vine.

So our search has continued. I think we have seen well over 50 properties. My wife looked at one yesterday, and it was just a bit small for our needs but it was in probably Manhattan’s BEST location(the value just won't decrease in this spot, regardless of what happens).

So, on the way out of the building, the doorman tells her there is an open house going on in another apartment in the building. And my wife is told, both by the doorman and by another broker, that the owner is DESPERATE to get out.

So she sees the apartment. It's amazing. And it's huge. And it's perfect.

But...they are asking 1.695. But, because this buyer needs to get out and get out fast, it's easily negotiable. I think, from hints, but can't prove, that the owners are in arrears on common charges and is getting the boot.

Now here is the issue. I can afford like 1.3 or 1.4 in some other apartments, but because the size of this place is over 1350 sq ft, the common charges are about 1650 and the taxes are 1000(those are monthly numbers). So, I can really only offer about 1.1. In most other apartments we are considering, the carrying costs combined are about half, or just over half, what they are here.

I offered 1.12. It is was rejected out-of-hand and the lawyer responded that it was just too low to counter-offer. Obviously, I was surprised.

I know...that I can grab it for like 1.45 or 1.5. And I know it's actually WORTH like 1.7. And it's a SAFE investment in that location.

What, if anything, can I do? I want to creatively, but SAFELY AND PRUDENTLY find a way to swing this.

Some other facts:

-My wife and I have perfect credit.
-I can afford about 8000-8400 monthly inclusive of Mortgage Payment, Taxes, Common Charges (as I said above Taxes are 957, common charges are 1620)
-I have NO other debt
-Estimate closing costs about 6%
-Building accepts max 90% financing
-I currently have $160,000 in cash, and another $100,000 in a VERY FRIENDLY termed credit line from family(I will not ask for additional support, as I did not ask for this line in the first place) that can be tapped at any time.
-I am saving $7000 a month right now.

Advice needed.

Thanks in advance.

Victor.L3IchibanM3 · 03-09-2007, 12:04 PM

good luck finding the perfect apartment

dmfitz82 · 03-09-2007, 12:35 PM

congrats on saving 7k per month

MoreCowbell · 03-09-2007, 01:14 PM

Quote:

Originally Posted by Victor.L3IchibanM3

good luck finding the perfect apartment

Thanks!!! Seems like I need it...

MoreCowbell · 03-09-2007, 01:15 PM

Quote:

Originally Posted by dmfitz82

congrats on saving 7k per month

Thanks.

That's all well and good, but I have no assets.

My money is not "working for me"

Explorer3253 · 03-09-2007, 04:04 PM

gluck75..what is your profession if you don't mind me asking?

Bimmerista · 03-09-2007, 04:10 PM

Try an offer that is higher and float to Seller a balance of payment concept, secured by second mortgage, low interest rate, 15 year amort with right to prepay without penalty at any time. This way you can figure the montly at what you can afford and as your income increases (hopefully) you can pay it off quicker. If desperate this is something he/she will look into.

MoreCowbell · 03-09-2007, 04:41 PM

Quote:

Originally Posted by Explorer3253

gluck75..what is your profession if you don't mind me asking?

I do software integrations for large financial institutions. My wife is in Origination for Low Income Housing.

What do you do?

DLJJ3399 · 03-09-2007, 06:29 PM

Sometimes you just have to walk away. That's what I did when I thought I found my perfect home.

It was what I really wanted in the location I wanted but we just couldn't come to terms.

About a month later I found my current home. It was far better than the previous house and in the same area, but closer to town.

By waiting and not forcing the deal, I came out ahead.

Are you pickin's up what I'm puttin' down.

Good luck! And don't be afraid to be patient.

Explorer3253 · 03-09-2007, 06:58 PM

Quote:

Originally Posted by gluck75

I do software integrations for large financial institutions. My wife is in Origination for Low Income Housing.

What do you do?

Project management / implementation of banking system for corporate treasury... i guess almost the same thing as you...but not really if you have a budget 10X than mine

MoreCowbell · 03-09-2007, 08:42 PM

Quote:

Originally Posted by Explorer3253

Project management / implementation of banking system for corporate treasury... i guess almost the same thing as you...but not really if you have a budget 10X than mine

Keep in mind I am a 1099 employee which affords me HUGE tax advantages...it helps big time. Also, I have a wife who does pretty well now.

Also...there is a downside. In contract work, my income could stop at any moment...

Explorer3253 · 03-09-2007, 09:00 PM

Quote:

Originally Posted by gluck75

Keep in mind I am a 1099 employee which affords me HUGE tax advantages...it helps big time. Also, I have a wife who does pretty well now.

Also...there is a downside. In contract work, my income could stop at any moment...

Ohh..I see...I did that for a while...Too risky sometimes but can sure be a benefit as long as you stay employed

03-09-2007, 12:01 PM	#1
MoreCowbell Lieutenant Colonel 530 Rep 1,701 Posts Drives: 24 i5M60 23 X740 23 Vette Z06 Join Date: Feb 2006 Location: Westchester, NY iTrader: (0)	Real Estate Advice Needed--HELP!!! As I detailed before, I am still searching for an apartment in Manhattan. This situation... http://www.e90post.com/forums/showthread.php?t=48737 ...Died on the vine. So our search has continued. I think we have seen well over 50 properties. My wife looked at one yesterday, and it was just a bit small for our needs but it was in probably Manhattan’s BEST location(the value just won't decrease in this spot, regardless of what happens). So, on the way out of the building, the doorman tells her there is an open house going on in another apartment in the building. And my wife is told, both by the doorman and by another broker, that the owner is DESPERATE to get out. So she sees the apartment. It's amazing. And it's huge. And it's perfect. But...they are asking 1.695. But, because this buyer needs to get out and get out fast, it's easily negotiable. I think, from hints, but can't prove, that the owners are in arrears on common charges and is getting the boot. Now here is the issue. I can afford like 1.3 or 1.4 in some other apartments, but because the size of this place is over 1350 sq ft, the common charges are about 1650 and the taxes are 1000(those are monthly numbers). So, I can really only offer about 1.1. In most other apartments we are considering, the carrying costs combined are about half, or just over half, what they are here. I offered 1.12. It is was rejected out-of-hand and the lawyer responded that it was just too low to counter-offer. Obviously, I was surprised. I know...that I can grab it for like 1.45 or 1.5. And I know it's actually WORTH like 1.7. And it's a SAFE investment in that location. What, if anything, can I do? I want to creatively, but SAFELY AND PRUDENTLY find a way to swing this. Some other facts: -My wife and I have perfect credit. -I can afford about 8000-8400 monthly inclusive of Mortgage Payment, Taxes, Common Charges (as I said above Taxes are 957, common charges are 1620) -I have NO other debt -Estimate closing costs about 6% -Building accepts max 90% financing -I currently have $160,000 in cash, and another $100,000 in a VERY FRIENDLY termed credit line from family(I will not ask for additional support, as I did not ask for this line in the first place) that can be tapped at any time. -I am saving $7000 a month right now. Advice needed. Thanks in advance.
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03-09-2007, 12:04 PM	#2
Victor.L3IchibanM3 Banned 282 Rep 373 Posts Drives: '06 325i,'04 RX 330,'99Corolla Join Date: Apr 2006 Location: San Jose iTrader: (0)	good luck finding the perfect apartment
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03-09-2007, 12:35 PM	#3
dmfitz82 Private First Class 7 Rep 128 Posts Drives: Jet Black 325i Join Date: Jun 2006 Location: Florida iTrader: (0) Garage List 2006 325i [0.00]	congrats on saving 7k per month __________________ 325i Jet Black on Black interior, Alum trim, ZSP, NAV, Step, Xenons.
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03-09-2007, 04:04 PM	#6
Explorer3253 Lieutenant 64 Rep 557 Posts Drives: 2014 f32 Join Date: Nov 2005 Location: Westchester County, NY iTrader: (4)	gluck75..what is your profession if you don't mind me asking? __________________ '06 325Xi - Jet Black - SOLD, '08 328Xi - Jet Black, Coral, 6spd - SOLD, '07 328Xi - Jet Black, SOLD, '11 328Xi, Deep Sea Blue, Oyster/Black - SOLD '14 428XI, Alpine White, Coral, MSport, Auto, Premium, Tech, Heated Seats/Steering, Drivers Ass, Drivers+ - On Order for ED
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03-09-2007, 04:10 PM	#7
Bimmerista Major General 85 Rep 5,732 Posts Drives: superstock Join Date: Aug 2005 Location: Montreal, Quebec, Canada iTrader: (0)	Try an offer that is higher and float to Seller a balance of payment concept, secured by second mortgage, low interest rate, 15 year amort with right to prepay without penalty at any time. This way you can figure the montly at what you can afford and as your income increases (hopefully) you can pay it off quicker. If desperate this is something he/she will look into. __________________ __________________________ 2016 435 xdrive GC white on black leather interior, Msport1, Msport2, premium package 2015 Lincoln MKX, silver on brown leather, premium package - that's right! Techno-Groovy baby
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03-09-2007, 06:29 PM	#9
DLJJ3399 Lack of charisma can be fatal... 100 Rep 365 Posts Drives: 2006 330i Join Date: Jan 2006 Location: Portland, Oregon USA iTrader: (0) Garage List 2006 BMW 3er 330i l ... [0.00]	Sometimes you just have to walk away. That's what I did when I thought I found my perfect home. It was what I really wanted in the location I wanted but we just couldn't come to terms. About a month later I found my current home. It was far better than the previous house and in the same area, but closer to town. By waiting and not forcing the deal, I came out ahead. Are you pickin's up what I'm puttin' down. Good luck! And don't be afraid to be patient. __________________ Protect Me From What I Want... _____________________________ Last edited by DLJJ3399; 03-09-2007 at 07:27 PM..
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