For 92 years, MCU has been providing its members with everything from checking accounts, credit cards and auto loans to fixed, adjustable and jumbo home loans.  MCU has several loans tailored for the needs of the first time homebuyer that include minimal down payments and very competitive rates.

Are you looking to purchase an investment property?  MCU also offers mortgages for multifamily homes for properties up to 4 families.

For its members that have credit problems, MCU has credit counseling that can help qualifying members get on the right track towards financial health and home ownership.

MCU’s mission is to help civil servants purchase homes, and they have the money and several different mortgage products to help them do just that. 

For more information about the Municipal Credit Union, go to their website at www.nymcu.org.

The New York State Division of Housing and Community Renewal (DHCR) is responsible for the enforcement of the rent regulation laws, and can reduce rents and/or penalize owners that break them.

Rent Control

The older of the two rent regulation laws, rent control generally applies to buildings constructed before 1947.  It limits the amount an owner can charge tenants for rent, restricts their ability to
evict tenants, and ensures that they provide their tenants with essential services.

A maximum base rent (MBR) is established for each rent controlled apartment and if the landlord provides essential services and has no violations, every two years the rent can be adjusted up to 7.5 percent to reflect changes in operating costs.   Tenants can challenge the rent adjustments if they are not receiving the services they are entitled to.

With DHCR approval, rents can also be increased because of increased fuel costs, owner hardship, if the owner increases services or equipment, makes capital improvements to the entire building, or makes improvements to an apartment.

Rent Stabilization

Generally, rent stabilization covers buildings built after 1947 and before 1974, and apartments removed from rent control.  There are approximately one million rent stabilized apartments in New York City.

Rent stabilization also limits the amount an owner can charge tenants for rent, restricts their ability to evict tenants, and ensures that they provide their tenants with essential services.  Once a year the Rent Guidelines Board sets rates for rent increases in stabilized apartments.

Like rent control, rents for a rent stabilized apartmnet may be reduced if the owner fails to provide required services.

So, as you can see, there are not a lot of differences between rent control and rent stabilization.  For even more information about rent control and rent stabilization, go to DHCR Factsheets.

The volume of FHA loans being written has tripled, according to Realty Times, in the last few months, and as long as you can meet the FHA guidelines, there is still money to be had.  And FHA is not just for first time home buyers.

So, what do you need to qualify for an FHA Loan?

1. Right now, you need to be able to put 3% down. Starting January 1, 2009 the requirement will be 3.5%.
2. A credit score of 550 or better.
3. You can still use a co-signor (or non-occupant co-borrower) to purchase a home with an FHA secured loan.
4. In Brooklyn, the FHA loan amount maximum for a single family home or condo is $729,750, a two family home $934,200, and a three family home loan for no more then $1,129,250.
5. Verifiable income.

So, don’t let the dire news scare you.  If you’ve got the income, the credit score and the down payment, get out there and buy a home.  Interest rates are extremely low and you can get a fantastic house at bargain basement prices.

Want to know more?  Give me a call at 917-544-2662, or click here to email me.

654 people and groups purchased property in Brooklyn during the month of September. Are the numbers down from the same time last year? Yes, but still, the best investment when the stock market is unstable and interest rates are fluctuating is real estate.

For full information on house, condo and coop sales in Brooklyn in the month of September, click here.

One of the things that I’ve found most impressive about the complex is the 5 1/2 acres of beautifully manicured lawns and stately trees that are accented by a charming gazebo.

The apartments are quite spacious with wood flooring and large windows that let in a lot light.  Take a look at the many amenities that the co-op provides, and you’ll see why University Towers is a great choice for fine living in Fort Greene.

1. 549 Apartments
2. Huge cash reserves of 6 million dollars (in 10/08)
3. 75% Owner Occupied
4. Hardwood Floors
5. Laundry facilities in the building
6. 24 Hour Security
7. Fitness Room
8. Onsite Parking Available
9. Playground
10. Barbeque Pits for residents use
11. Two blocks from the Dekalb Avenue Station
12. 5 minutes to Metrotech, Polytechnic and Long Island University

With prices that are still are very reasonable for Fort Greene (a 1 Bedroom/ 1 Bath apartment was selling for $473,000 in 10/08), University Towers is a great place to get a good bang for your buck and still enjoy high-end amenities.

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If you would like to find out more about the apartments for sale in University Towers, please give me a call at 917-544-2662 or 718-338-3380 or click here to email me.

If you’ve got the income and are looking for a modern condo that has all the amenities like fitness centers, concierge service, hair salons and the like, with spectatcular Manhattan views to boot, then DUMBO is the place for your.

Why do I say that?  Well, the definition of a “business” according to Dictionary.com “is a person, partnership, or corporation engaged in commerce, manufacturing, or a service; a profit-seeking enterprise or concern”.   If you own a property and intend on renting all or part of it for a profit (or to be able to make your mortgage payments), then you are providing a service to your tenants for the purpose of making money.  Or in other words, you’re in business!

Well, you might me be asking yourself, “What does it matter?”  Well, it matters a great deal.  If you want to be a successful landlord then you need treat it like a business.  What are some of the things you need to know to operate a successful Residential Property Rental Business.  Here is a list of just a few:

-How do you find good tenants?
-What do you do if a tenant doesn’t pay his rent?
-How many payments can a tenant miss before you can evict?
-Do you pay taxes on the money you collect from your tenants?
-What services are you legally obligated to provide for your tenants?
-What are the landlord tenant laws in Brooklyn?
-Who is responsible for repairs?

These are just a few questions that anyone who wants to rent out residential property should know the answer to.  Unfortunately, I’ve seen many people buy multifamily houses without ever giving serious thought about the difficulties that can come when you have to deal with rental tenants, and that’s a big mistake.

Owning rental property is a great way to generate income now, and build up equity for the future, however it comes with many challenges. Make sure you are up to them by doing your homework before you take the plunge. After all, you’re going to be a business owner, and you don’t want your business to fail.

To get you started, here’s a website, Mr Landlord.com that is chock full of useful information for landlords and landlords to be.

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Many shareholders are under the impression that the co-op corporation’s insurance policy should be all the insurance that they need. So, what does the co-op’s master insurance policy cover? Typically, it covers any liabilities that occur in the common areas of the co-op. For example, if some one slips in the hallway outside your apartment, the co-op’s insurance policy would cover any bodily injury that occurs. However, if that same person slips and falls in your unit, the co-ops insurance does not cover any liability, you would be responsible.

A co-op insurance policy will cover any losses to your unit as a result of a burglary, if fire damage ruins the walls in your apartment, or if someone is injured when he trips and falls over an object in your living room.

Protect yourself and your belongings and get a co-op insurance policy (if you’re a renter, you should have a renters policy). They’re not that costly. I personally pay about $300 a year for $50,000 worth of coverage. Better safe then sorry.

This brief little article which will help take the guess work out of finding the local schools in the Clinton Hill /Fort Greene area.

Elementary Schools

P.S. 20 Clinton Hill School
225 Adelphi Avenue
Brooklyn, NY 11205
Phone: (718) 834-6744
Public School
Pre-K to 5th Grade
P.S. 20 Website

P.S. 11 Purvis J Behan School
419 Waverly Avenue
Brooklyn, NY 11238
718-638-2661
Public School
Pre-K to 6th Grade
M.S. 113 Website

P.S. 46 Edward C. Blum
100 Clermont Avenue
Brooklyn, NY 11205
718-834-7694
Public School
Pre-K to 5th Grade
PS 46 Website

Queen of All Saints Elementary School
300 Vanderbilt Avenue
Brooklyn, NY 11205
718-857-3114
Private School
Kindergarden to 8th Grade

Junior High Schools

M.S. 113 Ronald Edmonds Learning Center
300 Adelphi Avenue
Brooklyn, NY 11205
718-834-6734
Public School
6th - 8th Grade
M.S. 113 Website

High Schools

Benjamin Banneker Academy
71-77 Clinton Avenue
Brooklyn, NY 11238
718-797-3702
Public School
9th - 12th Grade
Benjamin Banneker Website

Brooklyn Technical High School
29 Fort Greene Place
Brooklyn, NY 11217
718-804-6400
9th - 12th Grade
Brooklyn Tech Website

Bishop Loughlin Memorial High School
357 Clermont Avenue
Brooklyn, NY 11238
718-857-2700
Private School
9th - 12th Grade
Bishop Loughlin Website

1. Prices have dropped as much as 15% in some areas of Brooklyn from just a year ago.  Its a great time to get a bargain on a piece of property.
2. Interest rates are still low.   According to Bankrate.com, a 30 year fixed rate mortgage can be had for as low as 6.45%. 
3. You’ll find that sellers are much more willing to negotiate on price then ever before.
4. Prices in the areas of Brooklyn that I specialize in have stabilized over the last two months or so.   If prices have hit bottom, which many veteran Realtors are saying they have, then prices will hoover for a while and then begin to rise. 
5. The economy will rebound.  It always has, it always will. 

Don’t try and time the market.  If you’re in the position to buy, but you have been hesitant because of the situation with the economy, don’t sit on the fence.  Go ahead and buy!!  Before long, you’ll see prices start to rise along with interest rates, and you will have missed the “get a house, co-op or condo for a steal” boat.

p.s. - If you have any Real Estate needs such as buying, selling or renting real estate, and want to work with a real estate professional who will provide exceptional service with a smile, call me today at 718-338-3380, 917-544-2662 or Click here to send me an e-mail.