Posted tagged ‘buying a hoboken condo’

Hoboken “Kiddie Condos” – Some Things to Consider When Parents Invest with Their Children

June 4, 2011

More and more buyers are teaming up with Mom and Dad to help alleviate some of the challenges of buying a condo in today’s market.

(Where were you, Mom and Dad, when I was buying my first home?…) Kiddie Condos

Mortgage pro Ted Schirm with Investors Savings Bank states, “Securing financing for a Hoboken condo has become more challenging since banks have tightened their lending standards. Additionally, when parents are investing with or for their children and wish to obtain the best mortgage rates, many lenders are seeking substantial down payments, typically 25% of the purchase price or more.”

“Kiddie Condos – The terminology, used when a parent, a very generous parent, buys or invests in a condo for their college-bound student, can offer problems when trying to get attractive financing for these transactions.”

These inclulde:

  • The property cannot be considered a second home.
  • Investment Propety down-payment requirements are more substantial than what was planned.
  • The parents don’t want to pay investment property mortgage rates.
  • The college student has no income and cannot be put on the mortgage.

“Our Kiddie Condo” Financing program allows us to do the following:

  • Provide financing as an owner-occupied property
  • Put as little as 20 percent down
  • Have the child put on the mortgage to help build a credit history

Mr. Schirm goes on to say, “You should note that this program works for any situation where a non-occupant co-borrower is needed to boost income.”

To minimize the potential of a tax occurrence, parents and children should also seek advice from their tax professional as to how to best structure loans or gifts for real estate purposes.

Having the right team in place and asking the right questions can help you and your parents achieve maximum results from your mutual investment.

Now go call Mom and Dad and tell them how much you love them!

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker – REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top-producing agents in Hudson County. You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

Buying a Hoboken condo? Make sure you ask this important question!

April 8, 2011

Imagine spending the first night in your new Hoboken luxury condo.  You know, the one you’ve just spent upwards of $600,000 or more for.

Tired from your move and the celebratory toast from the bottle of champagne that your REALTOR gave you at closing, you look forward to the first nights rest in your new home.

As you slip into a peaceful sleep, suddenly you’re awakened at 1am.

Thunk!…Bang!…..Crunch!…..Grind!….Bang!…Boom!   OMG…what the #*%@ is that!

Those my friends are the wonderful sounds of the garbage collection at your luxury condo building.

These are the sounds I experience 6 nights a week at my luxury condo.  I happen to be on the 8th floor and it’s rather loud.

Now I’ve been a city boy all of my life and I’m not particularly sensitive to these noises. However I knew this BEFORE moving into my home.

Someone just went into contract (not my deal) at a unit on the 2nd floor.  I’m sure it’s really loud on that level.  I wonder if they were told about this.

So remember to ask.

“Where is the garbage collected, how often and at what time?”

An experienced agent should know or find this out for you.  This way you’ll be better able to choose the right home for yourself!

About Eddie:  Eddie Perez is an experienced New Jersey licensed Broker – REALTOR specializing in buying and selling condominiums in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey.  He has personally sold over 120 homes and is among the top producing agents in Hudson County.  His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process.  You can email questions to eddie@InvestHoboken.com