Posted tagged ‘Hoboken Realtor’

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.

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Don’t Miss Hoboken’s Hospitality Week

November 23, 2010

Mark your calendars for  Tuesday, November 30th and Wednesday, December 1st. Those are the two days out of the year that nearly fifty of Hoboken’s most popular merchants will be hosting the third annual “Hoboken Hospitality Week”

This special two-day event is organized to encourage the Hoboken community to come on out and shop to support the Hoboken economy.  This also is a great opportunity to socialize with you neighbors and enjoy special events and promotions.

  • On Tuesday 11/30: The “uptown” stores of Hoboken will be featured
  • On Wednesday 12/1: Hoboken’s “downtown” establishments will be the focus

During the hours of  6-10pm each day, various businesses will be promoting their own unique celebration with music, refreshments, discounts, giveaways, etc.

This sounds like a lot of fun, so don’t miss out on this special yearly event.

For help in finding and closing on your perfect Hoboken home, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.