renting with a first refusal

[Cher]

so, i am going to look at this condo tomorrow...its available ot rent , but its also on the market for 329K.

now, when i was talking to my realtor, i had told her that i wanted to find something that i could buy in like a yr... i still think the market yet to bottom out...so this same condo can prob be a little less in 12 months.


has anyone done this before? or anyone know more about it?

[TheHipHopBillGates]

All signs are that the market won't bottom out till the end of next year, with 1/4 rate cuts projected till about feb. and on avg. a 6 month delay between cuts and their effects, it's sounds like a reasonable projection.........some experts are even projecting a much longer drop.

[Cher]

thast exactly why id rather wait anothe ryr to buy.

so, this place...which im going to see tomorrow... is in a great location, lots of amenities, and its a 2 bedroom 1.5 bath.



id rather rent it for a yr and have some type of option to purchase at the end of mmy lease term.

[MichelangeloWHO]

I think if they are giving you that option take it...
but will you able to afford a condo next year once you have paid a years rent?
if you actually have enough $ now to make the purchase consider doing a more aggreessive mortgage like a 20 oir 15 y... in the end you will save more than waiting for some "bottom" & the interest %

I did a 15y mortgage at 5.35% 2 years ago ... "In NY it's OK to be aggressive" :-)
where is the condo?

[italianchris11]

I always offer rent with the option to buy on all my properties, however I require the renter to leave a deposit for that option.

[Cher]

its in nj..in north bergen on blvd east. ( which overlooks the city) right up the street from edgewater

[TheHipHopBillGates]

its in nj..in north bergen on blvd east. ( which overlooks the city) right up the street from edgewater

that's a nice location, the view up there is dope, and it's still $$$ reasonable, plus it's actually safe there and buses to take you anywhere.

[browneyedgoil]

I think if they are giving you that option take it...
but will you able to afford a condo next year once you have paid a years rent?
if you actually have enough $ now to make the purchase consider doing a more aggreessive mortgage like a 20 oir 15 y... in the end you will save more than waiting for some "bottom" & the interest %

I did a 15y mortgage at 5.35% 2 years ago ... "In NY it's OK to be aggressive" :-)
where is the condo?

i don't get this. my bf bought a condo on the ues & did a 15 year mortgage. he is paying sooo much per month. i don't get why this is better to do.

[Cher]

yea..im also going to look at a 1 bedroom also on blvd east.

[antknee]

cher, right of first refusal is pretty much giving you first dibs on buying the property once your lease is up. It gives you the right to purchase the property before anyone has a chance. Sounds like a good option for you....that way you can live there for a yr and see how you like it. Who knows the market may work in your favor a yr from now once you're ready to buy.

[luvmeluvmycat]

My parents first house was on Blvd East- in Weehawken though overlooking the City. That was a great house...Nice location, butttttt a few blocks up was Park Avenue. Ack.

[MichelangeloWHO]

i don't get this. my bf bought a condo on the ues & did a 15 year mortgage. he is paying sooo much per month. i don't get why this is better to do.

If you look at how much more you pay in the end when you compare a 15y to 30Y mortgage you will see why it pays to be aggressive IF you can afford it...


http://www.interest.com/content/calculators/index.asp

[tribaljunkee]

i heard having your mortgage payments biweekly instead of monthly saves you quite a bit of loot....

anyone know this to be true?

[Mr. Ritz]

its in nj..in north bergen on blvd east. ( which overlooks the city) right up the street from edgewater

Holla Neighbor.


Which building is it? The round house (Stonehedge i believe) or the one on the corner of 79th and blvd east? If it's 79th holla cuz my friend's dad is a property manager there(or some shit like that).

[antknee]

yea my sister just bought a dope condo on Blvd east....in the Galaxy condo's. Place is dope and hugeee (1700 sq ft). She's gutting it out completely as we speak. I love that area.

[Cher]

not the stoneheadge.im looking in the mayfair and the wall street arms.

[Mr. Ritz]

Mayfair is on 73rd right?



If it is what I'm thinking of go for that because you have stores and places to eat all within walking distance. Wall street is a bit away from stuff. If you have any questions about the area hit me up I've lived on 77th street off Blvd East my whole life.

[luvmeluvmycat]

i heard having your mortgage payments biweekly instead of monthly saves you quite a bit of loot....

anyone know this to be true?

True...

My parents have it, its really competitive though. First time you miss one payment youre knocked out of the program. You also have to qualify for it, not sure of the qualifications though- I am sure every company is diff.

I know my parents are paying 22 years instead of 30, and even though they have a low interest rate- they are saving $ there also.

[luvmeluvmycat]

Mayfair is on 73rd right?



If it is what I'm thinking of go for that because you have stores and places to eat all within walking distance. Wall street is a bit away from stuff. If you have any questions about the area hit me up I've lived on 77th street off Blvd East my whole life.

WE have to know some of the same ppl. My brothers ex is from 78th, I believe- she is your age also. I knew some ppl from HS that were in that section of NB .

[Cher]

Mayfair is on 73rd right?



If it is what I'm thinking of go for that because you have stores and places to eat all within walking distance. Wall street is a bit away from stuff. If you have any questions about the area hit me up I've lived on 77th street off Blvd East my whole life.

well, im originally from fairview...so i know the area pretty well, but ill de fhit you up!

im goign ot look at them in a few. i liked the wall st arms bc it was a 2 bedroom...BUT, i kinda liek the way the one bedroom looks int eh mayfair. ill keep yoou posted.