Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I’m new to this thread. I’m currently in the final selection round to move forward and purchase at the Rennie. As of now they have asked me to get some papers notarized, can anyone tell me what happens after this gets done? Also, has anyone fully gone through the process and selected their apartment to purchase? I have a few questions below and if anyone can help that would be super appreciated.
1. Are there carrying fees associated with this condo? If so, do we have to pay what everyone else pays? I see on their site that the fees can be up to 700-1000 a month. (That’s insane)
2. If you decide to sell before the 25 yr mark I understand that you have to sell to another “low income” buyer but do you have to sell it at the exact price you paid for? If not, what’s the cap? My concern is that 5-10 yrs down the line if I decide to sell I would be forced to sell at the exact same price- all my money I put in would have no return.
I’m new to this thread. I’m currently in the final selection round to move forward and purchase at the Rennie. As of now they have asked me to get some papers notarized, can anyone tell me what happens after this gets done? Also, has anyone fully gone through the process and selected their apartment to purchase? I have a few questions below and if anyone can help that would be super appreciated.
1. Are there carrying fees associated with this condo? If so, do we have to pay what everyone else pays? I see on their site that the fees can be up to 700-1000 a month. (That’s insane)
2. If you decide to sell before the 25 yr mark I understand that you have to sell to another “low income” buyer but do you have to sell it at the exact price you paid for? If not, what’s the cap? My concern is that 5-10 yrs down the line if I decide to sell I would be forced to sell at the exact same price- all my money I put in would have no return.
Thanks again and good luck everyone!
Hey Nipzie,
Yes there's a monthly fee, the marketing people should be able to tell you all this or it should be in your purchase agreement. Please get an HPD lawyer or have someone clearly explain this to you before you go ahead. You don't want to lose your deposit if you end up backing out of the deal.
Thank you so much for answering my questions. Looking into a lawyer is a good idea! I’m going to do my research and find one that’s familiar with the process. I want to be prepared once HPD reaches out so I’m not like a fish out of water.
The marketing person I’ve been communicating with hasn’t told me the condo fee, I’m assuming that’s information they will share if I’m approved.
Did you go through the same process? If so, can you share any tips or any questions I should ask to truly understand what I’m getting into? I’m so new to this, I want to make sure at the end of all this I’ve done my due diligence and make the smartest decision. Thanks again.
I would appeal too. Honestly, im going through all this but at the end Im not sure I can afford it. Its a great opportunity but its also a learning experience.
Hi Whatsthatrhere,
I’ve been reading this thread and see that you went through the same process I’m currently undergoing. How was your experience? Did you end up going through with it and buying? I’m still waiting here all the details- like what the monthly fees are, pros and cons of selling before the 25 mark, etc. any advice you could give me would be appreciated.
I’ve been reading this thread and see that you went through the same process I’m currently undergoing. How was your experience? Did you end up going through with it and buying? I’m still waiting here all the details- like what the monthly fees are, pros and cons of selling before the 25 mark, etc. any advice you could give me would be appreciated.
Thanks!
I decided to opt out and not take the apt. Long story short there is a few things you must know
1. You must have the down payment in assets in your bank account. You can also get a family member to gift it to you if you dont. You also need to have the closing cost, which include lawyer fees etc etc.
2. This was the deal breaker for me. You cannot make any money off this apt until 25 years. So that means in the 25 years, it must be your primary residence, you cannot rent until the 10th year mark. If you decide to sell before 25 years, you must sell for the same amount with the same guiideline you purchase it. If you decide to rent after 10, you must rent based on what they say the rent must be.
3. The apt you receive is not the same apt as the other market value apt. Its much smaller, smaller than some studios in the building. You also dont get a washer dryer and cant install one
4. You get a 25,000 grant towards the mortgage. You just cant use it for the down payment or closing cost.
5. The process is extremly long, after doing all the paperwork with The Rennie and getting approve by the city, you still have another 6-7 months to work with a lawyer and banker to close on the apt.
Personally, in my circumstance, this was not the deal for me. At 34, 25 years i would be 59. Im not staying in an apt for 25 years to make some money. The apt is also small, so if i wanted to marry or have kids i would have to sell and move (and i wont be making any money so whats the point). The process is too lengthy and they rush you to make life decisions. In my case after the city approved, i had 5 days to make a decision. So i opted out.
Im sure ill be lucky at another lottery.
As me any quesitons, not sure if i missed something or was unclear about something
I decided to opt out and not take the apt. Long story short there is a few things you must know
1. You must have the down payment in assets in your bank account. You can also get a family member to gift it to you if you dont. You also need to have the closing cost, which include lawyer fees etc etc.
2. This was the deal breaker for me. You cannot make any money off this apt until 25 years. So that means in the 25 years, it must be your primary residence, you cannot rent until the 10th year mark. If you decide to sell before 25 years, you must sell for the same amount with the same guiideline you purchase it. If you decide to rent after 10, you must rent based on what they say the rent must be.
3. The apt you receive is not the same apt as the other market value apt. Its much smaller, smaller than some studios in the building. You also dont get a washer dryer and cant install one
4. You get a 25,000 grant towards the mortgage. You just cant use it for the down payment or closing cost.
5. The process is extremly long, after doing all the paperwork with The Rennie and getting approve by the city, you still have another 6-7 months to work with a lawyer and banker to close on the apt.
Personally, in my circumstance, this was not the deal for me. At 34, 25 years i would be 59. Im not staying in an apt for 25 years to make some money. The apt is also small, so if i wanted to marry or have kids i would have to sell and move (and i wont be making any money so whats the point). The process is too lengthy and they rush you to make life decisions. In my case after the city approved, i had 5 days to make a decision. So i opted out.
Im sure ill be lucky at another lottery.
As me any quesitons, not sure if i missed something or was unclear about something
Yeah, this is why I dropped out as well. Can't make a dime off of it for 25 years. Which makes sense I guess. Otherwise it would be like winning a Powerball Lottery and not a Housing Lottery. Just didn't make sense for me. I have inexpensive rent in a nice neighborhood now.
Yeah, this is why I dropped out as well. Can't make a dime off of it for 25 years. Which makes sense I guess. Otherwise it would be like winning a Powerball Lottery and not a Housing Lottery. Just didn't make sense for me. I have inexpensive rent in a nice neighborhood now.
Whatsthatthere, Pink Snake,
Thank you both for taking the time and providing your input!
I'm so disappointed to hear that the apartments offered are not the same as the ones that are being sold market value. This could really be a deal breaker for me (no washer and dryer in a luxury building, come on!). It would be nice if they could highlight this during the selection process so people could be aware of what they are signing up for. I was selected for the two bedroom and I thought it was odd when the marketing agent mentioned that the unit only had one bathroom when all the other ones listed on their site had two. After they told me that I immediately started to think that the apartment is a true one bedroom that they converted into a two (I guess red flag #1).
I'm aware of the 25yr selling agreement. The renting factor after 10 yrs I did not know. 6-7 months closing period is ridiculous. 25k grant is a sweet surprise; however, I'm starting to feel both of your sentiments on moving forward. As I'm writing this I literally feel my bubble being burst. Honestly, I felt something was up when the marketing agent mentioned this is the last unit she is trying to find a tenant for and it has been challenging.
All in all I am grateful to have been selected for the opportunity but this may not be for me either. I've worked really hard the last two years to save money and I cant see myself throwing my assets into an apartment I probably would make no return on. Back to the drawing board I go.
Thanks again to you both and everyone else who responded, I really appreciate it. I'll keep you guys posted if anything changes.
Thank you both for taking the time and providing your input!
I'm so disappointed to hear that the apartments offered are not the same as the ones that are being sold market value. This could really be a deal breaker for me (no washer and dryer in a luxury building, come on!). It would be nice if they could highlight this during the selection process so people could be aware of what they are signing up for. I was selected for the two bedroom and I thought it was odd when the marketing agent mentioned that the unit only had one bathroom when all the other ones listed on their site had two. After they told me that I immediately started to think that the apartment is a true one bedroom that they converted into a two (I guess red flag #1).
I'm aware of the 25yr selling agreement. The renting factor after 10 yrs I did not know. 6-7 months closing period is ridiculous. 25k grant is a sweet surprise; however, I'm starting to feel both of your sentiments on moving forward. As I'm writing this I literally feel my bubble being burst. Honestly, I felt something was up when the marketing agent mentioned this is the last unit she is trying to find a tenant for and it has been challenging.
All in all I am grateful to have been selected for the opportunity but this may not be for me either. I've worked really hard the last two years to save money and I cant see myself throwing my assets into an apartment I probably would make no return on. Back to the drawing board I go.
Thanks again to you both and everyone else who responded, I really appreciate it. I'll keep you guys posted if anything changes.
~Nipzie06
That sounds like a scam. I mean it's messed up they are advertising this as low income and don't include a washer and dryer. You go down south that automatically comes with your condo. NYC is ridiculous for no real reason
I took a tour of the building and of a bunch of the market rate apartments. I didn't think it was a great building. Calling it a luxury building is a bit of a stretch to me. The amenities were just okay.
today i have completed first stage and they sent my document to HPD for approval. i am 125 AMI and two bedroom apartment -hope i will get approval. i have seen last thread someone told that we can rent this unit after 10 years is that correct? i have asked same question to the girl she said we can't rent out until next 25 years. can anyone confirm if they went thorough the same process? it would be helpful if someone did go through same process and explain all condition.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
