famous billionaire investor
Not all billionaires are household names. In fact, many spend their fascinating careers flying under the rada
A world famous billionaire investor, this Donald Trump bio showcases his accomplishments and how he made most of his money through real estate investments. According to Forbes, Donald Trump’s net worth was valued at $2.7 billion in March of 2011.
Donald Trump was born on June 14th, 1996 in New York and had four brothers and sisters. Donald Trump is now a billionaire who constructed giant feats ranging from skyscrapers, to golf courses, and even to Casinos and hotels. He’s been in job positions from investing stock, running companies, and even staring on a television show. Most of his money has come from building huge projects as a real estate tycoon. When he first started, he worked with his father for five years. He says, “My father was my mentor, and I learned a tremendous amount about every aspect of the construction industry from him.” After he learned as much as he could from his father, he moved on to become a real estate investor. On most of the businesses he has, he has giant “T”s written as a trademark of sort, mainly to show it’s his.
On a personal level, he’s been married three times and has 5 children. He married his first wife, Ivana Trump, in 1977 then divorced in 1992. He and his second wife, Marla Maples, got married 1993 and divorced in 1999. He and Melania Trump got married in 2005 and are still together. He has three children with his first wife and one child with each of his other wives.
Investment Styles
His main style of investing is in land; he’s a real estate tycoon. He bought land, and then he constructed giant properties such as golf courses and casinos on the land. Out of all the buildings Donald Trump made, Trump Tower was his biggest accomplishment. He always kept prices high even when others started to lower theirs. One of the very possible reasons he’s so rich and famous is because he thinks big. A sum of his quote is, why think at all if you’re not thinking big. If you think about Trump Tower, gold courses, and casinos, they all have one thing in common; they’re all huge.
Accomplishments
His biggest accomplishment, Trump Tower, had luxurious hotels as well as shops and stores inside of it. He’s also brought up casinos as well as resorts. His name is in the name of most of the casinos and hotels he’s turned into metaphorical gold mines. Donald Trump also owned the Trump Taj Mahal hotel that opened in 1990; that was the largest hotel in the world.
The Apprentice, aired in 2004, was also a giant success by Donald Trump; it was a reality show that had a great amount of viewers. Donald Trump even has a star on the Hollywood Walk of Fame. He created the Trump University in 2005. It teaches mainly about real estate as well as being a successful entrepreneur. In addition to the all of the other things, he’s also written few business books that teach how to be a successful business man. Because he has had many bankruptcies but stayed above water, people trust his ideas and always find him to be one of the best businessmen out there.
Failures
In Donald Trump’s life, He’s called for bankruptcy multiple times. In fact, his casino went into bankruptcy twice. He solved this problem by becoming a partial owner of the casino. By doing this, he could pay the debt back slower at lower rates. He didn’t personally get involved when the going got tough, that way he wouldn’t need to file bankruptcy. Donald Trump’s casino resorts as well as hotels also went into bankruptcy a few years later. His idea was to give some more stocks to partial owners, so when the prices went up, they’d have more power in the company; in exchange in this deal, he wanted some of the debts of the casinos and hotels forgiven.
By the early 1990s, Donald Trump had owed billions of dollars, and most people thought that he was done for. Since he was able to keep a positive attitude and not accept defeat, he eventually got back to being one of the best businessmen around Also, by continuing to go on and by not giving up, he was put in the Guinness Book of World Records as having the biggest financial turnaround in history. He says his financial failures happened, because he has simply lost focus.
Famous Quotes
1. “I like thinking big. If you’re going to be thinking anything, you might as well think big”
2. “If you’re interested in ‘balancing’ work and pleasure, stop trying to balance them. Instead make your work more pleasurable”
3. “Sometimes by losing a battle you find a new way to win the war”
4. ”Sometimes your best investments are the ones you don’t make”
Market Smart Investors
Market Smart Investors
Mark Mobius upbeat on emerging economies
George Soros net worth is over 20 billion dollars. He is a self-made billionaire investor and philanthropist with a long history of success. He has also given $9B to charity since 1979.
Biography
George Soros was born in Budapest, Hungary on August 12, 1930. He was Jewish born through the time when Nazi Germany took military control over Hungary. With an original last name of Schwartz, the family changed their last name to Soros in 1936. Soros survived the Nazi invasion and the Battle of Budapest and he first traded currencies in 1945-1946, along with jewelry, during the period of Hungarian hyperinflation.
He then immigrated to England in 1947 where he attended the London School of Economics and eventually graduated in 1952. He then immigrated to New York City in 1956 and worked as an arbitrage trader with F.M. Mayer between 1956-1959. From there, he worked as an analyst with Wertheim and Company from 1959-1963. From 1963 to 1973 he worked for Arnhold and S. Bleichroeder. He attained the position of Vice-President only to realize that he was a much better investor than a philosopher or executive. He convinced his employer to establish an offshore investment fund for him to run and wishes came true in 1967, when the company founded First Eagle; then again, in 1969, when they founded a second fund, Double Eagle Hedge Fund. Regulations limited Soros’ ability to invest the way that he wanted, so in 1973 he quit his job to start his own private investment company, later became known as Quantum Fund, which was actually founded in 1970 with Jim Rogers. He then retired in 1980.
Insider Trading?
In 2002, a French Court ruled that Soros performed “insider trading” from a 1989 deal where he bought a number of shares in a French Bank, one year after he was approached to join in on a takeover attempt on the same bank. He was fined $2.3 million, which was the exact amount that he had made throughout this business transaction. Soros maintains his innocence, as he states that the takeover was public knowledge.
Famous For:
1. Soros is known for being that man that single handedly broke the Bank of England in one day of trading where is profited a reported $2billion from one trade, where he risked $10 billion of his own money on shorting the British pound. Needless to say, he was right.
2. Running the Quantum Fund. While George Soros was at the helm, the Quantum fund generated an annual return of over 30%.
3. He was considered to be the “trigger” behind the Asian Financial Crisis of 1997, where he had a bet against the Thai baht.
Investment Style
George Soros invests typically in bonds and currencies and this area is where he has made his money. Soros’ investment style tends to lean towards being a master at translating economic trends into highly leveraged trades. He could be considered a short term speculator. His investing style tends to be hard to copy as he stated he just gets a feeling of when “to get out in the front and make a killing.” He believes that investors move in herds, and he would tend to follow suit, until the opportunity was right for the taking. He also believes that investors drive the fluctuations of the markets and that the markets are chaotic because of this.
Famous Quotes
1. “A full and fair discussion is essential to democracy.”
2. “An open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.”
3. “Bush’s war in Iraq has done untold damage to the United States. It has impaired our military power and undermined the morale of our armed forces. Our troops were trained to project overwhelming power. They were not trained for occupation duties.”
4. “I chose America as my home because I value freedom and democracy, civil liberties and an open society.”
5. “I give away something up to $500 million a year throughout the world promoting Open Society. My foundations support people in the country who care about an open society. It’s their work that I’m supporting. So it’s not me doing it.”
6. “Markets are constantly in a state of uncertainty and flux and money is make by discounting the obvious and betting on the unexpected.”
7. “The financial markets generally are unpredictable. So that one has to have different scenarios… The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.”
5 Steps To Consistently Profit in Forex
5 Steps To Consistently Profit in Forex
In today's lesson, I am going to give you five tips to help you make consistent money in the markets. Whilst I can't promise you anything
In today’s lesson, I am going to give you five tips to help you make consistent money in the markets. Whilst I can’t promise you success, if you actually read and implement the five points discussed below, you should see some improvement in your trading results. This lesson was written to draw your attention to some of the more nuanced aspects of successful trading that you may have been ignoring but that can make or break your trading account.
1) Focus on trading, not just on making money
Believe it or not, one of the main reasons you are not making money consistently in the markets is because you are too focused on money.
Most people come into the markets chasing freedom from their job or a quick road to riches. However, what they don’t know is that they are up against a test of mental strength and their ability to manage themselves in an arena of never-ending temptation; the Forex market.
If you want to make consistent money in the markets you will need to let go of all your fantasies of telling your boss to stick his job up his #$! or trading from an exotic beach location. You see, the more focused you are on making money really fast, the more the money will elude you. This is because focusing your mind on the money creates emotional tension, and the more emotional you are the more likely you are to commit the account-destroying mistakes of over-trading and over-leveraging.
So, if you want to increase your odds of consistently profiting in Forex, focus on mastering one Forex trading strategy at a time and forget about making a lot of money. Obviously you are in the markets to make money, but you need to understand that the more you feel a “need” to make money the more you will experience difficulty in actually making it. By effectively managing your risk on every trade you can begin to forget about the money. This means setting your risk tolerance at a dollar amount that you are TRULY OK with losing on any trade. You will not feel any pressure or emotional tension if you truly do not care if you lose the money you have at risk on a trade. If you are thinking about your trades very often or losing sleep over them, you are probably focused too much on the money and not enough on the process of trading, and this means you are probably risking too much money per trade.
2) Learn that NOT trading is part of the game (Being out of a trade is a position)
It may seem counter-intuitive, but not trading is one of the easiest things you can do to help you make money consistently in the markets.
Of course, in order to know when not to trade you have to know exactly WHEN to trade. This involves mastering an effective trading strategy like price action so that you have NO DOUBTS about what your trading edge is and when it is present in the markets.
Always remember that by not trading you are also not losing money. If your goal is to profit consistently, then by not losing money you are obviously closer to your goal than if you had entered a stupid trade and lost. So, just be sure you have absolutely no doubts about entering every trade you take, because if a particular trade setup does not meet your pre-defined trading plan rules, it means that your edge is not present, and trading when your edge is not present is the same thing as gambling.
In my daily members’ commentary we often discuss how not trading is the best thing to do at the moment. Many traders underestimate how important sitting on the sidelines is to their long-term trading success. You really want to trade Forex like a sniper and not a machine gunner, by picking your trades wisely and only trading when your trading edge is present.
3) Become organized and disciplined
Becoming an organized and disciplined trader is something that every trader knows they must do. However, most traders are anything but organized and disciplined, or they make an attempt to become organized and disciplined but they don’t maintain it.
Instead of rambling about why you need to become disciplined and organized I will give you some tips to get you started (I assume you understand the importance of discipline and organization in trading, if not check out some of my other Forex articles):
1) You obviously need to know what you are looking for in the markets if you want to build an organized and disciplined trading approach around it. So, make sure you know what your trading edge is and that you have mastered it.
2) Create a trading plan, you need a forex trading plan, no matter how much you don’t want to make one or think that you don’t need to make one, I am telling you that you absolutely need to make one. You will build this around the trading strategy you have mastered. It should include what your trading edge is, how and when you will trade it, and risk management plans. Basically it needs to cover everything you will do in the markets as concisely as possible, yet still be comprehensive.
3) You need a Forex trading journal. Tracking your trades is a crucial element to developing and maintaining both organization and discipline in your trading. Simply put, if you don’t know where you’ve been you can’t know where you are going, you need to see your trading progress tracked over time in a real and tangible format in order to reflect back to you your discipline and organization or lack thereof.
My trading course and community will give you an organized guide that you can use to create your own trading plan off of. I have a forex trading journal that you can use to get started tracking your trades. You really need to get started on an organized and disciplined track in the market, and my course can give you that extra little “push” you need to get started.
4) Take a longer-term view of what “success” means
You need to stop and ask yourself what success in the markets means to you. Would you rather make 100% in one month in your trading account and then lose it all the next month, or would you be happy with a nice 30-50% gain over the course of one year?
Your chances of Forex trading success will be greatly improved if you just learn to “slow down” and take a part-time view to your trading, rather than wanting to be a full-time trader right of the gate.
By learning to trade on the daily charts first you will better understand why taking a longer-view is important to your overall success. You will get a much clearer and more accurate view of the markets by focusing on the daily charts. Many traders confuse themselves and induce over-trading by constantly obsessing over the lower-time frames. Lower time frames (time frames under the 1hr chart) induce over-analysis and inconsistency. If your goal is long-term consistent profitability, I suggest you focus your analysis on trading the daily charts in forex.
5) Develop a strict daily trading routine to develop positive trading habits
If you want to become a consistently profitable trader you will have to develop a consistent trading routine that is devoid of gambling-like behavior. By becoming organized and disciplined like we discussed above, you can develop a trading routine that will work to reinforce positive trading habits instead of negative ones.
Trading success really is dependent on developing the proper trading habits and continually reinforcing them. However, most traders develop negative trading habits and reinforce those instead. They do this by getting lucky on a few trades they have entered on a gamble by either over-trading or over-leveraging. Once they win on one or more of these gamble-trades, they have reinforced a negative trading habit that is very hard to break.
If you want to obtain the knowledge necessary to develop your own disciplined trading routine that will help you reinforce positive trading habits, check out my Forex trading course. You will find all my insight on price action trading and the other concepts discussed in today’s article.
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November Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
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Author Bio: Nial Fuller is considered a leading ‘Authority’ on Price Action Forex trading strategies. If you want to learn more about harnessing the power and simplicity of Price Action Trading Strategies please visit Nial Fuller’s Forex Trading Course & Traders Community Page Here. Nial’s Students get lifetime access to all of his advanced price action Forex Courses, video lessons, webinar tutorials, daily trade setups newsletter, live trade setups discussion forum, traders support line & free ongoing course updates.
Make Consistent Money
The More Diversified You Are, the More Likely you are to Make Consistent Money.
While some diversification is good, it is often easy to get carried away. Too much diversification can, in fact, be bad for you. You don’t need to hold hundreds of securities to be properly diversified. Nobel Prize winner William F. Sharpe published on article in 1972 on the effect of diversification on nonmarket risk.(“Risk, Market Sensitivity and Diversification,” Financial Analysts Journal, January/February 1972, pp. 74-79.) As the graph below shows, increasing the number of securities held does reduce your risk, but the reduction becomes negligible once the portfolio reaches 25 or 30 securities, spread across several industries. Indeed, the plot becomes asymptotic at the level of 35 holdings.
While some diversification is good, it is often easy to get carried away. Too much diversification can, in fact, be bad for you. You don’t need to hold hundreds of securities to be properly diversified. Nobel Prize winner William F. Sharpe published on article in 1972 on the effect of diversification on nonmarket risk.(“Risk, Market Sensitivity and Diversification,” Financial Analysts Journal, January/February 1972, pp. 74-79.) As the graph below shows, increasing the number of securities held does reduce your risk, but the reduction becomes negligible once the portfolio reaches 25 or 30 securities, spread across several industries. Indeed, the plot becomes asymptotic at the level of 35 holdings.
Brokers or Other Investment Consultants Can Make You Money.
Brokers or Other Investment Consultants Can Make You Money.
The best brokers in the business are not the ones who make their clients the most money; they are the ones who do the most trades. The fact is, brokerage firms don’t even measure a broker’s profitability per customer. If management of brokerage firms doesn’t hold brokers accountable for their customer’s account, there is no motivation to make money for their customers. Your broker is in no way qualified to manage a portfolio or pick stocks. If these guys were so good, they would be millionaires themselves and not still working for someone else.
Investment banking for brokerage firms brings in loads of money. By putting favorable analysts’ ratings on companies that bring in offerings and secondary offerings, the brokerage firm collects a percentage of each deal. Analysts work very closely with investment bankers and will put a favorable rating on any stock that has ties to the company.
Of course, with every rule there is an exception, and there are some good brokers out there. We are not here to bash brokers, just stating the facts that we think investors should be aware of. We apologize if we have offended anyone, but professional investors know we are right.
Gerance Goods, Consulting and Investment Brokerage
Gerance Goods, Consulting and Investment Brokerage
Comprhension of Investment services Ameraudi is the division that manages investment has Interaudi Bank. Place on the 6th floor in the building Interaudi Bank in New York, Ameraudi offers a wide range of investment products and services through Raymond James Financial Services Inc., A leading trade publicly (NYSE RJFS), a company indepandante Brokerage.
Investment advice:
Ameraudi financial advisors assist clients to navigate the different markets overall, giving a perspective on the macro economic environment, and identifying suitable investment strategies for each target customer, risk tolerance and financial conditions. With investment experience across a variety of operating conditions, financial advisors Ameraudi gives you solid advice of investment, access to a multitude of investment products and services, and fees stucture and effective competitive. Reporting and portfolio allocations of goods is provided with continuous way a regular basis.
Gerance property:
In today's complex market, investors have the challenge of keeping abreast of the various steps to check their investments, and react quickly to changing conditions. For investors who wish to free themselves of the need to constantly check their portfolios Ameraudi gives you access to professionals with many experiences in making risk allocation insitutionnelle goods, the choices in the management of money and development of investment policy. Our property management services include: financial reach personal goals of each client, a fee for each manager of a property interest in the success of clients, and a strategy that reflects both the dynamic nature of markets and objectives financial clients.
Brokerage:
Time executions for specific transactions exchanges, financial advisors Ameraudi offer their customers direct access to a wide selection of investment products. With more than 60 professionals manages equity platform Raymond James, our stock offer competitive prices and also offer the effective and timely executions of equity products.
Investment services are offered at the Ameraudi American and international customers, corporations, partnerships, pension plans. For more information or to have a revision of your portfolio, please contact a financial advisor.
Available Investment Products and Services:
[The following products and services are offered through Raymond James Financial Services that by clicking any links below you will be re-directed to the website of Raymond James, including legal information may be different from that of the bank 'Interaudi
Comprhension of Investment services Ameraudi is the division that manages investment has Interaudi Bank. Place on the 6th floor in the building Interaudi Bank in New York, Ameraudi offers a wide range of investment products and services through Raymond James Financial Services Inc., A leading trade publicly (NYSE RJFS), a company indepandante Brokerage.
Investment advice:
Ameraudi financial advisors assist clients to navigate the different markets overall, giving a perspective on the macro economic environment, and identifying suitable investment strategies for each target customer, risk tolerance and financial conditions. With investment experience across a variety of operating conditions, financial advisors Ameraudi gives you solid advice of investment, access to a multitude of investment products and services, and fees stucture and effective competitive. Reporting and portfolio allocations of goods is provided with continuous way a regular basis.
Gerance property:
In today's complex market, investors have the challenge of keeping abreast of the various steps to check their investments, and react quickly to changing conditions. For investors who wish to free themselves of the need to constantly check their portfolios Ameraudi gives you access to professionals with many experiences in making risk allocation insitutionnelle goods, the choices in the management of money and development of investment policy. Our property management services include: financial reach personal goals of each client, a fee for each manager of a property interest in the success of clients, and a strategy that reflects both the dynamic nature of markets and objectives financial clients.
Brokerage:
Time executions for specific transactions exchanges, financial advisors Ameraudi offer their customers direct access to a wide selection of investment products. With more than 60 professionals manages equity platform Raymond James, our stock offer competitive prices and also offer the effective and timely executions of equity products.
Investment services are offered at the Ameraudi American and international customers, corporations, partnerships, pension plans. For more information or to have a revision of your portfolio, please contact a financial advisor.
Available Investment Products and Services:
[The following products and services are offered through Raymond James Financial Services that by clicking any links below you will be re-directed to the website of Raymond James, including legal information may be different from that of the bank 'Interaudi
Freeport New York Homes
Freeport New York Homes
View Freeport New York Homes for Sale and find Freeport, NY Real Estate Information in the Freeport New Yor Homes for Sale and Freeport New York Real Estate Guide-October 21 2011. The weekly Freeport NY Real Estate publication, provided by Home Driven Realty, is a tool to assist prospective home buyers in the purchase of Freeport NY Homes for Sale and Freeport NY Real Estate.
The Freeport NY Homes for Sale and Real Estate Guide provides a Free Multiple Listing Search option, Helpful Home Buying Videos and Steps to Freeport Homeownership Links.
Pat White and Home Driven Realty can help you find Freeport, New York Homes for Sale, and Freeport, New York Real Estate information. Whether you're interested in buying a single family home, condominium, cooperative, foreclosure or short sale, Pat and Home Driven Realty, Inc can help you to a successful home purchase.
Treat the resources below as your Virtual Real Estate Office. Use the free Search Multiple Listing option, weekly and quarterly community home value reports, home buying videos and links to purchase your Freeport NY Home.
Information on the Freeport School District and links to Freeport Organizations and places of interest are also provided.
Put our 22 years of real estate service to work for you in answering any questions or concerns you may have. Among our specialties are First -Time Home Buyers, Senior Homeownership. Resort and Second Home Ownership, Short Sales and Foreclosure Certification.
Contact us with any questions you may have on Freeport NY Real Estate real estate or the Freeport Community.
Search Freeport, New York Homes for Sale
Search Freeport, New York properties like the Realtors do by using by clicking the "Search the MLS Listings" option below.
Steps to a Successful Freeport New York Real Estate Purchase-Videos and Links
Home Buyer videos and resource links provide information on the Home Buying Process for the Freeport Real Estate Home Buyer.
Helpful Home Buying Videos
Home Buying Tips
The People Involved in the Real Estate Transaction
The Home Inspection Process
5 Keys to Buying Your New Freeport New York Home-Links
Find the Home Loan that Fits Your Needs
8 Tips to Finding Your New Home
Negotiate Your Best Home Buy
Keep Your Home Purchase on Track
7 Steps to a Stress Free Home Closing
Additional Mortgage Information and Resources
7 Tips for Improving Your Credit
4 Tips to Determining How Much Mortgage You Can Afford
Find the Home Loan that Fits Your Needs
5 Tips for Determining Your Home Loan's Good Faith Estimate
7 Homeowner Tax Advantages
Freeport Real Estate Trend Reports and Home Values
The Freeport Real Estate Trend Report, is a community overview covering Freeport NY Homes for Sale. The report provides a four year snapshot of Freeport homes for sale and homes sold.
Property types covered include single family homes, Freeport NY short sales and foreclosures are also analyzed.
Your guide to buying real estate in New York
Your guide to buying real estate in New York
Here you can find answers to frequently asked questions from our customers. Unfortunately, we can not address all the complexities and specificities of all New York real estate market into a page, but we will be happy to meet your personal requirements and any matter relating to the rental, purchase or sale a property in New York, and accompany you throughout your project.
You can also contact us at +1 (212) 343-0600 and our property consultants will be happy to help you.
Can a foreigner buy a property in New York (and more generally in the United States)? Read
What is the difference between a cooperative and a condominium? Read
A foreign investor can buy it in a co-op? Read
What is a condominium? Read
Which cost me committed a property in New York? Read
Some buildings benefit from a tax reduction, what to say? Read
What fees are the buyer at the time of closing? Read
uis I get a mortgage to buy a property in New York if I do not live in the U.S.? Read
Are there benefits to take out a mortgage? Read
Who pays brokerage fees in New York? Read
How to find a property to buy in New York? Read
Most sellers already have a broker. Should I hire my own realtor? Read
How do I check the validity of my title and the legality of my purchase? Read
How are registered property rights? Read
What are the main steps of a transaction of purchase and sale in New York? Read
I want to buy a property in New York and rent. Who can help me? Read
What is the current state of the market? The prices going up or down? Read
Can a foreigner buy a property in New York (and more generally in the United States)?
In the United States there are no ownership restrictions for foreigners. A significant part of the New York real estate owned by foreign nationals or foreign companies. For certain types of property such as co-ops (cooperatives) or for certain types of housing, the buyer must be able to present a U.S. tax return, making it difficult or impossible to purchase a property by those who do not pay their taxes in the United States. However, other types of property, such as condominiums and townhouses (townhouses), knows no restriction and are therefore in high demand overseas buyers.
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What is the difference between a cooperative and a condominium?
The co-op buildings are residential cooperatives (Cooperative Housing Corporations) who hold an entire building. By purchasing co-op, you buy shares in a company in proportion to the size of your apartment, and become a partner of this company with your neighbors. Instead of directly owning property, you have a "lease of property" (the "proprietary lease").
Condominiums are condominium where each owner has classic a proportionate share of common areas.
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A foreign investor can buy it in a co-op?
The co-op buildings represent the largest share of the real estate market in New York, 75 to 80% of all properties in the city. Buildings in co-op (or companies holding them) are administered by a board, which takes all important decisions concerning the building and establish rules of procedure. The board shall give particular agreement to any potential buyer.
It is not easy for a foreign buyer to buy an apartment in a co-op, and this for several reasons:
The agreement by the co-op to the potential buyer takes weeks if not months, it is a rigorous and known to be difficult. Most co-ops only accept buyers working, paying taxes and having an excellent historical account of the United States. The law does not require co-ops to justify their refusal.
There are often restrictions on the proportion of funding which the purchaser may be used (eg, no more than a certain percentage of the lot).
Almost all co-ops restrict the right to hire, which makes it a very attractive for investors. Generally, co-op apartments can not be rented or may be only 1 to 2 years after a number of years of occupation by the owner.
In a co-op that you use in your apartment is regulated in other ways, especially with regard to the reception of guests and work.
In case of sale (or lease where permitted), the buyer of your property will also be subject to the approval of the co-op, which reduces the number of qualified buyers and therefore the price of your investment.
The co-op often impose so-called "flip taxes" (transfer fees) on the resale of the goods to discourage speculators.
All these measures are intended to protect the interests of other members of the cooperative (who are shareholders of the Company) and to ensure that the new owner is financially stable and will always be able to participate in monthly maintenance costs , the work and the running costs of the building. In addition, residents of cooperatives tend to view their property as a private club, and ensure only attract a certain profile of people who will use respectful places comfort of others.
The selling price of most cooperatives is 10 to 20% cheaper than condos. Usually monthly expenses are instead slightly higher and include charges, maintenance costs, property taxes, and the corresponding share of debt if the property has a mortgage. In addition to the interests of their own debt, the shareholders of the co-op may deduct from their taxable income their share of the property tax of the cooperative society.
The co-ops are still attractive for those looking for a primary residence and sometimes a pied-à-terre. Most co-op buildings are older and maintain beautiful elements of pre-war fireplaces, high ceilings, moldings, and sometimes even a garden.
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What is a condominium?
Approximately 25% of residential buildings in Manhattan are condominiums, and their number is increasing rapidly. The condos are condominiums where, in addition to its housing, each with a corresponding share of common areas. This is a classic form of ownership. Unlike co-ops, the restrictions on acquiring and using property are minimal. Condos accept foreign investors and allow the foot to land and property investment, which means that you can rent your property as long as you want.
Generally in the condominium building management is entrusted to a board. It is an elected body composed of owners, who takes and approves major decisions concerning the use, repair and Rules of Procedure of the building, decisions are binding on all owners and tenants of the building. Again any potential buyer is subject to formal approval by the Board. However, obtaining such an agreement is a formality.
Prices are higher than condo co-op, mainly due to the greater liquidity of such investments. To put it simply, the condos are easier to buy and easier to sell than co-ops. As a result, the condos are a more attractive option for a foreign buyer.
In recent years he has built a lot of condos in New York, and many older buildings being renovated, are in turn converted into condos. In addition, most of the condos offer the latest tax relief 10 to 25 years, allowing significant tax savings. It should be added that a number of new buildings have elegant accommodation and modern windows, mint condition, and service excellence.
We will be pleased to offer you two types of properties and help you make the right choice!
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Which cost me committed a property in New York?
If you own a property in the United States, you must pay property taxes, charges monthly condo common ("monthly common charges"), or monthly maintenance fees in a co-op ("monthly service fee "). Charges can range from a few hundred to a few thousand dollars per year, depending on the type of property and its surface. This is also true of the common charges and maintenance costs: they can raise a few hundred to a few thousand per month depending on the area, type of property and location and amenities available. The building offers more services, more monthly fees are high. Prepare to pay each month over a dollar per square foot for your property in New York.
If the apartment is considered your home, you can use some of these expenses to reduce your tax burden. Property taxes may be deducted from taxable income of the owner (the person who actually pays the property tax) during the year. The owners of a co-op can deduct a portion of their maintenance costs because they cover, among other things, the payment of interest on the mortgage of the building.
If you are an investor, most of your expenses are deductible in the year they were incurred. Common charges and property taxes are treated both as overheads on the year in question and are deductible as such. If you are concerned, consult your tax advisor. For more information you can also visit our page on Taxation.
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Some buildings benefit from a tax reduction, what to say?
The city of New York has adopted several programs to encourage developers to build housing complexes throughout the city. Until recently most new condos participated in one of the forms of tax exemption program (Tax Exemption Program). This program is not just about new buildings, but also some forms of conversions and alterations of existing buildings. In general, if the building has been rehabilitated or converted to another use after it is the J-51 tax abatement. If it is a new construction, it is an allowance 421-A or 421-G.
In the tax abatement program 421-A the most common exemptions are spread over 10 years after the end of work. Property tax increases by 20% every two years, reaching the full rate.
Following completion of construction:
1st year - 100% deduction
2nd year - 100% deduction
3rd year - 80% reduction
4th year - 80% reduction
5th year - 60% reduction
Grade 6 - 60% reduction
Grade 7 - 40% deduction
Grade 8 - 40% deduction
Grade 9 - 20% reduction
Grade 10 - 20% reduction
From the 11th year - tax at the full rate.
Another variant of this program, known as 421-G, provides a tax deduction for housing complexes located below Murray Street in the business district of Manhattan. The properties described in this zone receive tax relief for 14 years. In general, the lowest level of tax is maintained for 8 or 10 years, then increases gradually each year until it reaches the full rate the 14th year.
Some buildings are qualified for longer periods of depression - 15, 20 and up to 25 years of tax relief. Eligibility factors take into account the location, the use of loans or aid in the construction of Government, and the availability of affordable housing in the building.
Evans will give your agent for clarification on the tax status of the property you have chosen.
Visit our page on property taxes in New York
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What fees are the buyer at the time of closing?
Closing costs (Closing costs) are additional costs to be borne by both the buyer and seller in a transaction of purchase / sale. In New York they represent 1-8% of the amount of the sale.
* Fees payable by the buyer for its rental investment include legal fees and registration fees, federal taxes and state taxes and the city. They must be paid before or at the closing, and represent the most important part of your first payment. Do not forget to take into account these costs in preparing your purchase. We present in detail below.
* If you buy a condo that is newly constructed (New York called it "buying from a sponsor") you have to pay a transfer fee ownership of the City of New York, which represents 1% of goods a value less than $ 499 999 and 1, 425% property of a value greater than $ 499,999. Must also pay the transfer fee of the State of New York, which represents 0.4% of the sale price. In addition, you will pay the fees of the lawyer representing the seller in general from 1500 to 2500 $.
* Title insurance is also required to guarantee your ownership against any challenges to a third party, and for the entire property. It costs about $ 450 per $ 100,000 of property value.
* If your property is worth more than $ 1 million, you will also need to pay a Mansion tax equal to 1% of the property value.
* Many buildings require additional fees: application fee ("application fee": $ 200 and up), Committee Management Officer ("managing agent fee": 250 to $ 500), and deposit entry ( "move-in deposit": 500 to 1500 U.S. dollars).
* You will also need to hire a lawyer who will review the various documents in the folder. This can cost you between 2500 and 5000 approximately $ depending on the complexity of the transaction, which must be added the registration fee from $ 500.
* If you take out a mortgage to buy your property, you will need more funds at the time of closing. The fee amount from 0.5 to 3% of the value of the loan. Among the expenses related to the mortgage, it takes research privileges: 300 to $ 400; various bank charges (fees receivers, owner insurance, etc..) 400-1200 $ Mortgage Insurance: $ 200 per $ 100,000 of property value, mortgage tax: 1.8% of mortgage for loans below $ 499,999 and 1.925% of the mortgage beyond $ 499,999. In addition, you will pay a minimum of $ 500 for the expertise of well 30 to $ 100 for your credit report, and at least another $ 500 for the credit application. In general we must also add 1000 to $ 1500 for counsel fees from the bank.
Use our calculator to estimate your closing costs approximate.
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Can I get a mortgage to buy a property in New York if I do not live in the U.S.?
Financing your rental investment is possible for those who are not resident in the United States. Many banks offer special packages for non-residents. Generally, a non-resident may finance up to 65-75% of the sum as a loan to the extent of $ 1 million, and 60% of the amount between 1 and 2 million.
To qualify for a loan a non-resident generally must provide:
A valid visa or copy of a foreign passport
4 credit references from major financial institutions (your local banker, accountant or chartered accountant, insurance company)
Proof of payment of a loan or lease on the last 12 months
A document stating that you have sufficient funds to cover closing costs (use our calculator to estimate the cost)
Proof of employment
Some banks require fewer documents but then interest rates may be higher. We can advise you several mortgage specialists who will offer you the best solutions possible financing for your purchase.
Learn more about the U.S. mortgage
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Are there benefits to take out a mortgage?
Funding is a key component of a successful investment. Not only it allows you to acquire a property that would otherwise be out of reach of your budget, but it also increases to a great extent the return on your investment. Funding entitlement to tax benefits for investors - the interests of a mortgage on an investment property / rental investment are fully deductible. At the same time it increases the risks - be able to cover the mortgage payments is essential to protect your investment.
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Who pays brokerage fees in New York?
When dealing with an agent Evans, a purchaser shall pay any commission.
In the housing market, the seller pays the brokerage fees which are then distributed among the brokers of the buyer and seller. This applies in general for residential and commercial property. Consequently, a purchaser does not pay brokerage in New York.
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How to find a property to buy in New York?
The best way to navigate the real estate market in New York is to use the services of a real estate professional broker representing YOUR interests. Although some information is available from public sources such as newspapers or the Internet, information brokers have more numerous and recent, not to mention the wealth of experience and knowledge they can share.
Evans Real Estate is a member of the Real Estate Board of New York, and New York Realtor and National Organizations, which gives us access to the entire market sales of New York - that is to say absolutely any property listed by any dealer in the city. Evans agent is able to show you ANY property on the market, unlike many real estate agents in Europe.
Find your home or investment property (rental investment or pied a terre) of interest can be very difficult and time consuming. There is everything to gain to be advised and guided by a professional. In addition, agents have Evans business information updates on sales and rental prices, and allow you to compare the properties and areas of your choice.
Schedule visits with various brokers, search for properties, obtain accurate information on buildings and specific rules, criteria and procedures for approval, is not as simple as you might think. Throughout these steps you will have many decisions to make, and will include select different service providers such as lawyers and mortgage banks, and provide personal and financial information.
More in New York, the services of a broker are not charged to the purchaser. It is the vendor that supports brokerage fees of the purchaser!
Top of page
Most sellers already have a broker. Should I hire my own realtor?
The services of a broker will allow the buyer to save time, have access to the entire market sales of New York, and get help to present his or her candidacy offers the best way possible. The acquisition of a property is a complex transaction, which may take a few weeks to several months. It involves many professionals: lawyers, mortgage brokers, land valuers, architects, valuers, all of which are a specific part of the work. The coordination of a team as diverse a lot of work and can be a nightmare, especially if you're already busy with your business.
While most vendors are represented by an agent, you are less protected if you do not have one on your side. Be represented by a broker can be invaluable. The slightest mistake maneuver can determine the outcome of the transaction and represent significant additional costs. In fact, the seller's broker will do nothing to lower the price or obtain concessions for the buyer, it goes against its contractual obligations and fiduciary responsibility vis-à-vis the seller.
The good news is that this service is not charged to the purchaser. The vendor supports broker commissions seller and the buyer.
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How do I check the validity of my title and the legality of my purchase?
To oversee the transaction, the buyer and seller employ lawyers who negotiate the contract. This is the "preliminary agreement" prior agreement is also an opportunity to make a first payment. The lawyers also handle check the title and make sure and look for any privileges and violations of building, etc..
Among the professionals who may intervene, "appraisers" and "surveyors", which respectively estate experts estimate the value of the property and check its status and technical aspects architects who determine the exact area of the property and take measures, and mortgage brokers who can secure a mortgage.
Your broker Evans will be happy to recommend lawyers land, appraisers, mortgage specialists and other real estate professionals that can help you in your efforts.
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How are property rights registered on my rental investment?
Registration of title with information about the new owner, is at the time of closing, and is often carried out by counsel for the purchaser, who submits the documents to the Register of the City of New York . At the time of purchase all documents of title are photographed, photocopied and archived so that they can be retrieved by anyone who wishes to consult them.
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What are the main steps of a transaction of purchase and sale in New York?
1st Step: Get ready
Before you begin your journey into the real estate market in New York, it would be useful to prepare yourself not to lose time and reserve the property of your dreams, once you have found.
If you call for funding, you should contact a mortgage broker or banker and get pre-loan agreement before starting your research. Not only that you will know how much you can invest, but it will make you a more attractive buyer, which will allow you to negotiate a better price.
In New York it is imperative to have an attorney who can review your contract and protect your interests in the transaction. If you do not, we will be happy to recommend several, including those who speak your language. It is needless to say how important it is to choose a lawyer with whom you feel confident.
It is always interesting to speak to a tax advisor to choose the most appropriate structure to purchase. The tax system is different for residents and non-residents of the United States, and depends on the type of purchase you make (habitat or investment). As a result, it is best to consult a good tax expert, tax lawyer or accountant.
Finally, you must prepare your funds and in particular the 10% deposit required to be available when you need it. You might consider opening a bank account in the United States if you have not already, or to transfer the amount in the escrow account of your lawyer.
2nd Step: Find your property and make an offer
Any purchase begins with a selection period. Once you have done your visits and found a property that you really like, you should make an offer to purchase. Such an offer does not commit you and you can make more than one offer to achieve better agreement. However, the new promoters in real estate (the "Sponsors") are less willing to negotiate prices and generally prefer to sell their goods at the price requested. Your agent Evans will always be at your side and will do their best to get you the best price and you get the best deal!
Once the offer is accepted by the seller, the agent or the seller's solicitor sends the contract and settlement of the building (or the plan of a new housing) to the purchaser's lawyer for him to read it again.
Step 3: Negotiation and signing of contract
The period of the contract by reviewing your lawyer is usually 5 to 10 working days (from the seller's agent that you have chosen you these times). Please note that until the signing of such a contract the seller may continue to visit his property and accept a higher offer.
Contract terms are very important and set all the details of future purchase. You've got to go the contract carefully with your lawyer to understand the risks and obligations that you submit.
Upon signing the contract a deposit of an amount equal to 10% of the property is due. You must therefore ensure that matching funds are immediately available in the United States. You can do this for example by transferring the amount from your lawyer in the United States. If you wish, you can also open a bank account in the United States.
This deposit is held in the escrow account designated by the seller's solicitor. It is usually not refundable if the buyer does not comply with the transaction. However, you can negotiate some conditions under which you may recover your deposit. One of these conditions is a suspensive clause: a clause which guarantees the refund of the deposit if the buyer can not obtain financing on such date. It is the responsibility of your lawyer to negotiate with the seller this clause, although some sellers are willing to include it.
Step 4: the approval of the board of the co-op or condo
Board approval is arguably the most unpleasant moment of buying a property in New York. You can not avoid it, even if you buy an apartment in the nicer condo.
You need to provide a comprehensive set of pieces, with many personal and financial information: tax returns, bank statements, personal and professional references, etc., etc..
Board approval of a co-op is a rigorous process that generally includes an individual interview.
Board approval of a condo follows the same procedure and the same documents are required. However, this is usually a formality.
Step 5: preparation and closing
Once the contract is signed, you have more time to finalize your financing and conduct further research on the legal status and the condition of your property. This is the time of expertise that are essential to obtaining a loan. Your lawyer will examine the various parts, will research the title, its privileges and possible violations.
If you apply for a loan, your bank will verify all documents related to your income and assets as well as financial data of the building. Once everything is in order, your bank typically transfers the entire borrowed amount in the escrow account of your lawyer.
Your first payment and the rest of your closing costs will be transferred at the same time the escrow account that your lawyer will be the escrow until the closing.
Before the closing you should make a final tour of your new property to ensure that its state is consistent with what is agreed and waited.
Step 6: Closing
The fence is an effective transaction of purchase and sale, which usually takes place several weeks after signing the contract. This is the time when all parties (seller (s) and buyer (s), lawyers sellers and buyers, counsel for the bank, representing the title insurance, etc.). Meet to sign a series of documents last and to make all payments.
At the closing, your attorney will proceed with the distribution of the different payments: amount due to the seller, taxes, commissions, title insurance and other costs.
Here you can find answers to frequently asked questions from our customers. Unfortunately, we can not address all the complexities and specificities of all New York real estate market into a page, but we will be happy to meet your personal requirements and any matter relating to the rental, purchase or sale a property in New York, and accompany you throughout your project.
You can also contact us at +1 (212) 343-0600 and our property consultants will be happy to help you.
Can a foreigner buy a property in New York (and more generally in the United States)? Read
What is the difference between a cooperative and a condominium? Read
A foreign investor can buy it in a co-op? Read
What is a condominium? Read
Which cost me committed a property in New York? Read
Some buildings benefit from a tax reduction, what to say? Read
What fees are the buyer at the time of closing? Read
uis I get a mortgage to buy a property in New York if I do not live in the U.S.? Read
Are there benefits to take out a mortgage? Read
Who pays brokerage fees in New York? Read
How to find a property to buy in New York? Read
Most sellers already have a broker. Should I hire my own realtor? Read
How do I check the validity of my title and the legality of my purchase? Read
How are registered property rights? Read
What are the main steps of a transaction of purchase and sale in New York? Read
I want to buy a property in New York and rent. Who can help me? Read
What is the current state of the market? The prices going up or down? Read
Can a foreigner buy a property in New York (and more generally in the United States)?
In the United States there are no ownership restrictions for foreigners. A significant part of the New York real estate owned by foreign nationals or foreign companies. For certain types of property such as co-ops (cooperatives) or for certain types of housing, the buyer must be able to present a U.S. tax return, making it difficult or impossible to purchase a property by those who do not pay their taxes in the United States. However, other types of property, such as condominiums and townhouses (townhouses), knows no restriction and are therefore in high demand overseas buyers.
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What is the difference between a cooperative and a condominium?
The co-op buildings are residential cooperatives (Cooperative Housing Corporations) who hold an entire building. By purchasing co-op, you buy shares in a company in proportion to the size of your apartment, and become a partner of this company with your neighbors. Instead of directly owning property, you have a "lease of property" (the "proprietary lease").
Condominiums are condominium where each owner has classic a proportionate share of common areas.
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A foreign investor can buy it in a co-op?
The co-op buildings represent the largest share of the real estate market in New York, 75 to 80% of all properties in the city. Buildings in co-op (or companies holding them) are administered by a board, which takes all important decisions concerning the building and establish rules of procedure. The board shall give particular agreement to any potential buyer.
It is not easy for a foreign buyer to buy an apartment in a co-op, and this for several reasons:
The agreement by the co-op to the potential buyer takes weeks if not months, it is a rigorous and known to be difficult. Most co-ops only accept buyers working, paying taxes and having an excellent historical account of the United States. The law does not require co-ops to justify their refusal.
There are often restrictions on the proportion of funding which the purchaser may be used (eg, no more than a certain percentage of the lot).
Almost all co-ops restrict the right to hire, which makes it a very attractive for investors. Generally, co-op apartments can not be rented or may be only 1 to 2 years after a number of years of occupation by the owner.
In a co-op that you use in your apartment is regulated in other ways, especially with regard to the reception of guests and work.
In case of sale (or lease where permitted), the buyer of your property will also be subject to the approval of the co-op, which reduces the number of qualified buyers and therefore the price of your investment.
The co-op often impose so-called "flip taxes" (transfer fees) on the resale of the goods to discourage speculators.
All these measures are intended to protect the interests of other members of the cooperative (who are shareholders of the Company) and to ensure that the new owner is financially stable and will always be able to participate in monthly maintenance costs , the work and the running costs of the building. In addition, residents of cooperatives tend to view their property as a private club, and ensure only attract a certain profile of people who will use respectful places comfort of others.
The selling price of most cooperatives is 10 to 20% cheaper than condos. Usually monthly expenses are instead slightly higher and include charges, maintenance costs, property taxes, and the corresponding share of debt if the property has a mortgage. In addition to the interests of their own debt, the shareholders of the co-op may deduct from their taxable income their share of the property tax of the cooperative society.
The co-ops are still attractive for those looking for a primary residence and sometimes a pied-à-terre. Most co-op buildings are older and maintain beautiful elements of pre-war fireplaces, high ceilings, moldings, and sometimes even a garden.
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What is a condominium?
Approximately 25% of residential buildings in Manhattan are condominiums, and their number is increasing rapidly. The condos are condominiums where, in addition to its housing, each with a corresponding share of common areas. This is a classic form of ownership. Unlike co-ops, the restrictions on acquiring and using property are minimal. Condos accept foreign investors and allow the foot to land and property investment, which means that you can rent your property as long as you want.
Generally in the condominium building management is entrusted to a board. It is an elected body composed of owners, who takes and approves major decisions concerning the use, repair and Rules of Procedure of the building, decisions are binding on all owners and tenants of the building. Again any potential buyer is subject to formal approval by the Board. However, obtaining such an agreement is a formality.
Prices are higher than condo co-op, mainly due to the greater liquidity of such investments. To put it simply, the condos are easier to buy and easier to sell than co-ops. As a result, the condos are a more attractive option for a foreign buyer.
In recent years he has built a lot of condos in New York, and many older buildings being renovated, are in turn converted into condos. In addition, most of the condos offer the latest tax relief 10 to 25 years, allowing significant tax savings. It should be added that a number of new buildings have elegant accommodation and modern windows, mint condition, and service excellence.
We will be pleased to offer you two types of properties and help you make the right choice!
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Which cost me committed a property in New York?
If you own a property in the United States, you must pay property taxes, charges monthly condo common ("monthly common charges"), or monthly maintenance fees in a co-op ("monthly service fee "). Charges can range from a few hundred to a few thousand dollars per year, depending on the type of property and its surface. This is also true of the common charges and maintenance costs: they can raise a few hundred to a few thousand per month depending on the area, type of property and location and amenities available. The building offers more services, more monthly fees are high. Prepare to pay each month over a dollar per square foot for your property in New York.
If the apartment is considered your home, you can use some of these expenses to reduce your tax burden. Property taxes may be deducted from taxable income of the owner (the person who actually pays the property tax) during the year. The owners of a co-op can deduct a portion of their maintenance costs because they cover, among other things, the payment of interest on the mortgage of the building.
If you are an investor, most of your expenses are deductible in the year they were incurred. Common charges and property taxes are treated both as overheads on the year in question and are deductible as such. If you are concerned, consult your tax advisor. For more information you can also visit our page on Taxation.
Top of page
Some buildings benefit from a tax reduction, what to say?
The city of New York has adopted several programs to encourage developers to build housing complexes throughout the city. Until recently most new condos participated in one of the forms of tax exemption program (Tax Exemption Program). This program is not just about new buildings, but also some forms of conversions and alterations of existing buildings. In general, if the building has been rehabilitated or converted to another use after it is the J-51 tax abatement. If it is a new construction, it is an allowance 421-A or 421-G.
In the tax abatement program 421-A the most common exemptions are spread over 10 years after the end of work. Property tax increases by 20% every two years, reaching the full rate.
Following completion of construction:
1st year - 100% deduction
2nd year - 100% deduction
3rd year - 80% reduction
4th year - 80% reduction
5th year - 60% reduction
Grade 6 - 60% reduction
Grade 7 - 40% deduction
Grade 8 - 40% deduction
Grade 9 - 20% reduction
Grade 10 - 20% reduction
From the 11th year - tax at the full rate.
Another variant of this program, known as 421-G, provides a tax deduction for housing complexes located below Murray Street in the business district of Manhattan. The properties described in this zone receive tax relief for 14 years. In general, the lowest level of tax is maintained for 8 or 10 years, then increases gradually each year until it reaches the full rate the 14th year.
Some buildings are qualified for longer periods of depression - 15, 20 and up to 25 years of tax relief. Eligibility factors take into account the location, the use of loans or aid in the construction of Government, and the availability of affordable housing in the building.
Evans will give your agent for clarification on the tax status of the property you have chosen.
Visit our page on property taxes in New York
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What fees are the buyer at the time of closing?
Closing costs (Closing costs) are additional costs to be borne by both the buyer and seller in a transaction of purchase / sale. In New York they represent 1-8% of the amount of the sale.
* Fees payable by the buyer for its rental investment include legal fees and registration fees, federal taxes and state taxes and the city. They must be paid before or at the closing, and represent the most important part of your first payment. Do not forget to take into account these costs in preparing your purchase. We present in detail below.
* If you buy a condo that is newly constructed (New York called it "buying from a sponsor") you have to pay a transfer fee ownership of the City of New York, which represents 1% of goods a value less than $ 499 999 and 1, 425% property of a value greater than $ 499,999. Must also pay the transfer fee of the State of New York, which represents 0.4% of the sale price. In addition, you will pay the fees of the lawyer representing the seller in general from 1500 to 2500 $.
* Title insurance is also required to guarantee your ownership against any challenges to a third party, and for the entire property. It costs about $ 450 per $ 100,000 of property value.
* If your property is worth more than $ 1 million, you will also need to pay a Mansion tax equal to 1% of the property value.
* Many buildings require additional fees: application fee ("application fee": $ 200 and up), Committee Management Officer ("managing agent fee": 250 to $ 500), and deposit entry ( "move-in deposit": 500 to 1500 U.S. dollars).
* You will also need to hire a lawyer who will review the various documents in the folder. This can cost you between 2500 and 5000 approximately $ depending on the complexity of the transaction, which must be added the registration fee from $ 500.
* If you take out a mortgage to buy your property, you will need more funds at the time of closing. The fee amount from 0.5 to 3% of the value of the loan. Among the expenses related to the mortgage, it takes research privileges: 300 to $ 400; various bank charges (fees receivers, owner insurance, etc..) 400-1200 $ Mortgage Insurance: $ 200 per $ 100,000 of property value, mortgage tax: 1.8% of mortgage for loans below $ 499,999 and 1.925% of the mortgage beyond $ 499,999. In addition, you will pay a minimum of $ 500 for the expertise of well 30 to $ 100 for your credit report, and at least another $ 500 for the credit application. In general we must also add 1000 to $ 1500 for counsel fees from the bank.
Use our calculator to estimate your closing costs approximate.
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Can I get a mortgage to buy a property in New York if I do not live in the U.S.?
Financing your rental investment is possible for those who are not resident in the United States. Many banks offer special packages for non-residents. Generally, a non-resident may finance up to 65-75% of the sum as a loan to the extent of $ 1 million, and 60% of the amount between 1 and 2 million.
To qualify for a loan a non-resident generally must provide:
A valid visa or copy of a foreign passport
4 credit references from major financial institutions (your local banker, accountant or chartered accountant, insurance company)
Proof of payment of a loan or lease on the last 12 months
A document stating that you have sufficient funds to cover closing costs (use our calculator to estimate the cost)
Proof of employment
Some banks require fewer documents but then interest rates may be higher. We can advise you several mortgage specialists who will offer you the best solutions possible financing for your purchase.
Learn more about the U.S. mortgage
Top of page
Are there benefits to take out a mortgage?
Funding is a key component of a successful investment. Not only it allows you to acquire a property that would otherwise be out of reach of your budget, but it also increases to a great extent the return on your investment. Funding entitlement to tax benefits for investors - the interests of a mortgage on an investment property / rental investment are fully deductible. At the same time it increases the risks - be able to cover the mortgage payments is essential to protect your investment.
Top of page
Who pays brokerage fees in New York?
When dealing with an agent Evans, a purchaser shall pay any commission.
In the housing market, the seller pays the brokerage fees which are then distributed among the brokers of the buyer and seller. This applies in general for residential and commercial property. Consequently, a purchaser does not pay brokerage in New York.
Top of page
How to find a property to buy in New York?
The best way to navigate the real estate market in New York is to use the services of a real estate professional broker representing YOUR interests. Although some information is available from public sources such as newspapers or the Internet, information brokers have more numerous and recent, not to mention the wealth of experience and knowledge they can share.
Evans Real Estate is a member of the Real Estate Board of New York, and New York Realtor and National Organizations, which gives us access to the entire market sales of New York - that is to say absolutely any property listed by any dealer in the city. Evans agent is able to show you ANY property on the market, unlike many real estate agents in Europe.
Find your home or investment property (rental investment or pied a terre) of interest can be very difficult and time consuming. There is everything to gain to be advised and guided by a professional. In addition, agents have Evans business information updates on sales and rental prices, and allow you to compare the properties and areas of your choice.
Schedule visits with various brokers, search for properties, obtain accurate information on buildings and specific rules, criteria and procedures for approval, is not as simple as you might think. Throughout these steps you will have many decisions to make, and will include select different service providers such as lawyers and mortgage banks, and provide personal and financial information.
More in New York, the services of a broker are not charged to the purchaser. It is the vendor that supports brokerage fees of the purchaser!
Top of page
Most sellers already have a broker. Should I hire my own realtor?
The services of a broker will allow the buyer to save time, have access to the entire market sales of New York, and get help to present his or her candidacy offers the best way possible. The acquisition of a property is a complex transaction, which may take a few weeks to several months. It involves many professionals: lawyers, mortgage brokers, land valuers, architects, valuers, all of which are a specific part of the work. The coordination of a team as diverse a lot of work and can be a nightmare, especially if you're already busy with your business.
While most vendors are represented by an agent, you are less protected if you do not have one on your side. Be represented by a broker can be invaluable. The slightest mistake maneuver can determine the outcome of the transaction and represent significant additional costs. In fact, the seller's broker will do nothing to lower the price or obtain concessions for the buyer, it goes against its contractual obligations and fiduciary responsibility vis-à-vis the seller.
The good news is that this service is not charged to the purchaser. The vendor supports broker commissions seller and the buyer.
Top of page
How do I check the validity of my title and the legality of my purchase?
To oversee the transaction, the buyer and seller employ lawyers who negotiate the contract. This is the "preliminary agreement" prior agreement is also an opportunity to make a first payment. The lawyers also handle check the title and make sure and look for any privileges and violations of building, etc..
Among the professionals who may intervene, "appraisers" and "surveyors", which respectively estate experts estimate the value of the property and check its status and technical aspects architects who determine the exact area of the property and take measures, and mortgage brokers who can secure a mortgage.
Your broker Evans will be happy to recommend lawyers land, appraisers, mortgage specialists and other real estate professionals that can help you in your efforts.
Top of page
How are property rights registered on my rental investment?
Registration of title with information about the new owner, is at the time of closing, and is often carried out by counsel for the purchaser, who submits the documents to the Register of the City of New York . At the time of purchase all documents of title are photographed, photocopied and archived so that they can be retrieved by anyone who wishes to consult them.
Top of page
What are the main steps of a transaction of purchase and sale in New York?
1st Step: Get ready
Before you begin your journey into the real estate market in New York, it would be useful to prepare yourself not to lose time and reserve the property of your dreams, once you have found.
If you call for funding, you should contact a mortgage broker or banker and get pre-loan agreement before starting your research. Not only that you will know how much you can invest, but it will make you a more attractive buyer, which will allow you to negotiate a better price.
In New York it is imperative to have an attorney who can review your contract and protect your interests in the transaction. If you do not, we will be happy to recommend several, including those who speak your language. It is needless to say how important it is to choose a lawyer with whom you feel confident.
It is always interesting to speak to a tax advisor to choose the most appropriate structure to purchase. The tax system is different for residents and non-residents of the United States, and depends on the type of purchase you make (habitat or investment). As a result, it is best to consult a good tax expert, tax lawyer or accountant.
Finally, you must prepare your funds and in particular the 10% deposit required to be available when you need it. You might consider opening a bank account in the United States if you have not already, or to transfer the amount in the escrow account of your lawyer.
2nd Step: Find your property and make an offer
Any purchase begins with a selection period. Once you have done your visits and found a property that you really like, you should make an offer to purchase. Such an offer does not commit you and you can make more than one offer to achieve better agreement. However, the new promoters in real estate (the "Sponsors") are less willing to negotiate prices and generally prefer to sell their goods at the price requested. Your agent Evans will always be at your side and will do their best to get you the best price and you get the best deal!
Once the offer is accepted by the seller, the agent or the seller's solicitor sends the contract and settlement of the building (or the plan of a new housing) to the purchaser's lawyer for him to read it again.
Step 3: Negotiation and signing of contract
The period of the contract by reviewing your lawyer is usually 5 to 10 working days (from the seller's agent that you have chosen you these times). Please note that until the signing of such a contract the seller may continue to visit his property and accept a higher offer.
Contract terms are very important and set all the details of future purchase. You've got to go the contract carefully with your lawyer to understand the risks and obligations that you submit.
Upon signing the contract a deposit of an amount equal to 10% of the property is due. You must therefore ensure that matching funds are immediately available in the United States. You can do this for example by transferring the amount from your lawyer in the United States. If you wish, you can also open a bank account in the United States.
This deposit is held in the escrow account designated by the seller's solicitor. It is usually not refundable if the buyer does not comply with the transaction. However, you can negotiate some conditions under which you may recover your deposit. One of these conditions is a suspensive clause: a clause which guarantees the refund of the deposit if the buyer can not obtain financing on such date. It is the responsibility of your lawyer to negotiate with the seller this clause, although some sellers are willing to include it.
Step 4: the approval of the board of the co-op or condo
Board approval is arguably the most unpleasant moment of buying a property in New York. You can not avoid it, even if you buy an apartment in the nicer condo.
You need to provide a comprehensive set of pieces, with many personal and financial information: tax returns, bank statements, personal and professional references, etc., etc..
Board approval of a co-op is a rigorous process that generally includes an individual interview.
Board approval of a condo follows the same procedure and the same documents are required. However, this is usually a formality.
Step 5: preparation and closing
Once the contract is signed, you have more time to finalize your financing and conduct further research on the legal status and the condition of your property. This is the time of expertise that are essential to obtaining a loan. Your lawyer will examine the various parts, will research the title, its privileges and possible violations.
If you apply for a loan, your bank will verify all documents related to your income and assets as well as financial data of the building. Once everything is in order, your bank typically transfers the entire borrowed amount in the escrow account of your lawyer.
Your first payment and the rest of your closing costs will be transferred at the same time the escrow account that your lawyer will be the escrow until the closing.
Before the closing you should make a final tour of your new property to ensure that its state is consistent with what is agreed and waited.
Step 6: Closing
The fence is an effective transaction of purchase and sale, which usually takes place several weeks after signing the contract. This is the time when all parties (seller (s) and buyer (s), lawyers sellers and buyers, counsel for the bank, representing the title insurance, etc.). Meet to sign a series of documents last and to make all payments.
At the closing, your attorney will proceed with the distribution of the different payments: amount due to the seller, taxes, commissions, title insurance and other costs.
Investment Opportunities in New York
Investment Opportunities in New York
We are constantly looking for properties on the market in order to maximize choice and performance for our investor clients. You will find below the calculation of return on investment based on real properties, with current rental income and operating them too real. We recorded cost of purchasing standards in our calculations.
buildings
Purchasing price
Expenses related to the purchase
Initial investment
Rents collected annually
Annual fees and expenses
rental income
Return on Investment
$ 2,655,000
$ 132,750
2 655 000 +132750 = $ 2 787 750
$ 194,145
$ 15,330
194 145 - 15 330 = $ 178 815
178 815/2 787 750 = 6.4%
Purchasing price
Expenses related to the purchase
Initial investment
Rents collected annually
Annual fees and expenses
rental income
Return on Investment
$ 4,770,000
$ 238,500
770 000 + 238 500 = $ 5 008 500
$ 361,146
$ 146,179
361 146 - 146 179 = $ 214 967
214 967/5 008 500 = 4.3%
Appartments
Purchasing price
Expenses related to the purchase
Initial investment
Rents collected annually
Annual fees and expenses
rental income
Return on Investment
$ 450,000
$ 22,500
450 000 + 22 500 = $ 472 500
$ 26,940
$ 7,164
26 940 -7164 = $ 19,776
19 776/472 500 = 4.2%
Purchasing price
Expenses related to the purchase
Initial investment
Rents collected annually
Annual fees and expenses
rental income
Return on Investment
$ 648,000
$ 32,400
648 000 +32 400 = $ 680 400
$ 36,000
$ 9,672
36 000-9672 = $ 26,328
26 328/680 400 = 3.9%
You can increase your return on investment by obtaining financing for your purchase and investment opportunities.
Easing of Restraints in Cuba Renews Debate on U.S. Embargo
Easing of Restraints on U.S. Embargo
“The sanctions on the regime must remain in place and, in fact, should be strengthened, and not be altered,” she wrote in an e-mail. “Responsible nations must not buy into the facade the dictatorship is trying to create by announcing ‘reforms’ while, in reality, it’s tightening its grip on its people.”
HAVANA — “If I could just get a lift,” said Francisco López, imagining the addition of a hydraulic elevator as he stood by a rusted Russian sedan in his mechanic’s workshop here. All he needed was an investment from his brother in Miami or from a Cuban friend there who already sneaks in brake pads and other parts for him.
With Cuba cautiously introducing free-market changes that have legalized hundreds of thousands of small private businesses over the past two years, new economic bonds between Cuba and the United States have formed, creating new challenges, new possibilities — and a more complicated debate over the embargo.
The longstanding logic has been that broad sanctions are necessary to suffocate the totalitarian government of Fidel and Raúl Castro. Now, especially for many Cubans who had previously stayed on the sidelines in the battle over Cuba policy, a new argument against the embargo is gaining currency — that the tentative move toward capitalism by the Cuban government could be sped up with more assistance from Americans.
Even as defenders of the embargo warn against providing the Cuban government with “economic lifelines,” some Cubans and exiles are advocating a fresh approach. The Obama administration already showed an openness to engagement with Cuba in 2009 by removing restrictions on travel and remittances for Cuban Americans. But with Fidel Castro, 86, retired and President Raúl Castro, 81, leading a bureaucracy that is divided on the pace and scope of change, many have begun urging President Obama to go further and update American policy by putting a priority on assistance for Cubans seeking more economic independence from the government.
“Maintaining this embargo, maintaining this hostility, all it does is strengthen and embolden the hard-liners,” said Carlos Saladrigas, a Cuban exile and co-chairman of the Cuba Study Group in Washington, which advocates engagement with Cuba. “What we should be doing is helping the reformers.”
Any easing would be a gamble. Free enterprise may not necessarily lead to the embargo’s goal of free elections, especially because Cuba has said it wants to replicate the paths of Vietnam and China, where the loosening of economic restrictions has not led to political change. Indeed, Cuban officials have become adept at using previous American efforts to soften the embargo to their advantage, taking a cut of dollars converted into pesos and marking up the prices at state-owned stores.
And Cuba has a long history of tossing ice on warming relations. The latest example is the jailing of Alan Gross, a State Department contractor who has spent nearly three years behind bars for distributing satellite telephone equipment to Jewish groups in Havana.
In Washington, Mr. Gross is seen as the main impediment to an easing of the embargo, but there are also limits to what the president could do without Congressional action. The 1992 Cuban Democracy Act conditioned the waiving of sanctions on the introduction of democratic changes inside Cuba. The 1996 Helms-Burton Act also requires that the embargo remain until Cuba has a transitional or democratically elected government. Obama administration officials say they have not given up, and could move if the president decides to act on his own. Officials say that under the Treasury Department’s licensing and regulation-writing authority, there is room for significant modification. Following the legal logic of Mr. Obama’s changes in 2009, further expansions in travel are possible along with new allowances for investment or imports and exports, especially if narrowly applied to Cuban businesses.
Even these adjustments — which could also include travel for all Americans and looser rules for ships engaged in trade with Cuba, according to a legal analysis commissioned by the Cuba Study Group — would probably mean a fierce political fight. The handful of Cuban-Americans in Congress for whom the embargo is sacred oppose looser rules.
When asked about Cuban entrepreneurs who are seeking more American support, Representative Ileana Ros-Lehtinen, the Florida Republican who is chairwoman of the House Foreign Relations Committee, proposed an even tighter embargo.
“The sanctions on the regime must remain in place and, in fact, should be strengthened, and not be altered,” she wrote in an e-mail. “Responsible nations must not buy into the facade the dictatorship is trying to create by announcing ‘reforms’ while, in reality, it’s tightening its grip on its people.”
HAVANA — “If I could just get a lift,” said Francisco López, imagining the addition of a hydraulic elevator as he stood by a rusted Russian sedan in his mechanic’s workshop here. All he needed was an investment from his brother in Miami or from a Cuban friend there who already sneaks in brake pads and other parts for him.
With Cuba cautiously introducing free-market changes that have legalized hundreds of thousands of small private businesses over the past two years, new economic bonds between Cuba and the United States have formed, creating new challenges, new possibilities — and a more complicated debate over the embargo.
The longstanding logic has been that broad sanctions are necessary to suffocate the totalitarian government of Fidel and Raúl Castro. Now, especially for many Cubans who had previously stayed on the sidelines in the battle over Cuba policy, a new argument against the embargo is gaining currency — that the tentative move toward capitalism by the Cuban government could be sped up with more assistance from Americans.
Even as defenders of the embargo warn against providing the Cuban government with “economic lifelines,” some Cubans and exiles are advocating a fresh approach. The Obama administration already showed an openness to engagement with Cuba in 2009 by removing restrictions on travel and remittances for Cuban Americans. But with Fidel Castro, 86, retired and President Raúl Castro, 81, leading a bureaucracy that is divided on the pace and scope of change, many have begun urging President Obama to go further and update American policy by putting a priority on assistance for Cubans seeking more economic independence from the government.
“Maintaining this embargo, maintaining this hostility, all it does is strengthen and embolden the hard-liners,” said Carlos Saladrigas, a Cuban exile and co-chairman of the Cuba Study Group in Washington, which advocates engagement with Cuba. “What we should be doing is helping the reformers.”
Any easing would be a gamble. Free enterprise may not necessarily lead to the embargo’s goal of free elections, especially because Cuba has said it wants to replicate the paths of Vietnam and China, where the loosening of economic restrictions has not led to political change. Indeed, Cuban officials have become adept at using previous American efforts to soften the embargo to their advantage, taking a cut of dollars converted into pesos and marking up the prices at state-owned stores.
And Cuba has a long history of tossing ice on warming relations. The latest example is the jailing of Alan Gross, a State Department contractor who has spent nearly three years behind bars for distributing satellite telephone equipment to Jewish groups in Havana.
In Washington, Mr. Gross is seen as the main impediment to an easing of the embargo, but there are also limits to what the president could do without Congressional action. The 1992 Cuban Democracy Act conditioned the waiving of sanctions on the introduction of democratic changes inside Cuba. The 1996 Helms-Burton Act also requires that the embargo remain until Cuba has a transitional or democratically elected government. Obama administration officials say they have not given up, and could move if the president decides to act on his own. Officials say that under the Treasury Department’s licensing and regulation-writing authority, there is room for significant modification. Following the legal logic of Mr. Obama’s changes in 2009, further expansions in travel are possible along with new allowances for investment or imports and exports, especially if narrowly applied to Cuban businesses.
Even these adjustments — which could also include travel for all Americans and looser rules for ships engaged in trade with Cuba, according to a legal analysis commissioned by the Cuba Study Group — would probably mean a fierce political fight. The handful of Cuban-Americans in Congress for whom the embargo is sacred oppose looser rules.
When asked about Cuban entrepreneurs who are seeking more American support, Representative Ileana Ros-Lehtinen, the Florida Republican who is chairwoman of the House Foreign Relations Committee, proposed an even tighter embargo.
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