The DTI ratio is one of the most important ratios there is when it comes for qualifying for a co-op or getting a loan from the bank. This simple equation is often done wrong or over looked until after an offer is made. In the video above Alexander Fazelani explains what is a DTI and how to calculate it.
How To Save To Buy A Home in Your 20s
In recent years, the average age of first-time home buyers has become lower and lower. With interest rates at record length lows, and more awareness being built around financial literacy and wealth building, we decided to share a few tips for those of you in your 20s looking to own real estate.
Regardless of your annual income, it is very possible to strategize and save enough money to become a home owner – which opens the doors to becoming a real estate investor!
In this video Queens, NY Real Estate Broker Alexander Fazelani breaks down 5 strategic ways to begin building wealth through real estate in your 20's - a time when many of us are not necessarily at the income bracket we hope to be in to consider purchasing a home.
Looking to purchase a home in the next 3 months to 24 months? View homes for sale today and familiarize yourself with the market! As always, we are here to be a resource for you and your network. Feel free to call us at 347-707-3098 or 917-915-4417 (or email info@iarealtygroup.com) with your real estate questions. We’re happy to help!
How To Pass a Co-op Board Interview
9 Tips To Help You Pass A Co-op Board Interview
Being invited to a board interview is a positive thing! A board interview is an opportunity for them to meet you and ask questions about the application you submitted with your Realtor®. Interview styles can vary from an informal get together at a board member's apartment to a formal interview with board members lined up panel style at a table and while you’re in the hot seat.
Sometimes even your Realtor® won’t know what type of interview you’ll be walking into, but we’ve laid out 9 things to remember that will set you up for success during your board interview.
1. Dress for Success and be early. Board interviews should be treated exactly like a traditional job interview. Attire and promptness matter.
2. Prepare for a lack of privacy. The board has a lot flexibility in terms of the types of questions they are allowed to ask you. Be prepared for anything and do not avoid answers to personal questions or come off as angered by the intrusion. This is just part of the process.
3. Know your application. You may likely be asked questions regarding the details of your application. It's important than you aren't stumped about the answers to those questions. You can bring a copy of your application to the interview if you do want to reference it. We recommend just making sure you remember the details you shared within your original application.
4. Couples should decide in advance who will answer what types of questions. Deciding this before hand will help you both seem very organized. One person can handle financial questions while the other can handle all other questions. Avoid discussing, or debating, the answers to questions in front of the board.
5. Unlike a job interview, DO NOT try to sell yourself. Let the board run the show and only answer questions asked. Boards rarely turn down applications for being too boring.
6. Never volunteer information. Especially avoid engaging in unsolicited conversations aside from basic cordial remarks and greetings.
7. Do not ask questions. Questions can often unintentionally convey negative information to the board. For example: "Do you have any plans to renovate the lobby?" is the kind of seemingly innocent questions likely to offend the board member who was in charge of the last lobby renovation. If you have any additional questions, you can direct them to your Realtor® or your Real Estate Attorney and they can help you get the answers.
8. A short interview is better than a long one. While there are no guarantees or specific rules, a short simple interview with a few questions and remarks is usually the best co-op board interview.
9. Do not expect an answer at the end of the interview. Usually the board will not give an answer until a day or two after the interview. Your real estate broker and your attorney will take the necessary steps to determine if you have been approved.
Have more questions about the process? Comment or email us at info@iarealtygroup.com