Real Estate Lifestyle More

Home Buying education and properties up to $500k

image3

Let's Find Your First Home!

My Home BK offers real buying solutions for the first time home buyer. Properties with active listings under $500K in and around Brooklyn. Created to answer the cries of so many of Tricialee's clients, My Home BK will have regular updates on units for sale in Brooklyn. Listings are combined from various brokerages around the borough and not just exclusive to My Home BK agents. Please check back for property updates and get in touch immediately if you are interested in any of the properties. Homes under the $900K mark in New York City move into contract 3 times faster than homes in higher price points. 

Let's get started!

image4

FAQs

Is this for Brooklyn properties only?


My Home BK highlights properties in the Brooklyn area, but Tricia Lee and her team can work within any area in New York City.

 

Do I need to be pre-approved to see a property? 


Yes, your pre-approval is the first step in home buying. You will need an active pre-approval to set up your appointment. 


Is there a charge for your service?


REBNY (Real Estate Board of New York) agents are compensated on the sale of the unit from the seller's side of the transaction. While we will request to work with you exclusively, the commission is paid upon closing by the property sellers. There are services outside of the negotiationg of the purchase and managing of the purchase that fall under "consulting" and each agent will discuss their additional fees should you need.


Do I need an agent when buying a home? 


Navigating the New York real estate market is no easy task. We recommend working with a strong, professional and effective agent when purchasing your  home. While, your real estate attorney will manage the contract and closing, agents work as coordinators for all steps included in the transaction. We are hired to manage full  purchase process. 


Agent Basic Roles: (We often do far more than the following)

  • Neighborhood and Search consultation 
  • Purchase price negotiation 
  • Terms of sale
  • Appraisal 
  • Inspection
  • Mortgage appointments and deadlines
  • Board Application 
  • Board Interview preparation
  • Final Walk thru
  •  Schedule closing 
  • Manage all concerns on behalf of the buyer 

image5

Home Buying Workshops

Through out the year Tricia Lee offers Community Education initiatives on home buying, financial literacy, renting and more. Check back for event dates or email to receive an invite to the next event. tricialee@compass.com 


Own Your Own Home Buying Workshop 

This annual home buying workshop with Tricia Lee and Tonya Rapley, the millennial financial expert is a jam-packed financial literacy workshop geared to teaching the steps to purchasing from start to finish, credit education and lending information. 


Women's Financial Literacy Workshop with Brooklyn's Alpha Kappa Alpha Sorority at Brooklyn Library (September) 

Join financial advisors, attories and Tricia Lee for an afternoon of education and goal planning. This is amont Brooklyn Library's most popular community events and dates are announced in August each year. 

image6

the coop purchase step by step

Easy information on coop purchasing

What is a co-op?

If you’ve been shacking up with a roommate in their apartment or have only called your parents’ house home, you might be confused on what a co-op actually is. A co-op building is a unique living situation in which buyers purchase stock shares that enable them to occupy a unit within.

If you go the condo route, you’ll own your actual unit, similar to buying a stand-alone house. But when it comes to co-op units, you’re not buying the floors, walls, and space between. You’re buying into the corporation.

Benefits of owning a co-op

The first step in looking to purchase a co-op is to understand whether a co-op is the right fit for your needs. A co-op will require more patience on your end as you are part of a community of shareholders and every decision made by them may affect you directly. Things like making changes in the apartment, like renovating, or subleasing your property will be things the co-op board will determine for you and for some people that is something they are not comfortable with.”

But if you’ve done your research and feel that a co-op is the best choice for you, you’ll be thrilled with the unique benefits this type of housing provides.

Lower cost

The first main benefit of buying a co-op is that they’re more budget friendly compared to condos. You’ll find that on average, a condo can cost over 60% more than a co-op similar in size, layout, and location. You’ll also pay less at closing when buying a co-op.

Plenty of options

Some parts of NYC consist of 75% co-op units and 25% condos when it comes to housing. Therefore, you’ll have a healthy number of options when it comes to finding a co-op, not as many with condos. As the price gets below $300K there are fewer options of condos in New York as you will see in the market searches. Just remember that they go quickly so you’ll have to act fast if you find one you’re interested in.

Great neighbors

Co-ops are known for their rigorous vetting processes. But this can be a benefit after you’ve moved in. You’ll find comfort in the fact that your neighbors will also have to agree to the same rules and conditions you did. You’ll enjoy a healthier and happier community.

Steps to buying a co-op

Buying a co-op does take persistence and patience. 

This doesn’t mean it’s impossible and an important note is that the bank underwriting process with a coop, condo or house is extremely similar to the coop board process, it just isn't interviewing or reference letter. Understand that all of documentation is similar in any real estate sale across the board. So if you don't like providing paperwork and proof, purchasing is not for you. But, here’s how to find your dream co-op.

  1. Assemble a team, including a mortgage broker, lawyer, and a knowledgeable agent. 
  2. Obtain a pre-approval letter. You’ll want to move quickly if you find a unit you’re interested in and you can’t move forward without it. The pre-approval comes first before searching.
  3. Start your search. Narrow down your options by neighborhood, price, features, and square footage.
  4. Make sure you qualify before submitting an application for a unit you’re interested in. Many co-ops in New York City require a minimum of 20% down when financing and a debt to income ratio of 28% or less. You may see 10% down or 35 % debt to income in some coops. You’ll also need to have 6 months to two years of maintenance and mortgage payments in liquid assets after closing depending on your board requirements. Maintain your good credit, salary and payments while searching, the bank will do multiple deep -dive credit reports up to and including the day you close on your purchase. 
  5. Prepare for the board if your application is accepted. Begin the title search (attorney) and mortgage application process. Submit your board package, which the  real estate agent should help you with.

The co-op board package will require a lot of documents, including all of your financial information in the past two years (bank and brokerage statements, tax returns, etc.), reference letters, income verification, multiple documents to sign and more. It also needs to be done right by an experienced  professional, otherwise it is likely to be returned to the buyer to revise.

  1. Interview with the board. This is stressful but if you come prepared, meet the board’s requirements, and agree with the bylaws, you should be good to go. But be patient, friendly and demonstrate why you would be a great neighbor. 
  2. Upon board approval, you will be cleared by the board to close. Simultaneously, you will bel cleared by the bank to close. Conduct a final walk through, checking everything from the appliances to the electrical outlets. Bring up any issues immediately. Get a closing assigned date from the agent. This date should works for both (buyer and seller) ,the coop attorney, the bank attorney, buyers and sellers. Expect that this can take up to a week to coordinate.  
  3. Attend the closing. You’ll meet with the seller, buyer, all attorneys involved, the co-op, your lender, and all involved real estate agents. After a few hours of paperwork and finances, you’ll officially be a co-op owner.

Buying  in NYC can be challenging for quite some time but  don’t give up yet.

At the end of the day this will be your home for many years and if the apartment is a good fit and the building is one you are comfortable with, focus on the goal of becoming the owner of that property and not on the lengthy tiring process it will take to get there.

If you know a co-op is the best option for you, your efforts will be well worth it. Don’t forget, you’ll want to secure renters insurance before you move into your new space. 


Register to Attend a Buyer's Worksop with Tricia Lee

Tricia Lee's team holds a homebuying workshop each Fall and Spring. Email reachme@tricialee.com for more information.

EVENTS

image7

WYL & Tricia Lee Brunch & Learn Home Buying Workshop March 31st 1-4pm

Bed-Stuy (address shared with attendees only)

Register to attend: tricialee@compass.com 


Clear your calendar! You're invited to take part in this WYL Home Buying Workshop. Join us, bring a guest, and enjoy the dope brunch vibes . Food, Drinks, Financial Talks, and More! 

Real Estate | Brooklyn | up to $500K

1165 East 54th St. 2F $220,000 2 Bed 1 Bath Coop | Old Mill Basin| IN-CONTRACT

image8

Large renovated 950 square foot 2 bed apartment plus terrace now available at Kings Village coops. Large windows, restored floors and renovated kitchen and bath. All KV buildings have elevators in-building laundry and parking. No Pets Allowed. Exclusively offered by Tricia Lee at Compass. 

1200 E. 53rd St. 7H $175,000 1 Bed Georgetown | Old Mill Basin | Available Now

image9

Tons of space for a great value. This top floor 750 square foot top floor condo offers a spacious layout, wall to wall windows, excellent storage and closet space and wireless door access. Previous owner has maintained pristine condition. Beautiful hard wood floors are covered by carpet and unit can be easily updated. Seller is motivated! -offered exclusivly by Tricia Lee at Compass. 

1200 E. 53rd St. 1Z $125,000 Studio Georgetown | Old Mill Basin | Available Now

image10

Ground floor studio coop now available in this elevator building. New kitchen and bathroom, large windows and high ceilings.  Kings Village coops offers: -laundry in every building -keyless entry /intercom system -landscaped grounds -assigned parking (monthly fee) or street parking. Exclusively offered by Tricia Lee at Compass. 

1200 East 53rd St. 6V $200,000 Maint $621| Old Mill Basin | 1 Bed IN-CONTRACT

image11

A generous living room and dining room space, beautiful hardwood floors and a brand new kitchen with stainless steel appliance and glass tile backdrop. Modern light fixtures, recessed lighting and brand new closets and This unit offers large closets and plenty of storage, large windows, and newly remodeled bathroom. Exclusively offered by Tricia Lee at Compass.

Up to 90% Financing Allowed, NO PETS ALLOWED

1165 E. 54th St. 2C $169,000 Maint $621 1 Bed Coop| Old Mill Basin -- IN-CONTRACT

image12

1165 E. 54th St. 2C

This popular over-sized 1 bedroom apartment boasts 2 walk-in closets and 4 closets in total. The owner has beautifully remodeled bathroom and kitchen in a modern luxury living style. Will not last. *Update: Went in contract within ten days of hitting the market with Tricialee.com 

1270 E. 51st St. 1C $165,000 Old 1Bed Coop| Old Mill Basin --Available Now

image13

This first floor one bedroom coop with 750 square feet, is now offered exclusively by Tricia Lee at Compass, leader of sales at Kings Village coops. Enjoy lots of closets and storage and the joy of a walk-in closet in your bedroom. Dining alcove, stainless steel appliances, all modern finishes and walk-in closet. Showings by appointment.

1275 E. 51st St. 3Z $122,000 Maintenance $451 Available Now!

image14

1275 E. 51st St.  3Z

Gorgeous studio apartment with luxe bathroom and modern kitchen offered at Kings Village. Why rent, when you can own. 

More details coming soon.

Coming Soon-- 3 Bed 1.5 Ba Coop | Old Mill Basin $300,000 Maint $1072

image15

1200 E. 53rd St. 3K 

3 Bed, 1.5 Bath Coops at Kings Village 

Coming Soon. Details available Sep 2018.

Sign up here

Sign up to attend our next event

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

The first step in home buying is working with a lender for discuss your purchase options and budget. Once you have your pre-approval you can work with a member of the team to begin your home search. My Home Brooklyn is a campaign geared to first time home buyers but we are here to service all. Email us to get started.