June 11 2008
I Finally Own Property in The Greatest City in the World

In 2005, I re-entered the workforce after 5 years of disability.
I asked my good CPA friend, Frankie Pirozzi if owning real estate could reduce
my income tax. I remember his exact answer: "Yes, but you should only do it
(buy real estate) IF IT'S A GOOD INVESTMENT."

I assume based on the condition of Tommy Goldberg's new House, a "good investment"
can be a subjective thing. Anyway, after 2 1/2 years of shopping this expensive
Bronx housing market, here's the terms of the home purchase for Tommy Goldberg:

Price: $283,000
Appraised Value: $290,000
Description: 2 Bedroom, 2 Story Semi-Detached, One Family House, 1200 Square Feet
Living Area, 1700 Square Feet Irregular Lot, Detached Garage
Tremont Neighborhood of the Bronx, 3/4 miles south of Fordham Road
2 blocks west of Third Avenue.

Second Mortgage: New York State Division of Housing and Community Renewel
$32,500 no interest, no monthly payment. Mortgage is Forgivable if Tommy Goldberg
stays in property for 10 years.

Other Mortgage: City of New York Department of Housing Preservation and
Development: $16,980 no interest, no monthly payment. Mortgage is
Forgivable if I live in property for 10 years.

Other Mortgage: State of NY Mortgage Agency - Closing Cost Assistance Loan
$11,320 no interest, no monthly payment. Mortgage is Forgivable if I live
there for 10 years.

I am a school bus driver making about $35,000 per year so this deal was
not an easy thing. But I do have reasons to think this was God's will.

If you read carefully above you'll see Uncle Sam contrubited close to $60,000
to make this deal work. To get this type of funding you need 2 things:

1. I guess u first need to be lucky. If you make too much money, you wont
qualify for the grants/forgivable loans. However, if your income happens
to be too low, the bank will not lend you the first mortgage. I can only
describe this like walking a razor's edge. I was lucky that my beautiful daughter
was born last year otherwise I probably wouldn't have qualifed for all the grants.

2. Neighborhood Housing Services of New York City,
a non-profit agency, administered 2 of my grants
and M&T Bank administered my first mortgage and the Closing-Cost Grant.
These agencys looked out for me and got me what I consider a "good investment"
Thank you Gloria Ashby (NHS of NYC) and Jayne DeBois (M&T Bank)!

Living Room (Downstairs)

Upstairs Bedroom


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