Project Brooklyn Homeowner

You probably haven't heard of Project Brooklyn Homeowner yet, but you will very soon. This project is the greatest thing to ever touch the state of New York and Brooklyn because it focuses on providing a large group of the population with the chance to buy a home that otherwise wouldn't be able to do so. Why? Most people simply haven't been given the chance nor have they been encouraged to buy a home until Mayer Dallal came into the picture. His passion is simple; talk to people directly and find out the truth because that is what will stimulate the housing market in Brooklyn. This market has been untapped for far too long and now the time has come to turn this ship around.

My interest in this project was personal too, simply because I was in the mortgage business for 11 years, and never experienced anything quite like this. Most lenders did not want to open up the opportunity that exists with FHA loans, or encouraged you to profile borrowers according to income and loan amounts. My personal belief is the same as Mr. Dallal's; "You can't judge a book by its cover". Once you do you hurt the economy and you can hurt yourself. Mayer saw the need to provide those who believed they were bringing in minimal income, decent credit and had minimal assets the chance to buy a home. Why shouldn't they get this opportunity? Mayer saw the need, addressed it, and that is the difference between someone "in the business", and a true professional.

I wanted to find out more about Project Brooklyn Homeowner, so I asked Mr. Dallal for an interview and found out what it was all about, and how those who live in Brooklyn can be a part of it all.

Q. Mayer, I know through previous interviews with you that you have been involved in the banking and real estate arena for more than 19 years. Why did you decide to work on Project Brooklyn Homeowner?

A. Well Tammy, it's simple; I grew up in New York and Brooklyn has been a strong place for me. It represents the epicenter of cultures, a melting pot per se. There are a lot of people who believe they don't qualify to buy a home, and they don't know any better. Many residents in this area are immigrants and don't think that they can buy a home. Most believe you need to make a lot of money, or put a lot of money for a down payment. Initially, we were targeting those who were in the Brooklyn area, but now we want to take this public so everyone knows about it, and knows that they too have the chance to achieve the American dream and buy a home for their family.

Q. Mayer, how did you go about setting this project up? What did it take? What is involved in the process?

A. When we first started this project, we were looking at those we had helped in the very beginning, and there was one common threat; these people had been renting for 10 to 30 years and they were just lacking some knowledge. They just needed someone who was willing to help them, and explain everything to them, and because we took the time to explain things to them about how to qualify and educate them on the process, we continuously get tons of referrals, and I mean TONS.

I knew that we needed the right professionals in place, including realtors and representatives to make phone calls for initial application information. We have strategic network of realtors that we work with that are true professionals and know their craft, so they are the ones who receive the referral business from this project.

The very first step in the process is a phone call to those renters in the area we are targeting. Our representatives gather some basic information, and then the borrowers get qualified with a mortgage consultant, while the realtors are checking out the homes that are available. Many of them have been rehabilitated by an investor, or on the MLS. Our Real Estate and Mortgage professionals work to negotiate the best deal possible with a strong emphasis to get all of their closing costs paid by the sellers. We educate all our clients on the entire process, and Realtor Network begins showing them the properties that are available.

We do not charge anyone anything upfront, so there is no application or service fee. We are here to help.

Q. I was reading through your website, www.projectbrooklynhomeowner.com, and I reviewed everything in detail. You make it sound so easy to buy a home; how is that possible in today's economy?

A. The reality is that there are four main components to getting someone qualified to buy a home. Those four things are credit, income, assets and collateral (the property and its value). We can't work miracles, but when these things come together you have a deal. Our clients and the vast majority of those renting in Brooklyn have been working so hard, working 2 jobs, in some cases a family of 5 or 6 living in a one bedroom apartment, saving every penny, and all they really needed was a break. Right now the market is primed for these buyers, simply because we have a huge inventory of homes, and rates are still low.

We discovered that most of these families were renting an apartment for anywhere from $1,000 to $1,800 a month or more. When buying a home, it's an investment because you can pay about the same while getting the benefit of an increased tax deduction. I am not an accountant, so it is best for everyone to check with who does their taxes, but the average return on the investment from what I understand is about $3,000 to $4,000. The savings on the tax return alone would be tremendous.

If someone doesn't qualify, then we tell them why. We don't just leave them out there without any information. We educate them on what needs to change, and there are some local people that we connect them with that are experts in repairing their credit and cleaning up any inconsistencies. The local experts we refer them to have large networks of other experts they work with that can make things happen and help these families improve their overall current financial position.

Q. I have read your mission statement on your website, and it's genuine, addressing what you will do for buyers throughout the process. How do you carry about these duties consistently?

A. Once they receive that initial contact by one of our representatives, I speak to each and every client directly. I make sure that they are qualified so there are no false expectations. They also go through another analysis with the realtor, to ensure that everyone is on the same page, and we know what they are looking for as well. Getting prequalified is so important, so it's the very first step. I oversee the operation, so I communicate with every single person involved in the transaction at least once a week to ensure that they are doing their job. Our realtors and mortgage professionals are essential in this operation and the staff is equally important to keep things flowing in the right direction every day. We have four full-time staff members at this time, and I just supervise the project. So, over time as business grows we will be able to add more staff.

Q. Mayer, I noticed that your focus is on Brooklyn, Queens, and the Bronx. Why are you focused on these three cities?

A. Tammy, it's simple; these areas have the greatest need, and they have been ignored for far too long. Our investors are buying in these areas, and the improvements on the homes are fantastic. We knew that we should address the heaviest need first before we spread out, and we will. We are making a difference every day, by putting another renter into a home. This is what will change the face of our economy.

Q. Mayer, what is your long term goal for Project Brooklyn Homeowner?

A. Ultimately, it is to create the biggest network possible, to forge a path that leads to homeownership for everyone, build relationships with contractors, get connected with plumbers so that we have an all around referral network to help these families get what they need. Almost all of our business is referrals.

To help generate those referrals we do speaking events at churches and community centers to spread the word about what we are doing and why. This is what it's all about.

Q. Mayer, if there was one message that you have for the community, what is it?

A. My message is, you won't know until you try. You have nothing to lose by trying. Don't think that you don't have the money to buy a home, because you don't know until you sit down with a mortgage professional and get qualified. We are 100% dedicated to helping these families achieve homeownership, and that is our solemn promise.

This was the most touching interview I have done so far, and I know Mayer is a true professional, a philanthropist and a family man. The list of things you would expect from someone who heads up such a project are all true of Mayer Dallal.

Project Brooklyn Homeowner is growing, and will continue to do so as they build their network of professionals they work with on a daily basis. You can find more information by going to www.projectbrooklynhomeowner.com. There is a wealth of information on the website, and by choosing the "Contact Us" page you will find the phone numbers listed there as well. Don't wait and pass up your chance; you now have the resources and those to listen so you can get the home you deserve.