Home Buying in New York>Question Details

Viv, Home Buyer in New York, NY

First time buyer in NYC (but currently on work assignment overseas)

Asked by Viv, New York, NY Mon Feb 4, 2013

I want to buy a place to rent it out initially but also to live when I move back. Is it possible in NYC?

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Answers

10
Hi Viv, how are you? This is certainly possible. You will benefit from using a broker as you are oversees and they can go and find you multiple options that meet your price points, desired location, and other specifications. I would be happy to refer you if you would like or help you personally.
0 votes Thank Flag Link Tue Feb 5, 2013
Hi Viv, this is a great idea and I have several clients, who are doing this right now. As many brokers already pointed out, you should be looking for a condominium type of ownership because coops have restrictions on renting out - you have to use it for 1-2 years before being able to rent. However, condos are in general 35-40% more expensive than cooperative apartments. I saw you mentioned in your other post that you are looking for a $200K-300K apartment and this may be a very tough task to find a condo in Manhattan in this price range.
0 votes Thank Flag Link Tue Feb 5, 2013
Hello Viv,

What you're asking is what many first time buyers have done recently. You're best approach to buying in New York is a condominium because co-op boards are very strict on subletting. I specialize with buyers in your particular situation who look to rent after buying. Please feel free to contact me if you're looking for a smooth transaction and trusted advisor in a real estate broker.

Eric Detelich
Nestseekers International
20 East 49th Street
Phone: 631 662 5579
Email: Ericd@nestseekers.com
0 votes Thank Flag Link Tue Feb 5, 2013
Hello Viv,

As mentioned below, you may want to focus your search on condos.

Email me to tell me more about what you are looking for. I would be happy to help you.

Best,

--

Nicolas Puygrenier ǀ Licensed Real Estate Broker
Mona Lisa Real Estate Group LLC
419 Lafayette Street, New York, NY 10003
Telephone: 917 499 1917
Email: nicolas.puygrenier@monalisanyc.com
0 votes Thank Flag Link Tue Feb 5, 2013
Yes, it is possible, the best way for you to go is to purchase a condo, wher you will be allowed to rent out any possible time
Thanks, Emery
0 votes Thank Flag Link Tue Feb 5, 2013
Choose an agent to work with, he/she will be your best guide...
0 votes Thank Flag Link Tue Feb 5, 2013
Dear Viv,

Should be easy to do however your best bet is to purchase a condo which rarely has renting restrictions. Most coops will allow you to rent for a year or two after you've lived there for a year or two. There is little flexibility in most coops and finding one with flexibility is like finding a needle in a haystack..

Starting with a good broker should be the first thing you do. He/or she can be a great asset to you in all steps of your purchase. If you're buying from abroad, your broker can send you pictures and floorplans and connect you with a real estate attorney who you can appoint as your power of attorney, unless you have someone else here in NY to appoint.

As another agent here said -- make sure you trust your broker. That is critical wether you are here in person or abroad.

If I can be of any asstance please do not hesitate to contact me

All the best,

Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
212.317.7828 direct
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com http://rossellis.halsteadproperty.com/
0 votes Thank Flag Link Tue Feb 5, 2013
Hi Viv, this is completely doable. in fact people do this all the time for investment purposes so the only difference between you and them is that you will eventually intend to occupy the unit. I would recommend that you stick to condos in your search. A relatively few number of co-op buildings will allow you to purchase and rent out under any circumstances but most require that you live in the unit for at least the first year (condos rarely have this restriction). Will you be local to look at the unit at any point or strictly buying sight unseen from abroad? if the latter you absolutely need to find a real estate broker whom you trust and who knows pretty much what you're looking for although again probably not ideal (no amount of pictures can act really replicate the actual feeling of the unit once you're inside). would love to discuss with you more in detail if you have a moment. Charlie Summers,SVP, Bellmarc Realty 917-376-1648 or csummers@bellmarc.com
0 votes Thank Flag Link Tue Feb 5, 2013
as I mentioned in my response to your other simillar post - if it's a co-op - the co-op board may have restrictions on whether you can rent it out or not.

Find an agent who can help you navigate through the NYC apartment buying waters!

I am surprised a few of them haven't joined in yet - try again in the morning.
0 votes Thank Flag Link Mon Feb 4, 2013
Viv,

If you have not been able to locate an Agent to help you in the Manhattan area or Brooklyn, I would be happy to refer you to a friend of mine. She works in NYC and could help answer your questions. I know looking for information sometimes can be difficult even with all our technology. The human connection is very important and working with an Agent who you trust in imperative.

Please let me know if I can help. Just review my profile on Trulia and send me a message and I can send along the information or email me directly at THOYT@prutropical.com if that is easier.

Good Luck with your search. Please don't hesitate to ask me any questions, I will do my best to find you the right answer.

Respectfully,
Tracy Hoyt
Realtor
Prudential Tropical Realty
0 votes Thank Flag Link Mon Feb 4, 2013
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