Unfortunately, condo prices in Manhattan are higher than $150000. They start around $300K/350K, depending on the property. The condo fees will defer from building to building, depending on the amenities, services, and amount of apartments in the building.
Collecting the fee is easy. It can be mail out directly to you or direct deposit to an account.
Do not hesitate to contact me if you would like professional help in your search!
Licensed Real Estate Salesperson
Homestate Properties LLC
102 Fulton Street
Your realtor can give you a profile of the average renter in each neighborhood and then you can see which area is best for you. Make sure you only look at condos that allow rentals without living there first.
You have great questions. I will explain you a lit bit about investment. If you looking as investment best deal will be condo and condop buildings because it will be easier to rent and renew for tenant. Each building have different board fee for paper work it is can be between $500-$1500 and up if tenant decide to renew can be $50-$100.
There are 2 types of investment you can consider.
1.You will buy apartment and sell in few years.
2.You will buy and rent apartment.
What is different?
1. buying and selling apartment in few years. Your down payment for apartment can be between 10%-20% of the price what means that you can buy 1 bedroom apartment for about 700-750K. Usually apartments go up in price average 2%-3% per year so if you sell in 3 years you will make profit about 60K.
2.If you are buying and renting apartment to make profit right away you need to put bigger down payment about 35% because you buying for long term in this case you will need to pay mortgage in bigger portion to make more money in your packet and pay off this property and with 150K of down payment you can buy studio for about $400K-$500K depend what location you can rent studio for about $2500-$2300 a month. Your monthly expenses can be $500-$800 which bring you about $1600-$1800 a month and about $22,000-$19,000 a year.
I do a lot of rentals deals and I can tell more expensive apartment close to transportation or buildings which is more central, of course size of apartment.
I hope my advice will help you.
Have a Great Day.
The quick answer is that $150,000 is not the sale price of condos in Manhattan but it is a great down payment. Condo prices in Manhattan are approximately $400000 to $550000 and the fees are in the $1200 or so plus range. Studios rent in the $1800 to $2300 range depending on size. Manahattan rental market is very active and the rental fee would be sent directly to you or your children. I would be happy to assist you further with more concrete information as you like. Please feel free to contact me at email@example.com. Thank you.
Your dollar amount will not buy you a Condo on the island of Manhattan. It will however make a very good downpayment. I do agree with the statement below in that Condo common charges will vary by building and a building with a tax abatement will help. As for rent collection, a tenant can mail the rent check or your child can pick it up every month personally. Good Luck.