Home Buying in New York>Question Details

Babu, Home Buyer in New York, NY

For 150000 $ cash.It is investment for my children. What would be the condo fee.who would collect the rent.Best rental area in manhattan.Not bronx

Asked by Babu, New York, NY Thu Oct 6, 2011

Help the community by answering this question:


Hi Babu,

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!


Laura Thierer
Licensed Real Estate Salesperson
Homestate Properties LLC
102 Fulton Street
o: 212-693-9000
m: 914-426-0075
0 votes Thank Flag Link Thu Oct 6, 2011
You will need to get a mortgage if you are purchasing a condo in Manhattan. The rent would go to you, your children or your agent. From that you will need to pay the common charges, real estate tax, homeowners' insurance and the mortgage.
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.
0 votes Thank Flag Link Thu Oct 6, 2011
Keep in mind that condo fees do vary from facility to facility; highly unlikely one can locate a condo for the said amount in Manhattan, therefore you may wish to expand your search area. As for collecting rent, one could agree to direct deposit, possibly have the check mailed, personally collect.
0 votes Thank Flag Link Thu Oct 6, 2011
You can own a house in the Hamptons (Hampton Bays) for about $250.000.00. We are in need of year round rentals. 3 bedrooms would get you about $1800.00 a month with the tenant paying all utilities. Taxes are about $5,000.00 yearly. We are at the bottom of the market and real estate investments out here will only go up in value.
0 votes Thank Flag Link Thu Oct 6, 2011
Hi Babu,
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.
Web Reference: http://www.reactionny.com
0 votes Thank Flag Link Thu Oct 6, 2011
Hello Babu

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 mzmayers@halstead.com. Thank you.
0 votes Thank Flag Link Thu Oct 6, 2011
Hello Babu. I'll start with the last part of your question. Licensed agents/brokers are not allowed to discuss the concept of a "best" area as that is considered discrimination, which is against the law.

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.
0 votes Thank Flag Link Thu Oct 6, 2011
The least expensive condo currently on the market in Manhattan costs $220K - so were you thinking of using the $150k as a down payment or as the entire purchase price? Condo fees vary by building - but some of the newer condos do have tax abatements, which can significantly lower the monthly payment. Contact me for more information.
Web Reference: http://www.myskny.com
0 votes Thank Flag Link Thu Oct 6, 2011
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