Home Buying in 10595>Question Details

James, Home Buyer in White Plains, NY

I am a beginner investor and looking to buy a condo or co-op for investing purposes. does anyone know the?

Asked by James, White Plains, NY Tue Jul 29, 2008

best place for rentals and resale.

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esq24u’s answer
As an investor, I would stay away from a co-op and go with a condo or home. In recent times, Valhalla has become so congested along with ever increasing taxes and town services on the decline, or so it seems. I would therefore recommend White Plains which, I feel, offers better services and property values.
0 votes Thank Flag Link Tue Apr 16, 2013
Hi James,

You should heed the advice given before and get your financial house in order first and then find yourself a good Realtor that knows the area to help you find the right property for your purposes.

Best of Luck,
Phyllis Lerner
Legends Realty Group LLC
0 votes Thank Flag Link Thu Nov 6, 2008
Hello James- I hear you. This is the best buyer's market we have seen in years and with a good realtor beside you- investing in a condo or small real state property just makes "cents"! ( I couldn't help it!) The key is to do your HOME homework! It is time to make great deals. Coops rarely allow renting- though they are the most affordable of housing but the most difficult to sell. I would be happy to explain this to you in greater detail if you call me or e-mail me. Condos cost a little more upfront but they may suit your purpose better. Call me, Debbie Fugazy at Houlihan Lawrence in New Rochelle 914-636-6700 or 914-473-2762 cell or e-mail at DFugazy@HoulihanLawrence.com
0 votes Thank Flag Link Wed Aug 6, 2008
Do what Christopher & John are telling you and then when you fully understand the ins and outs of real estate investing, I invite you to seriously consider Santa Clarita, California - One of the most desirable communities in Southern California and one of the safest in the U.S.

Check out the city's Web site at: http://www.santa-clarita.com/

Feel free to contact me if you want to see investment properties available in Santa Clarita, CA
0 votes Thank Flag Link Tue Jul 29, 2008

As a new investor I would suggest you first get your financial situation in order (all buyers should do this first). Contact a mortgage lender, tell them what you want to do and let them guide and educate you about current financing options that are available to you.

Then, once yo know what your financial capabilities and limitations are, you should make an appointment with a Realtor. When you meet with a Realtor, describe your needs and expectations and then allow the Realtor to respond to what you say. Also, you should inquire about how the Realtor works...to make sure the two of you are compatible.

I'm quite sure that by the end of the discussion you have with a Realtor, you'll walk away with a better understanding of the processes and challenges that you and your Realtor will face over the course of your transaction.

Also, make sure the Realtor you work with is technically competent. Why? Because if they aren't you risk not being offered the ability to receive automatic market updates by email from the local MLS system and this can put you at a disadvantage to other buyer's in the marketplace who are benefitting from the MLS's market update system.

Generally speaking, co-ops are not good choices for an investor as many/most have rental restrictions. And those co-ops that may currently have more lenient rental policies may change them in the future. (It's more risky to buy a co-op and expect to be able to rent it out easily/profitably)

You should also have an accountant and attorney in mind as you set out to buy an investment property so that you will have quick and easy access to their expertise when needed. (Realtors aren't attorneys and they're not accountants)

Good luck!
0 votes Thank Flag Link Tue Jul 29, 2008
Hi James, Buying a coop for investment can be tough, alot of them have owner occupany stipulations in order to rent, meaning you have to live in it for a certain period before renting. Then you may only be able to rent it for a year or two. Another thing to think about is coop assessments and maintenence increases, unless you pass that along to the tenant it can cost you more. The reason coops do this is to deter renting because in the banks eyes renters bring down property values. Condos are usually alot easier to rent but depending on what you are looking for and price range they cost more then coops. If you want to further understand the difference between coops and condos feel free to contact me (unless you already do :o). People that rent usually look for easy commutation to the city, convenience, etc, school districts may be important depending on the amount of bedrooms. A one bedroom in Bronxville schools for instance isn't going to attract a family or couple with children so a two bedroom would fare better. White Plains, Hartsdale, parts of Yonkers, Fleetwood, Tarrytown, Bronxville, Mamaroneck/Larchmont are examples of areas that retain value and have been sought after for convenience. Try to get into the mindset of a prospective renter and look for what you would want in an area.

Christopher Pagli
Associate Broker
Legends Realty Group
0 votes Thank Flag Link Tue Jul 29, 2008
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