Home Buying in 10001>Question Details

Tristin, Other/Just Looking in 90210

I am looking to purchase an investment property in Manhattan, but I will not purchase above central park, Upper Manhattan just creeps me out.

Asked by Tristin, 90210 Tue Oct 29, 2013

I have around $450,000 for a down payment, plus I have whatever is needed to pay real estate agent fees. I am looking to buy a property between $1,500,000 and $2,250,000 the only worry I have is getting adequate rent that will pay the payment. I could make the payment on my own, but the reason I am buying the investment property is not for me to make the payment. How do I ensure that I will be able to rent the property out, for the sum of the rent or higher?

Help the community by answering this question:

Answers

22
Paul F.Marzolla (201) 957-6768’s answer
When purchasing an investment property it's always of utmost importance to ensure you'll receive a satisfactory return. Together we can discuss your current scenario, explore different payment options, and decide which route makes most financial sense to meet your goals. Through market research and due diligence we can devise a plan of action to get you closing smoothly and on-time. I'd welcome the opportunity to speak with you as I'm sure you have many questions; all which I'll address. Please contact me at your earliest convenience so we can begin discussing your upcoming investment.


Kindest regards,

Paul F. Marzolla
Sr. Mortgage Advisor
(201) 957-6768
0 votes Thank Flag Link Mon Nov 11, 2013
You need to buy the property at the "right" price. That price varies for each investor and depends on what "return" you want to make on the investment. Determine what is the total cost of owning the property (taxes, insurance, energy, maintenance, mortgage etc), add on your return and work out what that monthly number is - this is the minimum rent you need to break even when the property is occupied. Work with a real estate agent familiar with the rental market in that neighborhood and determine what is the likely rental income. Bingo - you have the answer to your question "is this the property to buy?". This approach works in high-end markets, subsidized rent markets, all shapes and sizes. And the great thing is - it is SIMPLE and OBJECTIVE. Good Luck.
0 votes Thank Flag Link Wed Nov 13, 2013
Hi Tristin,

As an investor and a licensed real estate salesperson, I would be more than happy to help you find the best investment property in NY. Please feel free to contact me when time permits. dbowrin@bondnewyork.com
0 votes Thank Flag Link Wed Nov 6, 2013
Please call me to discuss your purchase. My name is Priyta and I can be reached at 917-499-6500. Thank you and good luck.
0 votes Thank Flag Link Wed Nov 6, 2013
Please call me to discuss your purchase. My name is Priyta and I can be reached at 917-499-6500. Thank you and good luck.
0 votes Thank Flag Link Wed Nov 6, 2013
You would have to ensure you are getting a real hot property that can be rented quickly. For that you need to look at specific condominiums that command higher prices because of high demand. I can help you achieve that goal.

Eugene Carrillo
Ardor New York
ecarrillo@ardorny.com
0 votes Thank Flag Link Wed Nov 6, 2013
If you would like to work with me, we can look at the comps. in various area's and decide which area to consentrate on. Once you see the numbers you will feel better.

Ella J. Chavers
Douglas Elliman
echavers@elliman.com
0 votes Thank Flag Link Tue Nov 5, 2013
The rental market is strong in manhattan. Call me at 734-945-0454 and we can work out answers to your questions?

Hope to chat soon! -Neeta
0 votes Thank Flag Link Tue Nov 5, 2013
I would like help you with your troubles.
Fajardo Delacruz
347 932-0609
0 votes Thank Flag Link Fri Nov 1, 2013
It sounds like you are not planning on living in the unit yourself. I'm sure a broker can help you with this, but do be aware that with some properties, the Board does not allow you to constantly rent it out. Sometimes they only allow you to rent it for 1 out of every 4 years. Make sure you know what the board will allow.
0 votes Thank Flag Link Wed Oct 30, 2013
First of all the buyers in New York City do not have to pay the real estate broker fee. When looking for a broker, you need to make sure that you find a good broker who is working in your interest and is knowledgeable about not only the neighborhood and property valuation, but has affiliations with good strategic partners who can help you through the process.

If you wish to discuss the details of your needs and requirements, you can call me at 212-317-7816.

Best regards,
Vandana Ranjan
0 votes Thank Flag Link Wed Oct 30, 2013
You really should consider working with an agent of your own who can provide any necessary information, so that an informed decision can be made...
0 votes Thank Flag Link Wed Oct 30, 2013
Hello Tristin,
I am working with numerous other individuals who are seeking what you are seeking. I have bought and sold investment properties for more than a decade. There is no fee to you for my services and my company has a property management agreement that streamlines and simplifies the whole process for you. Feel free to reach out to me at any time.
0 votes Thank Flag Link Wed Oct 30, 2013
Even with Manhattan rentals plateau, current vacancy rate is 2.66%; as long as you are pricing your property(s) according to the market (actually a bit ahead of the market)
I can guarantee you will find a tenant. I manage quite a few properties for my investors; depending on how much do you want to be involved, it might make sense to purchase a few studios/1br apartments, instead of multifamily. I will be happy to meet and discuss. Feel free to contact me.
Cheers,
Masha
---------------------------------------------------------------------------------
Masha Sales
CitiHabitats
37 Third Avenue NYC NY 10003
Mobile 917.658.3667 | Direct 646.398.6108 | EFax 917.262.7375
masha@citihabitats.com
0 votes Thank Flag Link Wed Oct 30, 2013
This is a building by building and block by block question. Choose an agent you feel comfortable with and together look at what is available, where and how the numbers shake out.

Good luck,
Ella J. Chavers
Douglas Elliman
echavers@elliman.com
0 votes Thank Flag Link Wed Oct 30, 2013
You would have to find out your net operating income to determine your return. if the property is a condo you will have property taxes as well as common charges, if a coop all costs are worked into your maintenance. Lucky for you the rental market is NYC is stronger then many other areas. I live on 102nd and Central Park West, this area does very well for rentals. Once you have particular properties in mind it will be easier to help you work the numbers.

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Wed Oct 30, 2013
Hello Tristin,

Thank you for your question. I work with investors very successfully. When buying an investment property there are a few important factors to take into consideration. First, when considering investing in real estate you need to make sure that you are cash positive on the rent roll in order to cover your expenses. This will determine the monthly return on your investment and requires proper calculation and understanding. Secondly, you must consider the appreciation of the property. Working with a Real Estate Professional that understands the market should benefit you in this area. Lastly, although some Coops have flexible sublet policies the sublet policies in a Coop can change at any time. As an investor you should look to purchase a Condo which allow you long term freedom to sublet.

I would appreciate the opportunity of working with you. I can be reached via e-mail at jbravo@bondnewyork.com or telephone office 646-666-2225 or cell 305-484-4972.

I look forward to hearing from you. Best of look on your venture. This is a great time to invest in properties in NYC.

Thank you,
0 votes Thank Flag Link Wed Oct 30, 2013
Hi Tristin,
The first step is to find a good agent to assist with your purchase. As a buyer, you don't have to pay your agent. The seller pays your agent. So you should take full advantage of the service of a broker. The broker will assist in the rental units after.

About getting the desired rent, it really does depend on the apartment if you will get the max rent. The agent could tell you the going rents for each area as you look for properties.

Feel free to contact me to discuss further 646-243-4516 or akilahw@nestseekers.com

Best,
Akilah Williams
0 votes Thank Flag Link Wed Oct 30, 2013
sorry meant to say there are NO fees to you

jeff
0 votes Thank Flag Link Wed Oct 30, 2013
Hello Tristin
There are fees to you as a purchaser
As an investor, you will need to stay with a Condo, townhouse or commercial property
I can be reached at jfeuer@elliman.com or 212 769 9806 if you would like more information
best
Jeff
0 votes Thank Flag Link Wed Oct 30, 2013
Hi Tristin,
I recently worked with another building owner in a similar situation--we were able to find him a wonderful building and get his units rented, as well. I work on a team with two other great agents, both in sales and rentals. I have a couple of sellers who may be interested and I would certainly be happy to help in getting the units rented, too (working with a broker will ensure that the units will get rented as the agent will also screen tenants and make sure they are qualified). Please feel free to contact me tomorrow or when you have the time so we can discuss. Looking forward to hearing from you!

Best,

Eric Rohe
The Bradbury Team
Citi Habitats
201-328-2758
erohe@citihabitats.com
0 votes Thank Flag Link Tue Oct 29, 2013
Hi Tristin,

I would be happy to assist you in buying an investment property in Manhattan in the area you want. Please email me directly at kr@ny-home.net so that we can discuss details. For your information, I do not charge any buyer broker's fees.

Krystyna Rachtan, Licensed Real Estate Broker
Email: kr@ny-home.net Phone (212) 991-8072
NEW YORK HOME REAL ESTATE SERVICES, INC.
295 Madison Avenue, New York, NY 10017
http://www.ny-home.net
0 votes Thank Flag Link Tue Oct 29, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer