Most condos in New York carry high common charges and taxes. Combined with a mortgage, you will usually be left in a situation where your monthly expenses exceed the market-based rent for the same property.
We help buyers find properties with low expenses in up and coming neighborhoods that not only earn a current cash yield on your money, but have significant potential for capital appreciation.
If you would like to discuss feel free to call me at 212-545-0729 or email me at firstname.lastname@example.org
What does that mean that you have $300K in cash? Are you planning on only spending $300K? if that's the case than I'm not even sure where you can buy an investment property in NY that would bring you your 5-6% return, which I think is what you want to be looking at here. If you have $300K to put down as a down payment and finance the rest, thats a whole different playing field.
If you are talking investments, most likely you will be looking at a new construction, you don't have to, but majority of investors do. Midtown has a large # of new developments and in the last month 40% of sales happened there as opposed to only 20 something % a year ago. You also have an option to look into a Hotel/Condo development and we have a few here that I can recommend to you, which many people believe is a really strong investment. You should also be looking at prime areas, because our market hasn't hit it's lowest point yet and when times get tough prime areas stay strong, other areas that aren't as good will feel the economic effects much more.
Tribeca, Chelsea are very strong areas for investments and they collect very high rent, that may be somethinig for you to consider looking into.
Because you are overseas, first thing you need to do is to connect with an attorney who deals with international buyers, New York has very specific and strict laws when it comes that type of a buyer, and since it's unlikely that you have a banking account in United States you will have to discuss your options on financing your purchase.
I don't want to brag or anything here to you K. I work at Prudential Douglas Elliman, we are the largest and top producing firm in New York. We have everything on board, our own title company, our own mortgage company, relocation, new developments, among many other divisions for which we offer our services.
If you are serious about investing in New York, give me a call or send me an email all of my contact information is on my profile, I will hook you up with the right attorney, without the right attorney who deals with investors your smooth transaction can get very messy very fast and not you nor I want that to get out hand. You guys can talk, discuss your options I can then put you in contact with one of our lenders and we can work out a strategy for you, how much you can afford, what you can afford, where you can afford and take the next step.
Dollar is still very weak, our interest rates (assuming you get a loan here) is at historic low, and it will be until we pick our new president. After that happens, honestly chanes are good that interest rates will jump back up.
You are going to do whatever you are going to do "K", if you want the right guidance and do everything in house, in one firm, without running around give me a call and I will make sure that you will deal with all the right people who I know can get the job done.
Best of Luck
I would choose a broker to work with in a city that you enjoy working and/or spending time in case you ever have a need to live in your investment property. That amount of cash depending on your income and credit score should be able to get you more than one apartment or perhaps a building depending on where you choose to buy. NYC has historically kept and grown in real estate value and rentals keep on going up..(Renovated studios on the Upper West Side near Central Park are renting for around 3000.00 per month at present) Non-resident shareholders are frowned upon, in many Manhattan co-ops and some condos have restrictions as well.That being said there are some apartment swith no or limited restrictions. I would diversify and buy something in Manhattan and perhaps a home in a public transportation accessible area, near a college Upstate or in the suburbs or one of the other boroughs.
Please let me know if you would like me to be your Manhattan agent and if I can refer you to an experienced agent elsewhere.
Jolie Muss, Licensed Real Estate Broker & Brokerage
Well, seems you have a few answers here already! NOW IS a great time to buy! You should talk with a mortgage company, I can refer you if you like. How is your credit? Lenders are being pretty tough right now. The more cash in a particular deal, the better if it is boarderline. If your credit is good, you could spread the money out a bit more. For investments, most are looking for 20% down. I am in the Hudson Valley area of New York, about 1 hour from Manhattan....prices have really declined here this past year..I am working with a number of forclosure listings, short sales and owners who are taking great losses in order to sell. This can be a wonderful opportunity to buy good deals! The rental market, as you can imagine, has picked up a lot. Are you handy at all? I see you have "overseas" listed as your location...would you be investing and looking for someone else to manage the property? This is something to consider. If that is the case, you need to consider the expense of that. If you plan to attempt it long distance, less actual units/properties might be the best answer for you. What you really need to do first is find yourself a good agent with some experience who can not only show you houses, but work as a buyers agent for you and advise you. You need someone looking out for your best interest. If you are interested in Orange or perhaps Rockland Counties I would be happy to offer you my personal assistance. Even Sullivan or Ulster are a possibility ( a little further north). If you decide on another area, ANYWHERE, I would be happy to refer you to a qualified agent. I am a certified relocation specialist and have a full network of professionals, around the globe, that are available. Just let me know how I can help. Feel free to contact me directly if you have more questions. Good luck in your real estate adventures! It IS a great time to buy..just be prepared to sit on it for a while...feel free to check out my neighborhood site to start getting familiar with areas/schools..etc http://www.centralvalleyneighbors.com
or my company site to actually look at some houses! http://www.coldwellbanker.com/for/lisa.brodsky
Try considering south Florida.....in the Venice area current market you could buy 3 condos rent them and wait for the values to come back...The time is right.
Give us a call....941-408-5363
The Eckler Team
Michael Saunders & Company
We work with many areas that would be right for you. 300K in the right area could result in some good long term positions. Naples, FL; Palm Coast, FL; Coastal SC or NC...all of these places are position very nicely for an investor.
I'd love to help you with this decision and I have the references to back up our firm.
The Schaffer Realty Group
Yvonne Baker, Real Estate Consultant
For example, Edison Hollow South http://raspberryct.blogspot.com/ is 5 minutes walk to Edison Train Station http://edisontrainstation.blogspot.com/ that many IT professionals working at Wall St in New York City living here, some rent and some own. Many IT professionals making 6 digit at Wall St from overseas start with NO car, but it has easy to commute, walk to farmers market, library, banks, ...etc.
For $300,000 cash, you may be able to invest more than one unit, basically, you want to invest 1br or 2br condos. For EHS, 1br 1ba condo is about $200,000, more or less, but you do NOT want to pay all cash, you can pay down 20% to 25% and mortgage the rest, you may be able to invest 5 or 6 units.
You first contact the local realtors such as Ken Stanley in the blog http://raspberryct.blogspot.com/ who just helped his client bought 1935 Raspberry Ct, Edison NJ 08817, very nice unit for $203,000. I know him for over 20 years, and last time I saw him driving a Mercedes Benz at Menlo Park Mall. He is also specialized at property management as you can see http://www.realtor.com/search/listingdetail.aspx?zp=08817&am
that he is also helping this investor to rent out the unit he just helped bought.
When you came to visit your property, you can take airplane to Newark Intl Airport, and then take NJ Transit train to Edison Train Station and walk over. very easy.
Seek pre-approval for a mortgage:
Typical time frame: 1 - 2 days
You must know how much you can spend before you spend it. Condominium apartments require at least 10% down; cooperative apartments generally require at least 25% down. However, every building is different. 15% of Manhattan's buildings are condominium buildings and the other 85% are cooperatives.
Seek Manhattan Real Estate Attorney:
Typical time frame: 1 - 2 days
You must find and work with a Manhattan real estate attorney. They need to specialize in Residential Sales in Manhattan. Mark David has referrals upon request.
Find a Broker to work with:
Typical time frame: 3 days-1 week
It is very important that you work with one single broker. Get referrals from colleagues and friends. Ask for a preliminary consultation to discuss your particular needs and situation. Look for honesty, integrity and professionalism. Be 100% forthcoming with your broker. Avail yourself of all of the expertise and services your broker can provide for you. As a buyer, do not focus on Brands. Look for a right fit.
Find an apartment:
Typical time frame: 3-6 months
Depending on what you are looking for, the length of your search will vary. The average person sees 20-25 apartments before deciding on one. Internet-savvy buyers save time by doing their 'homework' before their search. The average number of apartments viewed before buying by our internet buyers is 4-5.
Email or call me anytime!
Associate Broker/Director of Clients and Business Development