Home Buying in New York>Question Details

Marian03, Home Buyer in 10022

Looking to buy a Condo in NYC area for investment purposes. One that could be put up on rent right away.

Asked by Marian03, 10022 Tue Sep 25, 2012

What are the prominent places in Manhattan where I could get a 1-2 BR for upto 550,000$? Looking for areas where there is big need for rental properties ( as it would be easier to put one on rent). In addition, I am unaware of any good broker dealers (with positive past record) around Manhattan area. How do i go about searching for one?

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9
Whoever you decide to work with make sure you ask the agent for specifics regarding rental prices in the building that you want to buy in. NY is a strange city where prices can sometimes change block by block depending on the area. All the best!

Looking forward,

Christine Gordon
Licensed Real Estate Salesperson
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
2 votes Thank Flag Link Sat Sep 29, 2012
HI, Marian,

I think the best area will be financial district close to Wall Street, and find a condo in sale only for investors, since these condos are selling with the leasing contracts of tenants. So you don't need to pay the cost of looking for tenants for one or two months. I have serveral 1BD condos in these typies. Please feel free to contact me. mgu@redacinc.com

Good luck!

Ming
0 votes Thank Flag Link Mon Oct 1, 2012
Please call me. My name is Tanuja and I can be reached at 347-882-0353. My office is located in Manhattan in the Penn Station area. Thank you and good luck.
0 votes Thank Flag Link Wed Sep 26, 2012
Please call me. My name is Tanuja and I can be reached at 347-882-0353. My office is located in Manhattan in the Penn Station area. Thank you and good luck.
0 votes Thank Flag Link Wed Sep 26, 2012
$550,00 will more than likely get you a studio or small 1 bedroom in prime Manhattan areas, where there is ALWAYS a big need for rental property. Keep in mind that you will need to purchase into a condo since co-op boards are not rental friendly. In prime Manhattan areas, you will have a much easier time renting out your property but keep in mind, since it is the safest and most desirable investment, you will have much lower cap rates than on a property that is in Upper Manhattan.

A good rule of thumb in finding a good broker is to do your research. Ask friends and family who they have used and whom they could recommend. I would still research them in the end and don't be afraid to interview them.

I am also a working real estate appraiser in Manhattanm so I have an expertise that most brokers do not have. I know how to fight low appraisals, check for inconsistencies and make sure that my buyers do not overpay for a property.

You now have the ability to search all 20,000 listings in Manhattan. There is no bait and switch and all the listings are in real time, updated every hour and come directly from out real estate board (REBNY)

http://www.buyandsellmanhattan.com

Feel free to reach out to me if I can be of help.

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
9172502284
0 votes Thank Flag Link Tue Sep 25, 2012
I have few places too. Just email or text me to discuss this matter on how I can help you out. My email is l.sanchez@myfinancialconnections.com. If you are interested in investing in Tampa, Florida we are #1 for investment management Properties in Tampa as there are many investors there. Hope to hear from you soon, Luis Sanchez, License Salesperson
0 votes Thank Flag Link Tue Sep 25, 2012
Hi,
I've been working as a buyers broker for many years now and would be happy to help you.
Call or E mail me
646-334-3922
dmann@ccrny.com
0 votes Thank Flag Link Tue Sep 25, 2012
I know the perfect place! ... E-mail me at patty@metropolitanpropertygroup.com or TEXT (917) 583-6053 + I would be happy to discuss + help you out.- Patty
0 votes Thank Flag Link Tue Sep 25, 2012
Hi Marian,

First off condos are generally more expensive than co-ops here in the city. So for only 550k you would probably not be able to find a two bedroom but may be able to find a very large studio or one bedroom. I have been working with other investors, much like yourself so I am aware of what is out there in this market.
This summer was one of the hottest rental seasons the city has seen in some time. All areas are in need of rentals. There was a shortage so adding to the market of rentals right now is great.
As for searching for a broker, you should meet with a few and see which one you click with. Every broker in the city has access to the same listings so it is simply a matter of who you would like to do business with.
One more thing, if you are not purchasing with cash make sure you sit down with a mortgage lender to learn about the different rules an investor has verses a home owner.

Please feel free to contact me to discuss further or view some properties.

Best,
Annette

Annette Holmgren
Bond New York
Licensed Real Estate Salesperson
917-595-4643 D
401-837-9445 C
aholmgren@bondnewyork.com
0 votes Thank Flag Link Tue Sep 25, 2012
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