Home Buying in Brooklyn>Question Details

Jae, Home Buyer in Brooklyn, NY

"Bulk buying" 1st home / investment in NY.

Asked by Jae, Brooklyn, NY Sat Apr 12, 2008

I've done a bit of research and I think buying a building in Brooklyn (with say, 4 units) might be the best solution for us. We could easily afford 1/4 of the mortgage on 1 of those apts in a more desirable neighborhood and rent out the rest. I know this is a very general question, but is this "buying in bulk" approach a good one for our 1st place? Are we going to lose out on 1st home tax benefits etc, if we become landlords? This sounds appealing to us since we can't find a co-op or condo in our budget in a location that's remotely desirable to us, otherwise. At the risk of sounding facetious, I can't help but think of those gallon containers of mustard my mom would buy at Sam's Club thinking she was saving money... At the same time, 3 units to manage and keep rented doesn't sound unreasonable for a couple who both freelance. Any thoughts?

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Alen Moshkovich’s answer
Jae I'm confused. You can afford to purchase 1-4 Units in Bulk, but you can't afford a co-op or a condo? Im sorry what is your budget for this purchase you'd like to make?
I think we should absolutely talk about this, I will actually have a building listed in the next day or two, it has 6 remaining units in a good area where most people rent, and we can possibly make some sort of a deal once I'm a little clearer on what type of #'s we are working with here.

Send me an email Jae with some specifics. And btw buying in Bulk works very well for many buyers, here in the city many of the foreign buyers buy in Bulk and rent the units out, so it's very common.

Looking forward to speaking with you
0 votes Thank Flag Link Wed May 21, 2008
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