rssraj, Home Buyer in 11375

Multi-family appreciation

Asked by rssraj, 11375 Tue Jun 26, 2012

Guys

Can someone knowledgeable with the Bayside, Queens, NY area educate me on appreciation on 2-family homes compared to single family? I'm looking to buy into a home and stay in one unit while renting the other. The house's listing price is $800k with a rental income of $1500. Usually, I believe investors take out 50% for expenses, etc so my total profit at the end of the year would be about $9000 is good to have but not a big number

Basically what I'm asking - is the appreciate on a single family home that much faster than a 2-family that it will nullify the 9k income/yr? For eg: would a similar $800k home be worth $900k in 3 years while the 2-family only be at $850 or something?

I know this is a very neighborhood-dependent question and I believe bayside, flushing, etc to be areas where 2 family homes are sought after but looking to validate that along with historical appreciation trends

Thank oyu

Thanks

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Answers

7
Considering the real estate industry, housing market and economy you need to begin by determining which is more valuable to you, added income rental verses appreciation on investment property. An appraiser would probably be able to give you more specific information and guidelines to help you make an educated decision.
0 votes Thank Flag Link Tue Jun 26, 2012
Considering the real estate industry, housing market and economy you need to begin by determining which is more valuable to you, added income rental verses appreciation on investment property. An appraiser would probably be able to give you more specific information and guidelines to help you make an educated decision.
0 votes Thank Flag Link Tue Jun 26, 2012
Maureen - thanks for the advice and I will think about it if I decide to jump into the field

I'm still looking for brokers who know the Bayside market to tell me if a 2-family appreciation chart looks similar to a 1-family or very different. Of course, we are assuming all other conditions like the homes being on the same block, close to LIRR, same internal condition,etc. I could do the analysis myself but hoping these forums and the collective knowledge come to help here

Thank you
0 votes Thank Flag Link Tue Jun 26, 2012
Unfortunately none of us can predict the future; therefore if you like the property, no reason not to consider the purchase; don't focus to much on may/may not happen in the days to come...
0 votes Thank Flag Link Tue Jun 26, 2012
Are you legitimate a buyer, renter or an agent trying to learn the busisness or what. If you are trying to learn the business, I suggest you join a firm who can provide you with the education and experience necessary to make you successful, provided you were willing to learn and work hard. My company Exit Realty Central is very well known for the implementation of the Exit Universitiy System. We have some of the best educators in the industry. If you are legitimate either as a buyer, renter or agent contact me and I will point you in the right direction. Otherwise good luck to you in whatever your really trying to do.
0 votes Thank Flag Link Tue Jun 26, 2012
The truth is that no oone of us has a crystal ball and can predict the economic future of this country. There is no direct and simple answer to your question. in addition you need to know that htis kind of purchase is to be looked at for the long view. In general over 10 or more years the value of real estate will experience an upward value assuming you are in a healthy community, which generally Bayside is. It is generally economically stable with a residential base that doesn't fluctuate much. If you are thinking to purchase this property make sure that the market current market value is there to support the price. Your realtor will be able to show you the stats of what has been sold that is close to the property you are considering, both in immediate area and type of home. Yould look at the past six months of sales and what is a comparable that is on the market currently.
Raj, I notice you are asking all kinds of questions over the last six months as if you were a home buyer, but you have never found an agent to help you. I am not sure what the deal is with you.
0 votes Thank Flag Link Tue Jun 26, 2012
Rssraj,

There is a higher demand for multi families homes in Bayside and Flushing areas as compared to single family. With higher demands come a higher price tag. As far appreciation, you have to understand the real market as a whole appreciates and depreciates depending on the demand and economy regardless of the type of homes.
If you can afford it, multi family homes is the way to go.
Hope that helps.
Good Luck.
0 votes Thank Flag Link Tue Jun 26, 2012
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