Hello, I am the CO-OP QUEEN and I know this area very well. A two bedroom rental in this area can be $1,200 to $1,400 a month depending on the exact location. Now if your monthly payment is in this range or lower then you can rent. But be mindful that we are in an economic crisis and people are losing their jobs. In a market like this you would have to be absolutely sure that the person or persons has a stable long term job and can handle making the payments each month without fail.

Also, when you rent you never know when the person will want to pack up and leave. Maybe their situation will suddenly change and then you would have to come back to Brooklyn to start over again and it may take a few months before it's rented again.

Another fact is, since you're not going to be living close to Brooklyn, you couldn't keep a close watch on the tenants to make sure they take care of the property.

Right now co-ops are hot sellers because most first time home buyers can afford them instead of condos or homes. Not to mention Ditmas Park is a hot area and if marketed and priced properly you can get a great price for the co-op.

Feel free to give me a call for a FREE consultation regarding your situation, I would love to assist you.

Rhonda Holt
Full Time Top Sales Agent
Specializing In Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
Brooklyn, New York
Cell: 646-725-5941
My Site: http://www.KandHhomes.com
Email: HelpMeRhonda1919@Yahoo.com

Robyn,

My agency, Brooklyn Hearth Realty, sells the bulk of co-ops in Ditmas Park and we have a vast amount of knowledge of the market in this area. We can continue this discussion off line where I'd be able to give you specifics in terms of your building vs other buildings and also fill you in on what our current buyers / renters are looking for. Our website is http://www.brooklynhearthrealty.com. You can look at our recently sold section to get a good idea of what things were listed at and also what they sold for. Our office number is 718-856-3572.
looking forward to speaking with you.

The answer, in my humble and highly subjective opinion, to your question is its better to rent SO LONG as you have an appropriate tenant. I've gone to Landlord/Tenant court in New York too many times to tell you how often landlords fail to screen their tenants properly. Credit Scores, Criminal Background, References, Security Deposits, etc. are the crucial factors in who you rent to. Look, no one is going to be able to tell you the market conditions in Ditmas Park in a year or so. They'll try to, but what they say wont be based in fact but rather some sort of educated conjecture. To put it a different way, if you're liquid enough that you can handle not selling your place now and having a tenant rent it and basically pay your mortgage payments, then rent it. But, if you're the type of person who doesn't want to worry about the late night phone call about the plumbing, or being a landlord in any way, and you'd like to have some cash in your pocket, then sell. You're not going to make much more waiting a year. For instance, if you were paying about 2k a month on your mortgage, you're house would have to appreciate more than 24k in the next year to earn any real return on that 2k. So long as you can screen these potential tenants, which, with a little time and effort anyone can do, I think renting would absolutely be the better decision.

Renting always comes with some risk and considerations. What if I get a 'bum' tenant. Can I carry two mortgages for a period of time. (Evictions take from 2-6 months or longer) What are my obligations to a tenant and what are the requirments and fee's of the board if I rent or if a violations occurs. Will the bank let me carry two mortgages and also am I prepared for the time required if something unseen happens. If you feel comfortable with some of this things, then proceed. As far as future rents and market conditions, anyone who can answer that is vainly speculating, as there is no way to time a market. Good luck, and use my website, Paulmvpteam.com to search for a Westchester property you would like. I have all MLS listing there and some that are not published. Call if if you would like to interview me. Paul e-mail: PaulMVP@aol.com