Property Q&A in New York>Question Details

Enzo Di Paolo, Home Buyer in Garden City South, NY

Hello, I have $450,000 to invest in a rental property. I am looking to purchase something to rent out in Manha

Asked by Enzo Di Paolo, Garden City South, NY Tue Aug 16, 2011

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This question is about this property: http://www.trulia.com/property/3003608173-166-W-22nd-St-1D-N…

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14
I have a great CONDO for sale and it could be deliver with a tenant in place, his rent is $1,750. per month
call me or email me for more information
Best

Wendy Jackson
SVP, International Sales
Nest Seekers International
917 679 1211
wendyj@nestseekers.com
0 votes Thank Flag Link Wed Nov 23, 2011
Hi Enzo:
It completely depends on what are your investment objectives. I have been an investor and landlord for 11 years now (I have 5 units in 2 different states), prior to when I became a real estate agent, and you need to think through your strategy. 1) Is your goal to make money/income 2) Is your goal to have appreciation 3) Both... 4) Do you or members of your family want to live in it at some point yourself 5) How long do you want to hold onto the property? 6) Do you have any capitalization strategies/goals on how much money you need to earn compared to other investment vehicles like stocks/bonds/ etc? There are quite a few more questions but the answers will determine which neighborhoods, which size apartment (studio, 1 bedroom), ability to renovate/join apartments etc.

Specifically on the unit in question, Chelsea is a great neighborhood and extremely strong right now so for at least the short term you should have a strong rental business. Vacancy rates are really low, and the neighborhood is really hot. There are other neighborhoods that may provide higher long term appreciation ... so the question above are critical. Feel free to call, as I am more than happy to help.

Kelly Killian
Bond New York
954-675-9915
0 votes Thank Flag Link Tue Aug 16, 2011
Enzo,
You are very making a great decision to buy an investment property at this time. The stock market is crazy and real estate has outperformed the market over time. It would need to be a condo. Co-ops have strict rules about subletting which vary from building to building, but essentially expect it to be owner-occupied. My advice is to use a skilled, experienced agent to streamline your search, negotiate on your behalf, take you through each phase of the process to closing and then rent it out for you. The sellers all have agents, and you should too. There is no cost to you and a great deal of benefits. Do not go it alone using consumer websites and approaching the listing agents; you need to know the nuances of the buildings, you need a strong negotiator who knows the market, and you need someone who will act completely on your behalf; listing agents have the seller's interests in mind.

Best,

Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 3814268
0 votes Thank Flag Link Tue Aug 16, 2011
Dear Enzo,
I just sold an investment property to a buyer and I also rented it out for him. He's getting a great return already and has a positive cash flow. I am an agent who focuses and specializes on investors and I would be happy to assist you. My company is Brown Harris Stevens, the top company in New York City, founded in 1873. Feel free to contact me and view my listings at http://www.bhsusa.com/sofiafalleroni

Best,

Sofia Falleroni
445 Park Ave 11 Floor
New York, NY, 10022
212-906-9377
347-446-9088
sfalleroni@bhsusa.com

Thanks
0 votes Thank Flag Link Tue Aug 16, 2011
Hi Enzo,
I have just obtained a listing that would be right within your budget. It's a coop that's very close to universities in the Gramercy Park neighborhood. Give me a call if you'd like to know more information about it.

Daniel Cho
Director | EXIT Realty Landmark | Phone: (212) 616-9888 | Mobile: (917) 512-9593 | Fax: (212) 616-9889 | Email: dcho@exitrealtylandmark.com | 22 East 21st Street, #5F New York, NY 10010 | http://www.exitrealtylandmark.com
0 votes Thank Flag Link Tue Aug 16, 2011
Hi Enzo,

The property your question ia about is a studio apartment in a non doorman Chelsea coop. Although the building policy allows subletting and pied-a-terre, it is not ideal for an investor purchaser planning to rent it out since you will most likely be required to there at least 2 out of 5 years. You may have to occupy the apartmentr the first year before you can sublet.

On the other hand, I know of several comparable properties in condos and condops in full service buildings that are investor friendly and you will be better able to get a higher rent because of the amenities and doorman.

The Corcoran Group is the largest residential real estate firm in NYC. Feel free to contact me so I can use all of Corcoran's resources, to find the right property for you.

Best,

Mitchell Hall, Associate Broker
The Corcoran Group
917-312- 0924
mhall@corcoran.com
0 votes Thank Flag Link Tue Aug 16, 2011
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
Consider working with an agent of your own, he/she will be your best guide...
0 votes Thank Flag Link Tue Aug 16, 2011
click on the link to see information on a property for you
http://www.nestseekers.com/35112/jacobs-court-2072-frederick…

this property has a tenant in place his rent is $1750. per month
Call me any time
Wendy Jackson
SVP Nest Seekers International
917 679 1211
0 votes Thank Flag Link Tue Aug 16, 2011
I have a cond-op listing with a long term tenant in place. Collect rent from day one. $800+ a month positive cash flow. Priced at $319K. Feel free to contact me for more information.

Isaac Oserin
ISO Property Corp
917.733.6686
0 votes Thank Flag Link Tue Aug 16, 2011
Many opportunities in the city!!
9177496332 bob brooks give me a call+we can discuss the options available+what your needs are!
Peace,bob brooks
0 votes Thank Flag Link Tue Aug 16, 2011
Enzo, Like Daniel said you will want to make sure you go for a condo all though there are co-ops that are renter friendly. Besides that you have to keep your eyes on the maintenance and taxes. Those are costs that will eat into your bottom line. I am running out to an appointment but if you want you can email me and I will give you an example on what you can buy and what that will rent for and all the costs associated with that. I have a lot of experience as an investor in NYC real estate.

Take Care,
Cyrus Zafaranloo
czaf@uptonrealtygroup.com
917 776 2977
0 votes Thank Flag Link Tue Aug 16, 2011
You will need either a Cond-Op or a Condo and if you want to make your money work for you then pay cash .
You can find bigger properties on the Upper EastSide and Tudor City. I have other options as well up my sleeve so please call 917-750-3088 to discuss.
Best,
Lisa Conway, SVP Halstead Property
Lconway@Halstead.com
0 votes Thank Flag Link Tue Aug 16, 2011
Good Morning,

It is an amazing time to invest right now, with interest rates being among the lowest of all time. You would be very smart to purchase a property and the amount you are looking to invest is where you would make enough to cover your mortgage and possible even make a little extra.

If you have any interest at looking into properties please let me know.

Have a great day.
0 votes Thank Flag Link Tue Aug 16, 2011
Hi Enzo,

I would be very happy to help you find an investment property. I actually just sold an investment property to an Australian....here's the article thought you may like to read it.

http://www.observer.com/2011/07/aussie-does-it-sydney-invest…

Feel free to reach me at 917 399 5954 or via email at Laura@kwnyc.com

I would love to work with you.

Best,
Laura
0 votes Thank Flag Link Tue Aug 16, 2011
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