Ray Knowles, Home Buyer in Outside U.S.

Hi What is the likely rental value of this apartment? Many thanks Ray

Asked by Ray Knowles, Outside U.S. Sat Feb 9, 2013

--
This question was asked from this property: http://www.trulia.com/property/3101595820-167-E-61st-St-New-…

Help the community by answering this question:

Answers

4
$7000 per month would be the market rent at this time. However it may go up to $7500 after April through Augus(peak of renatl season).
0 votes Thank Flag Link Sat Feb 9, 2013
If renting is allowed, contact and invite a few local agents from different realty companies, ask about recently rented similar properties in the immediate area, ask opinions and go from there....
0 votes Thank Flag Link Sat Feb 9, 2013
Hi Ray, I agree with what Clifford says below but it might pay to get in touch with the buildings managing agent to find out if the board does allow sublets and what are the criteria the building uses to approve sublets if allowed. Many co-ops do allow them on a limited basis and subject to many restrictions.
0 votes Thank Flag Link Sat Feb 9, 2013
Hi Ray ,
First of all i would like to tell you this is a coop and a coop is NEVER a good investment (I'm not saying people don't but not a good idea) if your looking to rent it here is the rule i use ( some coops will differ ) the sublet policy, the common rule for co-ops in NYC is that you must be a permanent resident for the first two years, and after that you may rent it out for three consecutive years. After that, you must return for two years, and you will then be allowed to sublet again for three (etc, etc). and you also have to remember your tenant will go to the same process as you do for fees and approval and sometime comes out to more then the tenant is will to pay ..

Here is so other rules i like to let you know if you have never purchase a coop.
The minimum down payment for co-ops is at least 20%, although some co-ops can ask for more.
Also, you will need 1.5 to 2 years worth of maintenance fees already in your bank account, and enough liquid cash in your account after all fees are paid. Plus your debt to income ratio must be 30% or less (this also differs slightly between different co-ops).
I know this sounds like a lot of math, but if you are able to purchase a co-op, you will get more for your money than if you were purchasing a condo.
hope that helps .

Best Regards,
James


Cliford (A.K.A James)Lehrieder
GM.Managing Director
Senior Sales & Rental Agent
Certified Property Manager

Living Source Residential
30 Broad Street Suite 403
New York, NY 10038
Lic. Real Estate Agents

Cell:(914)450.5116
Fax: (212)-952-1135

http://www.lsr-nyc.com
0 votes Thank Flag Link Sat Feb 9, 2013
Ray ,
your very welcome if you like i can help you find your dream home and if you do buy a coop iam very vest in the coop game most NYC are not they just want to do a deal so if you would like for me to help you please email at jlehrieder@lsr-nyc.com P.S for got to tell you if you do buy a coop it can take as long as 3 to 6 months to close some do close sooner .. so let me know and ill be glad to help you out with as less stress on you as possible.. James
Flag Sat Feb 9, 2013
Hi James,

That's very helpful information. Over the next 12-18 months we are looking to relocate to NYC and this info is great to have.

Thanks again.

Ray
Flag Sat Feb 9, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer