Dtinvestor, Home Owner in New York, NY

How can we keep the gap between the closing and the renting as short as possible for an investment studio condo in downtown Manhattan we plan to buy?

Asked by Dtinvestor, New York, NY Thu Apr 26, 2012

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Daniel Bloom’s answer
We specialise in managing individual apartments rather than blocks. We will manage an apartment regardless of whether we have not dealt with the sale or rental. If you think this of interest do get in touch.
0 votes Thank Flag Link Tue Jul 17, 2012
Generally you want to advertise the property 1-2 weeks before your closing and compile a list of the possible renters. Once you close on the property have all the potential renters come and see the property. Another helpful tip would be to list the rental with the listing broker and see if she would be willing to show a week or 2 prior to the closing.
0 votes Thank Flag Link Fri Apr 27, 2012
Dtinvestor,
It is not true that condos do not have board packages and that this can be done in days. In some condos, yes, in others, no. I just represented the buyer of a condo who needs to rent it out for the first year. Right after we closed, he signed the rental listing agreement and I had a very qualified renter in a couple of days. We now have to do the condo board package which is essentially identical to the purchase package we just did. The time frame depends upon the building. So, to answer your question of how to keep the gap as short as possible between closing and renting, I would say check with the managing agent now on what the sublet application to the board is and get a copy right away. Then line up who you will list the rental with. I am assuming you used an agent, and you will probably want to stick with that agent if they served you well. If you did not use and agent, line one up now for the rental. The day you close, sign the rental listing agreement. If you have all that lined up, the gap will be based upon how extensive the sublet board package is and how long the managing agent and the board take to review it. It varies greatly.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com for all NYC listings
0 votes Thank Flag Link Fri Apr 27, 2012
The vacancy rate in Manhattan right now is 1%, and the summer has not even started! You will rent quickly, within a week, if the property is desirable and the rent is right.

If I were you, I would get the help of a real estate agent. You want someone who will provide a legal lease, all the required disclosures, obtain credit checks, etc. As a former journalist I personally verify employment and references of tenants for my clients by phone, I don't rely on paper information. Feel free to contact me if I can help.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
212-688-1000x146
kharby@crrnyc.com
0 votes Thank Flag Link Fri Apr 27, 2012
Hi DT. I agree with Kristine below as the time frame is about right. Since this is a Condo, You should be able to do your own lease. The board of managers should not have any input here, hence, there should be no "package" to turn in other than a renters proof of income, assets, credit check and length of employment. You simply have to use a broker to promote the rental. Good luck.
0 votes Thank Flag Link Thu Apr 26, 2012
Great question. As soon as you close the listing goes up. Normally your first Mortgage payment is due 45-60 days and your apartment can be rented very fast with everything in place. It all depends on the package that has to be turned in. Each condo runs a little different. But it can be done in days.
The renting part is easy with a great agent.

Kristine
Web Reference: http://www.bellmarc.com/dev
0 votes Thank Flag Link Thu Apr 26, 2012
Hi, if you invest in a condo, it can be done very quickly with no board approval. If you are going to invest downtown in a condo, it can be done extremely quickly if you have financing already set up. It all depends on which building you are looking to purchase. Do you have a place in mind? You can call me at anytime. 917-254-9769
0 votes Thank Flag Link Thu Apr 26, 2012
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