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Shigeko, Other/Just Looking in Hartsdale, NY

We need expert advice. We need to generate about $ 45,000 annually to cover private care costs for our

Asked by Shigeko, Hartsdale, NY Mon Aug 11, 2008

family in the NYC area. Interest rates are low and we would like to get an annual 8-10 % return on our investment. Can this be achieved through real estate investment? Should we be looking for a multi-family house near a main line train station in a NYC suburb and renting out each unit? Or should be looking for a couple of studio apartments at a similar location? Which suburban area would offer the best prospects? In addition to maintenance costs and taxes, what other issues should we be thinking about that would help us to decide which way to go? Are there other real estate investments with better returns?

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Real estate investing is not a good place to generate "instant" annual income.

It may be a good place to "build" annual income, but keep in mind that being a landlord also comes with expenses. Sometimes major expenses. You'll be on the hook for repairs (major and minor), and real estate taxes as well.

When a tenant moves out in the middle of the night, owing you two months back rent, you'll be on the hook for the back rent, and the empty months until you find a new tenant.

Real estate investment is not for the novice, not for the timid, nor for the underfunded. It is not a get-rich-quick scheme.
2 votes Thank Flag Link Mon Aug 11, 2008
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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