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Investment Properties in New York : Real Estate Advice

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  • Local Info434
  • Home Buying1K
  • Home Selling225
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Activity 60
Sun Aug 13, 2017
Kathy Burgreen answered:
I replied to your other question. You don't understand the process and your method will not work.

$1500./ month x 12 months = $18,000. x 30 years = $540,000. You would need to sell your home for $600,000. or more in order to make a profit because at closing you will need to pay a realtor + closing costs.

Home prices in Atlanta do not appreciate in value as fast as NYC, San Francisco, D.C., etc. Therefore, the likelihood that home values in Atlanta will be close to $1 million in 30 years is not likely.

IF someone were to buy your home, you will need to pay extra for property taxes, maintenance, insurance, etc. in ADDITION to the $1,500. monthly rent. Plus that person wants a fee for their services.

If someone buys your home, whose name would be on the title or deed? I guarantee that person wants their name on the title - not yours. This means they own the home - not you.

It's OK to dream but be realistic which you are not.
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Sun Aug 13, 2017
Sharon answered:
Hello,

It has been my dream to own a home and I found my dream house but work in NYC and want to purchase the home in Atlanta. When working in NYC it's a lot of requirements in order to purchase a home in another state and I obviously do not meet that requirement. I am seeking someone to buy my home in Cash and collect I monthly payments from me over the course of 30 years just as if I was to obtain a mortgage loan. I can afford $1500 a month. This will also be a great investment for an individual to collect monthly rent over the term of 30 years.

The purchase price of my home will range from $400k-$550k

My email is widshr22@gmail.com
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Sun Jul 23, 2017
Elena Ravich, Esq. answered:
Hi Suman, what area of New York City you are looking at? The area really determines your budget. There are a lot of great view apartments in Manhattan with Hudson River Views, which have amazing sunsets or East River Views, as well as downtown condo. I am happy to chat in more detail to see which area you are mostly interested and what your budget range is. This should be your first step. Once you know that, you can start looking at places. Without knowing your budget it would be a bit premature.

I am always happy to assist with any real estate questions

Elena Ravich, Esq.| MS in RE Finance & Investments |
Certified Negotiations Expert | Associate Broker
387 Park Avenue South, 4th Fl | New York, NY 10003
C 646.593.7207
eravich@citihabitats.com
Check your NYC property value at www.homevaluesmanhattan.com
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Fri Jul 21, 2017
Ericmccune asked:
If I come across a listing that is community space zoned in NYC, what does that mean? Just church, daycare, etc? Any good resources for finding what could be done w/ the space?
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Tue Jun 20, 2017
Investfx.gold.9 asked:
Thu Jun 1, 2017
Jonathan Lahey Your Home SOLD Guaranteed answered:
Hi,

You need to contact your agent if you have to help you find a home with your credits ! Thanks!
0 votes 3 answers Share Flag
Tue Apr 11, 2017
Matthew Tejeda answered:
Mon Feb 13, 2017
Kathy Burgreen answered:
Nobody can answer your question because if you have a legal document between you and your partner, the tax issue should have been addressed in the document. Normally taxes applied to the sale of a real estate transaction is applied when the entire property is sold - not a fractional ownership.

You need to contact a real estate tax attorney and an accountant.
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Mon Oct 17, 2016
Melvin.monachan asked:
Sat Jul 23, 2016
Kathy Burgreen answered:
Thu Jun 2, 2016
Patricktravis asked:
Sun May 22, 2016
Kathy Burgreen answered:
Technically, no. You do need to be licensed or a professional property manager. However, if you are a family member or long time friend, then yes you can collect rents and maintain the properties. You will need a signed agreement or contract that spells out every little detail. ... more
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Wed May 18, 2016
Karen Peyton answered:
That hint of waddle you see may indicate a duck, but only a tax professional will know for certain. There are other questions to be answered.

When speaking with him or her, inquire about a 1031 Tax Deferred Exchange. It could be for you...problem solved!

Good luck - and hopefully no "quack!" :)
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Thu May 12, 2016
Kathy Burgreen answered:
Zillow and Trulia is for residential properties only. You can try loopnet.com for commercial properties. Also contact several brokerages and ask the Office Manager or Broker in Charge to assign an agent who specializes in commercial properties. ... more
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Wed Feb 17, 2016
Jonathan Lahey Your Home SOLD Guaranteed answered:
Wed Oct 7, 2015
Letaehhitezherry answered:
http://health786.com/vibrant-skin/
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Thu Feb 26, 2015
Steve Riddle answered:
You may contact me by clicking on my picture, Ill try to answer your questions in a more private fashion. There are several avenues of opportune might benefit your market approach method of listing the unit. ... more
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