Hi I'm looking to purchase investment property in Manhattan. I've got $50,000 for the whole process and wondered how far that could take me? Thanks

Asked by Kevin Farley, Washington, PA Thu May 2, 2013

Interested in moving my business to NY.

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9
Maria Pascal, Agent, Bridgehampton, NY
Thu May 2, 2013
$50,000 will not take you very far. It could serve as a down payment on a small condo outside of the city limits but for the most part, this would be a very small number for any broker to work with. Please remember, this is NYC and the values are some of the highest in the country as well as in the world.
You might be able to put a down payment down on a house outside of Manhattan but one should never purchase a house without that extra money for emergency repairs.
1 vote
Adina Greenb…, Agent, NY,
Thu May 2, 2013
That'll get you a parking spot in Washington Heights.
1 vote
That pretty much sums it up!
Flag Thu May 2, 2013
Anna M Brocco, Agent, Williston Park, NY
Thu May 2, 2013
You may need to save a bit more, however if purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore begin by visiting with any licensed loan officer...
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu May 2, 2013
Kevin, being that you're buying as an investment property, you're looking at 15-20% down payment (mostly 20%) minimum. If all you have available towards the purchase is $50,000, this means that PART of that money could be used towards down payment and the other past for closing costs, which can be significantly higher in Manhattan.

Knowing Manhattan the way I do, I can tell you that you're going to have an extremely difficult if not Impossible time looking for a property. We're talking you buying a property priced at approximately $175,000.

I suggest you get pre-approved by a Loan Officer. This will be the best way to know what you can qualify for and what your budget is. Good luck!

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Javier Meneses
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0 votes
John Peitler, Agent, NY,
Thu May 2, 2013
Please call me to discuss. My name is Padmini and I can be reached at 347-903-6736. Thank you and good luck.
0 votes
Joelle Larro…, Agent, New York, NY
Thu May 2, 2013
Hi Kevin,
Congratulations on making the first step and looking into this!
Depending on a variety of factors, $50k could be enough for a downpayment on a investment property in Harlem, at first glance, I'd say near Columbia's medical school might be a good area for you, thanks to it's high rental turnover and reliable pool of tenants.
If this is something you are serious about, I have, as part of my team, an expert specialized in low-budget investment properties in Manhattan who could definitely help you.
Contact me via email at thelarrocheteam@gmail.com to discuss this further.
Joelle
0 votes
Voices Member, , New York, NY
Thu May 2, 2013
I grew up in the Pittsburgh area and know that 50k there will get you a small house with a bit of land but 50k here is the yearly rent that average people pay for one bedroom apartments in the city. Invest closer to home in a duplex or nice four unit building. If you are going to invest in NYC you have to have alot of capitol and really should live here. Investing in real estate in a city you do not live in is not a great idea. You need to be able to watch over your investment and handle any issues that may come up.
0 votes
Charlie Summ…, Agent, New York, NY
Thu May 2, 2013
Sorry to not be encouraging but do not forgot that if you purchase a condo there will be high closing costs. For instance if you buy for 200k and put down 40k (a 20% down payment) you will have a mortgage of 160k and there will be a NY tax on that of about 8k. There will also be title search and other costs which will be roughly 4k or more. You do not want to consider co-ops as investment properties since they typically limit rentals so I would place your budget at approximately $190k for the condo purchase and typical manhattan condos run (starting) more than double that. Might want to consider other areas nearby (outer boroughs, New Jersey, etc). Also consider a co-purchase with another individual to expand your buying power. Best of luck
0 votes
Abe Stoller, Agent, New York, NY
Thu May 2, 2013
If your credit is good, you have ample income and some reserved cash you will be able to purchase a studio or tiny 1BR in the 250K range. That's going to put you on the UES (far east probably) or Harlem. Perhaps far west side of Hell's Kitchen.
0 votes
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