Are you going to live in the 2 family or is this stickly an investment? This matters. There are certainly other areas in the Tri-State that are also great investments. We can talk about this further, if you like. You can reach me ast 646 229 2699 Thank you and good luck Janice Eubank.
Charles Rutenberg Realty
Licensed Sales Representative
917 755 1877
However when I think of buying real estate as an investment there's only one way to look at it.
That way is to determine before you buy if the income potential from the property will be one of three scenarios.
I liken the scenarios to a baseball game....
A Home Run... is when your income from rent adds up to more than the costs of owning the property.
That is a Positive Cash Flow and people start on the road to wealth because the tenants are usually (especially in the long run of a 15 - 30 year mortgage) increasing the owners net worth once a month.
They are also providing the owner with Passive Income. ( That's getting money without whether or not you work).
A Triple... is when your income from rent equals your expenses....still an excellent deal in my book.
A Double... is when you have to pay something ( hopefully not more than you're accustomed to paying in rent).
Even during the real estate crash as long as you and/or your tenants were still able to pay the rent..you would be able to survive being "under water" as far as your house being worth less than your mortgage.
For me this is part of how I became finacially independent from my second year out of college. It's the best legal game in town and most people can do it. .... Email me and I'll walk you through the rest ................................................................................Ira1222@aol.com
Because in the end no matter how much rent you can possibly get for the two apartments - its still not going to cover your mortgage. To me that's like buying a brand new car and making the monthly payments and then never driving it. Make offers if you plan on living there - if not look at other areas in the city for an investment.