I am interested in buying a condo so I can rent it out. I do not want to liVe in the condo. Please help

Asked by Annunderscorethomas, Great Neck, NY Tue Nov 13, 2012

This question was asked from this property: http://www.trulia.com/property/3049818829-1-Maple-Dr-2D-Grea…

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Fajardo Dela…, Agent, Flushing, NY
Sun Mar 17, 2013
So that when you think of Real Estate you can be sure that you have a friend.
When you are ready to make your next move, put my experience, upbeat
attitude and motivation to work for you.
0 votes
goldilox915, , Great Neck, NY
Sun Nov 18, 2012
Hi Ann,

Please contact me as I am a condo specialist with Laffey Fine Homes/June Shapiro Division in Great Neck and would be happy to help you find a great condo that you can purchase and rent out for investment. Looking forward to speaking with you!

Roberta Moldawsky
Licensed Associate Broker
Certified Buyers Representative
Laffey Fine Homes/June Shapiro Div.
C. 516-426-6617
0 votes
Jessica Hood…, Agent, Gambrills, MD
Sat Nov 17, 2012
Hi Ann,

Investors like you are jumping back into the market in record numbers and there is always a need for good rental homes. Contact a local agent who specializes in the area where you are interested in so you can make sure you are getting the best deal.
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Roberta Mold…, Agent, Great Neck, NY
Wed Nov 14, 2012
1 Maple Drive, apt 2D is a co-op, not a condo. Purchasing a condo will give you the freedom of buying it, not to live in, but to rent it for income as an investment property. Co-ops have limitiations on subletting which is usually limited for 2 years, after that you must move back in or sell it plus most co-ops require you to live there for at least 1 or 2 years before subletting it/ You can only sublet once while you own the co-op. In Great Neck, condo prices start in the upper $300,000's. Condos and co-ops can limit the number of units that are non-owner occupied because if there are too many, new buyers will not be able to get financing for a mortgage from a bank.
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Beth Sitzer, Agent, Great Neck, NY
Tue Nov 13, 2012
Most of the listings you see in Great Neck are co ops including the unit on Maple you are asking about. . The condos tend to be much more expensive, the cheapest one bedrooms start in the high 300's and they are hard to find. Many condos here are bought for the exact purpose you are looking for. Co ops have too many restrictions and simply can't be bought for investment. I specialize in Great Neck buildings, please contact me at Beth@Bethsitzer.com if you need more info.
Coldwell Banker Great Neck
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De Vonte Wil…, Agent, East Point, GA
Tue Nov 13, 2012
That is always an option. Consider working with an Agent of your choice who could assist you in the search, negotiation, and ultimately--assist you in getting your new investment property.

Wishing you the best of luck,

De Vonte Williamson, LSA
Coldwell Banker Residential
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Kawain Payne, Agent, Seal Beach, CA
Tue Nov 13, 2012
You can buy a condo and use it as a rental.

Just make sure you check with the homeowners association to make sure there are no restrictions on the number of units that can be used as rentals.

Also, check to make sure you are not buying your condo in a rent control area.

Sounds like you will be a new landloard, if that is the case you may want to learn as much as you can about landlord/tenant laws in your local area.

Learn your local/state eviction laws. (just in case you need to ever evict your tenant)

Much success to you!

Kawain Payne, Realtor
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Anna M Brocco, Agent, Williston Park, NY
Tue Nov 13, 2012
Why not simply consider working with an agent of your own...for available area properties check http://www.mlsli.com
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Devorah Turn…, Agent, Woodbury, NY
Tue Nov 13, 2012
There are condos you can purchase and rent out without living in them... I sold one recently to an investor who renovated it and rented it out right away... this was in Great Neck... Please call me and allow me help you with your investment... I have been selling real estate for 25 years and would love to help you with your needs... Respectfully, Devorah Turner 516-399-0630 devoraht@gmail.com
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Arlynn B. Pa…, Agent, Roslyn Heights, NY
Tue Nov 13, 2012
The property that you refer to above is not a condo, but rather a co-op. In general, most co-ops are not able to be rented as an investment property, but are only able to be rented once the purchaser has actually lived in it for a period of time, and then only able to be rented out for 2 or 3 years.

Do you have any particular neighborhoods in mind? What is your budget for this anticipated purchase? I'd be interested in helping you find your investment property so please feel free to contact me and let's discuss your parameters.


Arlynn B. Palmer, ESQ, CBR, SRES, CMS, CNS
Associate Broker, REALTOR
Daniel Gale Sotheby's International Realty
Cell: 516.410.3594
Office: 516.484.1800 x 252
Email: Arlynn@ArlynnPalmer.com
Website: http://www.ArlynnPalmer.com
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Annunderscor…, Home Buyer, Great Neck, NY
Tue Nov 13, 2012
Hi. Thanks a lot. Whenever in all about buying a condo there are so many rules about t being able to rent it out for the first year or two.... Or that you can only rent for up to two years. Just want to find a place where I can buy the condo and always only rent it out. Thank you
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Gail Gladsto…, Agent, 11743, NY
Tue Nov 13, 2012
Looking for a property can be much easier than you may think.

I would be happy to provide you with a FREE account on Listing Book so that you can easily control your own search with very little time invested.

LIsting Book connects to the Multiple Listing Service and will tell you, based on your search criteria, what is on the market; will notify you immediately when something new comes on the market and will also let you know if a property out of your $ zone has a price reduction into your search criteria.

Not only is it free, Listing Book does not obligate you to any one Realtor; work with whom you choose.
I will need very little information; first & last name, email address, price range. You can enter the rest of the information yourself when you log into your account.

Each condo board may have different requirements and rules regarding leasing out the condo. It will be important to make inquiries to each community.

I look forward to being of assistance.

0 votes
Tina Lam, Agent, San Jose, CA
Tue Nov 13, 2012
What sort of help are you looking for?
Web Reference:  http://www.archershomes.com
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