Tom Middleton, Home Buyer in New York, NY

I'd like to purchase and rent out an apartment now and retire to NYC in 12 years. UES UWS or Mid ok. Suggested buildings for this?

Asked by Tom Middleton, New York, NY Sun Jul 15, 2012

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14
Fern Hamberg…, Agent, New York, NY
Sat Dec 22, 2012
Happy Holidays Tom,
Whatever you purchase will depend highly on your requirements your budget and your financials.
There are a lot of available apartments in various buildings in NYC and they are all different.
Just as somone will try to find out how much you are qualified, pre-approved for?
YOu would also want to know if the building is financially sound.
So bottom line, interview a few brokers and hire one. She will show you the process and at the same time pre-qualify you on which building you maybe able to purchase apartments in.
Good Luck!
Fern Hamberger
Vice President Associate Broker
The Corcoran Group
fhamberger@corcoran.com
0 votes
Jill Raff, Agent, New York, NY
Tue Sep 25, 2012
Hi Tom!

You are wise to take advantage of the current market conditions to purchase and rent. I watch the trends of the market through a great tool called Urban Digs and our NYC market continues to get stronger and stronger with more apartments trading now since 2007. With a condominium, you can rent it with no problem and rentals are still hot, bringing in top dollar. I can help you find the right apartment of your choice as well as rent it out for you until you are ready to occupy it personally.

I'd be happy to speak with you & inform you of the process while searching with you interactively via:
http://jillraff.buyfolio.com

I look forward to speaking soon to help you get what you want. I love uptown and work midtown so I am knowledgable to help you out with what you're looking for.

Best regards,
Jill

C:917-887-5899
O:646-737-9624
0 votes
Ryan Olsen, Agent, Rocky River, OH
Tue Jul 17, 2012
Hi Tom,

Thanks for taking the time to post this question and read through all of the many answers. The best thing you can do is to look at the current inventory and figure out what you need in order to make the investment property work for you. Rental units are priced at all time highs currently and as inventory or Condos and Co-ops become less prevalent ( since we saw 3600+ sales transactions in the past 3 months in condo's alone ) we will see rental prices starting to dip so please take into account a % to hedge the comparable prices. An easy way to do this is through a website called Buyfolio. Through this site I can show you the current available units in NYC that are available to purchase with all of their information for you to see. Why not get educated so you can make the best decision possible?

In case you want to check this out I have included the link. There is no obligation or cost to you at all and you can schedule viewings and see open house dates as well!

http://ryanolsen.buyfolio.com

Best of Luck!

Ryan

646-543-1384
0 votes
Daniel Bloom, Agent, Glen Cove, NY
Tue Jul 17, 2012
Tom

Our speciality is managing individual apartments rather than blocks of apartments; obviously we would be more than happy to help with your search.

If you would like to discuss how we can help you manage your apartment or indeed help with your search please let us know.

Regards
0 votes
Patricia, , New York
Mon Jul 16, 2012
Hi Tom,

We can definitely help you with your search.

Give us a call!


BSD Equities
174 Fifth Avenue #301
New York, NY 10010
Office: (212) 367-7200 Ext.18
Cell: (646) 269-4942
http://www.bsdequities.com
news@bsdequities.com
0 votes
John Peitler, Agent, NY,
Mon Jul 16, 2012
I have some nice apartments in Manhattan. Please call me. My name is Erika and I can be reached at 917-335-8569. Thank you and good luck.
0 votes
Joseph Hasti…, Agent, Bayside, NY
Sun Jul 15, 2012
A Condominium is what you'll need to purchase. Forget rates. If you can, buy it for cash now before hyperinflation comes our way and it won't be long. Don't forget title insurance. The 2nd Ave subway may add less value than you think but that may be part of your consideration. Just don't expect value to skyrocket because there is a subway nearby.

Your time window will allow for some level of appreciation and that is good. You still need to get yourself pre-qualified. Don't buy anything hugh and check your FICO score. Sure, you can use anybody but don't. Call me.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Sun Jul 15, 2012
Don't mean to hijack this thread, but maybe my question will prove helpful to Tom.....

To the Manhattan agents here - do you think buying on the upper eastside (way east ) now will show the most appreciation once the 2nd Avenue subway is completed?

it's my understanding (son and daughter-in-law live on UES on 1st) that there are better values now the more east you are from Lexington (ie; slightly less expensive), but that once the subway is completed, those values/prices will increase.

Agree or not??

Thanks!
0 votes
Hi Debbie,
That subway system will eventually have a positive affect on property values. However, you will be taking a big risk purchasing an apartment in those areas. Construction can work from 7am-10pm with no complaints because it is sanctioned through New York, the dust debris already is a factor making people flee the area. Rental prices are 4% lower on the Upper East than anywhere else in NYC.

Best of luck!
Ryan
Flag Tue Jul 17, 2012
Jennifer Chi…, Agent, New York, NY
Sun Jul 15, 2012
Hello Tom,

Your best bet to rent out an apartment and obtain rental income from, would be a condo ownership since co-ops are not renter friendly.

Keep in mind that condos run about 30% more expensive than co-ops because of it's more desirable ownership stake, as well as limited inventory compared to the number of co-ops that make up Manhattan inventory.

You now have the opportunity to search approximately 20,000 exclusive listings, representing the entire database of residential listings available through the membership of the Real Estate Board of New York (REBNY).

These are the most accurate listings you can find in NY because they come from the brokers themselves; there is no bait and switch, no duplicates, and no opens; and are updated every hour.

Read: How to Buy an Apartment in Manhattan and Get the Best Interest Rate
http://www.buyandsellmanhattan.com/how-to-manhattan-apts/how…

I thought it important to mention that I am also a part time working real estate appraiser in Manhattan in conjunction to my broker duties. I provide you an edge over most real estate brokers with this license and epxerience that most other brokers cannot offer.

Right now, the best values that I have seen "moving" are on the UES.

Feel free to reach out to me if I can be of assistance.

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
9172502284
0 votes
Raoul Sodoga…, Agent, New York, NY
Sun Jul 15, 2012
The famous Tom Middleton,

Just contact who ever you feel to contact to get you the listings.

I can help you better, no doubt, i have taste and i can definitely get you the best selections available.

Find my info below:

Warmest Regards,

Raoul Sodogandji
Member of ELITE
Licensed Salesperson

(o): 212.252.8772 (EXT.782)
(c): 347.993.8333
(e): raouls@nestseekers.com

" It is common in all businesses that the level of customer service, is usually based on income generated from that service given; which is fairly unfair to those who need just the same service of selling, buying or renting in New York City.

That's one of the reasons why we came up with ELITE. It is the highest standard level of same service given from a $2000 rental to a $40 Millions sale, and instead of treating the customers differently, we've decided to give them the ELITE service.

Let's help you with our services, no matter your budget, what you are selling or want to buy, we will give you and your referrals the same best experience ever lived. "
0 votes
Elena Ravich,…, Agent, New York, NY
Sun Jul 15, 2012
Tom, all brokers in Manhattan have access to all available apartments for sale and can send you hundreds of listings. Before beginning your search you should determiner your important search criteria, such as price range you are willing to pay, if you use financing or will be purchasing all cash (some buildings only allow up to certain % of financing or only cash purchases), how many bedrooms you want your apartment to have, what type of amenities should a building have, and what areas of Manhattan, and how close to transportation you'd like it to be.

These criteria will allow your broker to narrow down the search to only listings that match your desired parameters. Also, location, type of building, proximity to transportation and size of the apartment will determine rent amount you can get in the future.

I would be glad to assist.
Elena Ravich
Rakita Realty
elena@rakitarealty.com
646 593 7207
0 votes
Ross Ellis, Agent, New York, NY
Sun Jul 15, 2012
Dear Tom,

It is not so much a question of where -- as there are many apartments in all areas of Manhattan. The first question should be what is your budget to purchase an apartment, as well as your monthly budget to carry the apartment even with renting it out? Will it be cash or will you require a mortgage?

Once you determine that, you should contact a broker who can help you determine the best ROI. The broker can then find rental comps for the apartments you might be considering. Additionally not all buildings allow you to rent immediately. If this is your desire you want to look at condos only.

It costs you nothing to work with a broker and will save you much legwork, helping you to ascertain the appropriate apartment for your needs.

If you have any questions, feel free to contact me.

Best,

Ross Ellis
Licensed Real Estate Salesperson
212.317.7828 direct
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
0 votes
Mark Tabisze…, , New York, NY
Sun Jul 15, 2012
Tom,

it is a great idea. There are many good buildings but it all depends on your budget, the type of amenities you are looking and what locations within the UES, UWS or midtown you are interested in.

Please contact me at your earliest convenience so we can discuss your options.

Best,

Mark Tabiszewski

mtabiszewski@citi-habitats.com
(646)427-5577

http://www.citi-habitats.com
0 votes
Michael Liew, Agent, Bayside, NY
Sun Jul 15, 2012
Tom,

What are you looking for specifically and what areas? What is your budget and are you financing this with a mortgage? Do you need a positive cash flow from this?
Please let me know when you have a chance.
Thanks
0 votes
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