Is this a good time to buy in Harlem, NY or should I wait? I want to make an investment and rent it

Asked by Isabel, Buenos Aires Tue Aug 12, 2008

furnished, and stay there during a month in summer.

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4
Barbara Feue…, , Amherst, NY
Wed Aug 27, 2008
Isabel, I think your question got lost by Trulia, and got into the Buffalo, NY area, not NYC. You did mean Harlem in New York City, didn't you?
I have 2 questions about your idea. First, if you rent a home, what will make it available to you for a month in the summer? Were you looking for a vacation rental situation that would rent by the month? Does anyone out there know if Harlem has this?
Second, how would you keep up the maintenance on the place when you are so far away?
1 vote
Isabel, Home Buyer, Buenos Aires
Thu Aug 28, 2008
HI Barbara, thanks for your answer. It will be managed by a college student I know. Regarding the rental, I am expecting that teachers or students or even families might want to rent form Sept to June...
0 votes
Isabel, Home Buyer, Buenos Aires
Thu Aug 28, 2008
Thanks for your answers! I am thinking of paying cash, have a college student I know manage it. On the other hand, I am asking about waiting for december because I hear prices will drop. Thanks again!
0 votes
Anderson Hall, Home Buyer, Worldwide
Wed Aug 27, 2008
You're 10 years too late. Harlem is very expensive and it's difficult to evict tenants in NYC. Unless you have a rather large down payment, your rental income will not cover everything (mortgage, taxes, insurance) for a few years. Also, keep in mind that real estate in New York City continues to climb, despite the economic factors affecting the rest of the county. We don't know if this will change but for now, don't expect to get any great deals.
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