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Rent vs Buy in New York : Real Estate Advice

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Activity 22
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0 votes 2 answers Share Flag
Wed Nov 30, 2016
Christine.woods32 answered:
Yes, you can rent to own a condo in NYC. There are even sites devoted to rent to own properties.
0 votes 16 answers Share Flag
Mon Feb 8, 2016
Jonathan Lahey Your Home SOLD Guaranteed answered:
Sharing this link , a list of apartments in New York hopes it can help you - https://www.apartmentlist.com/ny/new-york
0 votes 1 answer Share Flag
Wed May 6, 2015
Poeme Damour asked:
Thu Mar 20, 2014
Robin Silverberg answered:
If the sellers have been marketing the property for a while, they might feel that they will get buyers when offering rent-to-own than they would get otherwise. There are still many pockets in the NYC area where prices are not escalating the way they are in others because those who bought in years past were able to get 100% financing, and have very little to put down.

If you in-laws either plan to pay all cash, or put down a reasonable amount of money, those who are offering rent-to-own might entertain a good offer. The purpose of rent-to-own is so that they buyer can accumulate the down payment through credit from rent, sort of a forced savings. The downside of doing this for the seller is that if there is anything wrong with the house, or the tenant/prospective buyer realizes they don't like it, or it's too costly to keep up, they will change their mind about the purchase, and the seller is back to square one.

Robin Silverberg
Senior Mortgage Loan Originator
NMLS #18065, licensed NY, NJ & CT
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0 votes 5 answers Share Flag
Wed Jan 1, 2014
Michelle Weissman answered:
Try the school digger website to find a school for your child
Then check on those areas
I myself grew up in Great Neck LI and they have excellent schools
and the express train gets you into the city in 30inutes I work Manhattan but I can refer you to an excellent agent in Great Neck if you need one
All the best and happy new year
Michelle
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0 votes 8 answers Share Flag
Tue Dec 31, 2013
John Peitler answered:
Please contact me to discuss your options. My name is Priyta and I can be reached at 917-499-6500. Thank you and good luck.
0 votes 6 answers Share Flag
Thu Nov 14, 2013
Chris Gray answered:
Did you ever find out an answer from a lawyer. I'm going through the same problem here in florida. Thanks!
0 votes 3 answers Share Flag
Mon May 27, 2013
Michele Portnof answered:
If you are looking for investment only in New York City, you need to be looking at condos.Most co ops have a limit on how long owners c\are allowed to rent their apartment. Each building is different and defined by the guidelines of the specific co op board. However, most co ops frown on transient occupants. The ROI will vary in each condo depending on purchase price, taxes and what price you are able to rent the apartment out for. If you purchase with a mortgage as oppose to all cash, the ROI is obviously less.
My advice is to speak with a knowledgeable Real Estate Broker and a good NYC real estate lawyer for guidance.
I represent the owners of several investment properties in NYC and would be most happy to speak with you.
Michele Portnof
SVP/Associate Broker
Rutenberg Realty
mportnof@crrnyc.com
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0 votes 8 answers Share Flag
Mon May 27, 2013
Michele Portnof answered:
Simone,
Have you considered purchasing in an HDFC building? With your income, this could be a definite possibility for you. I have experience working with purchasers and sellers in this area. Please contact me if you are seriously considering purchase.
Michele Portnof
SVP/Associate Broker
Rutenberg Realty
mportnof@crrnyc.com
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0 votes 14 answers Share Flag
Fri Mar 8, 2013
Mddoc27 answered:
THANKS FOR ALL THE ANSWERS, WAS WONDERING WHAT AREAS ARE THE BEST PLACES TO INVEST IN NYC..BASICALLY LOOKING FOR A CONDO AND PLANNING TO RENT IT
1 BR/1 BA
WHAT WILL BE MY POSITIVE CASH FLOW IF ANY? ... more
0 votes 8 answers Share Flag
Wed Feb 20, 2013
Elena Ravich, Esq. answered:
the difference in monthly expenses is the RE Tax : in a condo apartment you pay your own RE Tax for the apartment plus common charges and in a coop apartment you only pay maintenance fee (which in turn includes a pro rata share of the real estate tax the coop pays for the building that corresponds to the number of shares you own in the cooperative) ... more
0 votes 8 answers Share Flag
Thu Jan 31, 2013
Joseph Hastings answered:
Hi Harris. Does your building have an Attorney and Real Estate agent living there? If so, inviting them should be easy. Of course, it would be a non-evict conversion. Someone did mention something below regarding allowing them exclusive representation for a period of time. That would be a fantastic carrot to dangle. I suppose the biggest benefit would be buying at an insider price. Good luck. ... more
1 vote 5 answers Share Flag
Mon Apr 23, 2012
John Peitler answered:
Please contact me. My name is Clyde and I can be reached at 917-843-6947. Thank you and good luck.
0 votes 6 answers Share Flag
Fri Mar 30, 2012
Mitchell Hall answered:
Hi Kim,

A buyer negotiates with the seller usually through their broker and a listing broker. A buyer does not negotiate with a coop board. Any negotiating with a coop board would have to be through the seller/shareholder.

There are some coops that will allow a lower down payment from what is stated in the listing data. Most coops require a minimum 20% down and allow a maximum of 80% financing. However some coops will allow 90% financing for very qualified high income buyers. They may also allow a shareholder already living in the building that is upgrading or combining apartments. The apartment combination may require extensive renovations. The coop may prefer the purchaser to have a larger mortgage leaving them more liquid so they will have more or enough cash to complete the work.

Even if they do allow a lower down payment ( maximum 90% financing) under certain circumstances that is not a guarantee that they will approve the purchase.

Best,

Mitchell Hall, Associate Broker
The Corcoran Group
917-312-0924
MHALL@corcoran.com
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0 votes 6 answers Share Flag
Sat Dec 3, 2011
Joseph Runfola answered:
Hello Ayn, here is an excellent article from the Wall St. Journal which I believe will help answer your question;
http://online.wsj.com/article/SB10001424052970203764804577060502694077494.html ... more
0 votes 9 answers Share Flag
Wed Oct 26, 2011
Peter Howard answered:
Dear Kymay,

I hope you are well. FHA approved houses and condominiums can get as much as 96.5% financing. Houses and condominiums, generally can get 90% financing. If you wish to see suitable units, my number is 917 414 5093.

Sincerely,

Peter Howard, Associate Broker
Charles Rutenberg, LLC
127 East 56th Street
New York NY, 10022
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0 votes 10 answers Share Flag
Wed Sep 30, 2009
Alen Moshkovich answered:
Caterina,

I was recently working with a first time home buyer, and we looked all over Manhattan. I took him to several UWS studios. We were looking for approx 400sf or larger, up to $300,000 price.
If you can live in 300sf apt, my colleague has a MINT, studio with a very large kitchen that has some of the best studio finishes I came across. Typical Maintenance will be between $600 and $750 on that size and prices will be in the area of $265,000 to $300,000. If you go lower on price you may need to do a large remodel job.
Your issue will be the following. Debt to income Ratio. What kind of debt do you currently have, maybe some school loans? Would your parents step in as guarantors or co-purchasers?
If a coop doesnt feel you are strong enough they may ask you to put more money into an escrow account in case you default on your payments. Debt to income shouldnt really exceed above 28%, but some buildings have other preferences, you will need to know that beforehand. If you will be looking at this as an investment, try to look for buildings with flexible sublet policies.

Good luck Caterina, and don't hesitate to ask more specific questions.
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1 vote 3 answers Share Flag
Mon Jul 20, 2009
Ralph Windschuh answered:
Probably the most important question really is how long will you stay at this property. Purchasing versus renting is almost always the best option but if you're not going to stay in a particular property long enough and prices continue to slide, it may not be the best option. Usually, if you're going to stay at least 5 years, buy now. You will start to build equity and lower your taxable income. And, after 5 years, the prices should have either become stable or gone up. One thing also: NYC's real estate market is usually pretty strong so with prices and interest rates lower than usual, buy now. Good luck.

Ralph Windschuh
Century 21 Princeton Properties
631-467-0009
... more
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