Is a low floor renovated 1bdrm, with no view, for $359k a good investment in this building (96 Schermerhorn) ?

Asked by Cindy, Brooklyn Heights, Brooklyn, NY Fri Feb 13, 2009

I'm considering making an offer but worry that the market will continue to drop and my purchase price will be higher than the value in the short term. Is 10% less than asking a good idea or should it be closer to 20% or even 30% as I've seen some blogs suggest?

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Everett Perry, Agent, Fresh Meadows, NY
Sat Feb 14, 2009
Use to check the most recent sales. Check all sales within 1/2 mile and 6 months on the building.

If its an investment and you don't plant to live there, the amount of rent you will be getting is more important than short term fluctuations. You cant time the bottom, no one can. You buy when the rents exceed the mortgage and you sit back and wait 10-20 years. You will eventually realize a very good profit even if the market doesn't shoot back up. Remember the renter pays your interest and your principal. Also consider doing a 15 year mortgage and making 1 extra payment a year to pay if off more quickly. You just cant loose with real estate if you do it PROPERLY.
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