Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in East Harlem : Real Estate Advice

  • All46
  • Local Info7
  • Home Buying12
  • Home Selling0
  • Market Conditions3

Activity 6
Wed Aug 27, 2014
Anoop Punjabi answered:
Hi Cornic,

What you do with the property depends on your financial status and goals. If you are in need of the funds, you should seriously consider listing your apartment for sale. However, if the rental income is higher than your monthly expenses (positive cash flow or passive income) and you are not in need of the funds, it is a way to grow your wealth through equity buidup as well as income.

Hope the answer was not too confusing. If you wish to discuss in person - feel free to give me a call.

My best
Anoop Punjabi
... more
0 votes 9 answers Share Flag
Sun May 27, 2012
Anna M Brocco answered:
Since no link is visible, review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there....
0 votes 3 answers Share Flag
Mon Jan 7, 2013
Martina Ryan answered:
It is hard to give a complete answer without seeing the property you are talking about. Don't forget you will also get that tax break on your investment as opposed to zero just renting with no tax breaks. Over the next 10 years your equity will also have increased. ... more
0 votes 4 answers Share Flag
Fri Apr 8, 2016
Eisenberg Scott answered:
The ownership will depend on several factors. Is the money all from your parents and do you have any siblings? This is important as there may be inheritance concerns that affect who should own. You being a resident will avoid prepayment of NY and federal witholding tax estimates when you sell if you are the sole owner so that ay be a factor as well. A bank to bank wire transfer is usually around 35 to 50 dollars. An LLC really would require a lengthy discussion but people use it generally for tax and liability reasons. The only documentation will be a passport for identification. Please contact me with any further questions.

Scott Eisenberg
917 306 6618
... more
0 votes 25 answers Share Flag
Thu Feb 3, 2011
Sally Grenier answered:
Really depends on the specific property you're interested in. Your best bet is to hire a Realtor to represent you as a buyer's agent. He/she will be able to search all of the listings in your local MLS that fit your criteria and budget. ... more
0 votes 1 answer Share Flag
Mon Apr 20, 2009
x answered:
I work with mortgaage brokers from Chase and Wells Fargo and they tell me these are happening more, but are rare - so it could happen! I would suggest speaking to Manhattan mortgage broker or banker to see what they say. From what they tell me, the banks are allowing the 10% but it is the insurance companies that are not.... ... more
0 votes 6 answers Share Flag
Search Advice