Investment Neigborhoods.
I’m thinking about buying a 2 or 3 family as a rental property. I’ve been looking at Sunset Park, Bed Stuy & Bushwick. Any thoughts?
I’m thinking about buying a 2 or 3 family as a rental property. I’ve been looking at Sunset Park, Bed Stuy & Bushwick. Any thoughts?
What kind of advice are you looking for? Do you already own? Will you live in the building?
Know the area in which you’re buying, don’t buy on a bad block or on the wrong subway train, be realistic about rental prices.
Agree with Dave about “delivered vacant.”
Also, in New York, someone will need to take care of trash, snow, common areas and problems that arise on a daily basis. Either you need to live in the building or nearby, or you need to have an upfront arrangement with a tenant who gets a break on the rent for being responsible – and who is actually responsible and able to fix things.
In my experience, such people are married with children (and therefore home in the evenings to take out the trash) and work in the building trades (so they know how to fix things).
There are a lot of three-family buildings on the L train in Bushwick and Ridgewood for sale. Most are in very poor condition. Hold out for one that has been well maintained. Expect to spend money maintaining it. Plumbing, extermination, etc. Little things will go wrong all the time.
My vote is Sunset Park (biased). You can find some nice brownstone blocks, e.g. (47th 5/6). I there is still a property for sale on that block. Decent prices, good 5th ave scene and so close to P.Slope or Bay Ridge. Pretty safe as well.
Pay up for “delivered vacant.”