Contemplating an Investment Property

I am seeking opinions on how and where best to invest in an income producing property. Cash available is $300,000\. Considering Queens (the new Brooklyn), Jackson Heights, Astoria, but would consider Brooklyn, Washington Heights, Inwood if I could find something affordable. I have also considered using the money as a downpayment, but not sure if I want to carry a mortgage, and not sure if I would qualify if the income from the property would be essentially paying the mortgage. I am doing my fact finding right now, so not really ready to hear from brokers who’s only objective is to sell me something. Thank you

since2002

in About Brooklyn 10 years and 8 months ago

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linahx | 10 years and 6 months ago

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Since2002, what have you decided to do? I am facing a similar decision and had the same idea as you, but after reading replies to your post, not so sure anymore….

Springs | 10 years and 8 months ago

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buy a 2 family in Cypress Hills. Brick, 20×50, near the subway.

cate | 10 years and 8 months ago

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Most co-op boards will not allow renters, except in unusual circumstances for limited time periods. You can, however, invest in Brooklyn real estate by going in on a building with others. Could be a small multi-family building or a regular one- to three-family house. I know people who do this, although I don’t know the details of how it is done. I would imagine you need an extremely savvy lawyer so you don’t get taken advantage of.

resident2 | 10 years and 8 months ago

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If you think buying a Real Estate investment is buying a Condo? You are very much mistaken. You have absolutely no control over its future. And when buildings get occupied by too many investors instead of owner occupants, you cannot even sell it to anyone that needs to get a mortgage. (95% of buyers) There are many cheap all cash condos available, but you would have to be a fool to buy them. You would do better to put your money in a stock index fund. To make a good investment in Real estate takes time and work and you have to have the time and inclination to look after it. But most importantly you have to be able to control the maintenance of it. With a condo, you are at the mercy of the other owners and needing a majority of them to all take an interest in it, but sadly what mostly happens is they think the management company will take care of things….. but they only wake up when it is time to sell and they realize that they cannot for one reason or another that the condo board has no control over…..they cannot enforce owner occupancy so that Banks will lend in the building again. Buying a condo was the worst investment I ever made. But I can show you many cheap bargains……that I wouldn’t buy! There is always a reason something is cheap……

landlord | 10 years and 8 months ago

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I remember in the late 80’s hearing someone discussed real estate investing on TV. He said pretend you have 2 brothers and each inherits $400k. First brother buys a building in cash and has no mortgage to worry about. The second brother buys 4 buildings and takes out a mortgage on all 4 buildings…..The brother who stands to make the most money is the one who took out a mortgage on 4 buildings (assuming they held on to the properties for at least 10 years). I believe that saying is true today is it did back then. That said, if you buy a 1 bedroom apartment your income will rely on that 1 tenant. What if the tenant goes for months without paying rent? You will find yourself out of rent and paying a lawyer to get the tenant out. What if the tenant wreks the place? Also, a 1 bedroom means a co-op or condo. If you get a co-op you will be very very fustrated with the board. They will decide who you can or can’t rent to. A prospective tenant would have to convince you and the board to let him rent. A condo might be more flexible but they can still make it hard for you to rent. Co-ops and condo’s prefer to have owner occupied apartments and frown on investors looking to rent out the unit. To absorb all that potentially can go wrong, I would get at least a 3 family (I would be much more comfortable with 6 or above). This way if you get one tenant from hell….it won’t break the bank. If I had 300k to invest….id follow dave’s recommendation. However, if i had 800k-1million …..I would definitly look for an income producting property.

daveinbedstuy | 10 years and 8 months ago

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Investment properties are all about cap rates (or yield or however you want to define it). If you can’t get a high enough net rate after taxes, insurance, etc to make up for the lack of liquidity, potential renter problems, headaches and vacancies as compared to what the stock market offers (the neighborhood of 3-5% spread over a diversified portfolio) then it’s not worth the effort. Yes, rents rise over time but so do the dividends of high quality dividend growers like PG, SYY, BGS, CVX, TOT, XOM and many others, peppered with some REITs muni bonds and other higher yielding asset classes

since2002 | 10 years and 8 months ago

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Thanks for the replies. In Queens,where I am originally from, $300 is definitely enough to buy a 1 BR in either of the two areas I have mentioned, they are up and coming.

zag0r | 10 years and 8 months ago

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300K is not enough unless as a down payment.

GoodProspect | 10 years and 8 months ago

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We own some investment property, all an easy walk from our house so that in weather like today’s we can easily get there to shovel, and at all times for garbage removal and emergencies. I’d recommend doing the same, unless you want to be paying someone else to handle it. And with deductions you get on investment property at tax time, even if it would now just be covering cost of ownership, it is still a good place to put your money net-net. Though it can be a headache, too.