Rental Advise needed

I recommend contacting real estate professional Jennifer Saavedra from Keller Williams NYC. She will help answer all your questions and concerns as well as guide you in finding the property of your dreams! Email: jsaavedra@kwnyc.com Her website: http://www.kwnyc.com/jennifersaavedra

jennifersaavedra

in Real Estate - Rentals 12 years and 5 months ago

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stella2009 | 13 years and 5 months ago

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We are about to be done with a complete renovation of a single-family 100-year-old townhouse on CH/PH border (3 min walk to Frankin Ave subway, quiet tree-lined street). Sadly, due to huge overrun in renovation costs, we are now looking to rent it for up to 2 years…Any advise on the price range and how to go about it would be greatly appreciated! While this is 2br/1.5 bth, the house is not your typical rental: 1200ft2, high ceilings, high quality design and kitchen, lots of original details, new windows and isulation near-passive-house standards, central air/heating (daikin), w/d, etc. I am struggling to decide on how to go about finidng the responsible tenants who would take care of our (future) home and maximizing the income potential. Willing to consider long-term, as well as short-term (month-to-month). Also, while the house will be available Feb1, the work is ongoing full speed, and we are not able to show/take “final” pictures for at least another 3 weeks. How this kind of situation is typically addressed? Thank you!

clickandimprove | 13 years and 5 months ago

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I would partner with a local realtor. They handle rentals as well and do the screenings. Present the case and let them work for you.

eman134 | 13 years and 5 months ago

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do not be surprised if the rental value is lower than your expectations…these kind of renovations rarely pay out as rental income

Snezan | 13 years and 5 months ago

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feel free to contact me at 347.267.9025 if you’d like a consultation. My company will market your property, hire a professional photographer and I can advise you of comparable rents in the area. I work with about 10 different buildings in the area. – Snezan

bobjohn | 13 years and 5 months ago

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Did you work out all finantial details of this rental idea? This is not a tipical approach since you risk to damage just renovated house. You also will need to live somewhere for these two years. Besides: – your mortgage may expect this house to be your primary residence – you need to pay income tax from rental income – not sure whether you can ammortize the price of the house as investment property during this time – you stillneed to pay property tax, utilities, insurance. – you will need to pay for another place where you will live during this time. If you have the second place to live, maybe it makes sense to rent the second place while you move into the new house?

callalily | 13 years and 5 months ago

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Often these sorts of rentals go to overseas corporate executives and their families, here for a short stay of a year or several years.

daveinbedstuy | 13 years and 5 months ago

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What price range are you thinking about?  I’m in contract to sell my home and I might like to stay in NYC for another year.  I want an older townhouse with some character and detail, not a high-rise.  You can be sure I’ll take the same care of it as if it were mine.  It has been VERY difficult to find anything that’s remotely acceptable in terms of quality and architecture.  I’m looking for a nice kitchan and a W/D as well.  These are all apparently hard to come by.  Here’s my current place…http://www.pbase.com/dentontay/brownstone Thanks DJL135e54@yahoo.com