investment property

http://cdn.brownstoner.com/4e777e4eaa1ab-processed-httpshortsaledailynewscomwp-contentuploads200911investmentpropertyjpg.jpg

I know it is hard to give advice without knowing details, but I would really appreciate you old-timers giving me some fatherly/motherly advice.

I am looking to buy a condo in Brooklyn for 250-350K and rent it out as an investment. I am hoping to put enough down [20-25%] so that the rent will cover mortgage, taxes, common charges and insurance.

I have a rent stablized apartment I will keep using, so this would be just for an investmant. Thinking about getting a loan as a primary residence [which means I would have to live in it for a year].

thoughts? concerns?

ppwest

in Real Estate - Sales 13 years and 8 months ago

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callalily | 13 years and 8 months ago

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Double check the rules. I believe you are not allowed to own property in NYC even if you remain living in your rent stabilized apartment. You certainly are not permitted to live elsewhere. Many people with rent stabilized apartments in NYC buy in the Hudson Valley, Long Island, Pennsylvania, etc. Just be careful — commute, maintenance costs, heating, low appreciation are some of the pitfalls.

ejalbk | 13 years and 8 months ago

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What kind of rent will you be able to get on the apartment and will the neighborhood/building and apartment attract the sort of tenant you’d want to deal with?

deano | 13 years and 8 months ago

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Dont forget that a rent stablized apartment must remain your primary residence — my understanding is that your current landlords can swiftly end your sweet deal if/when they find out you own a place.