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NYC is an amazing town. We think it’s the best and there is no place else we would rather live. Many people choose to live here as their primary residence. Some buy as a second home here, and then some people believe so much in NYC that they decide...
NYC is an amazing town. We think it’s the best and there is no place else we would rather live. Many people choose to live here as their primary residence. Some buy as a second home here, and then some people believe so much in NYC that they decide to buy an investment home. Buying an investment property is different than when you buy something that you plan on living in, so today we wanted to talk about how it’s different, what to think about and how to make sure you invest in the right spot.
Owning an investment property sounds sexy and profitable but before you sign on that dotted line, be sure to sharpen your pencil, so you know exactly what your net return will be. If you are financing your purchase, today’s mortgage rates will put a crimp in your profits despite the healthy rental market we are experiencing today. Your fixed monthly costs are easy to estimate, but you should keep a percentage of your rent in reserve as repairs and vacancies can come up.
Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com, or you can email us at deniseandsharon@compass.com.
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