Kew Gardens - Good Investment??

Interest rates are only going to go up and markets look a little dicey right now, so really depends on your monthly numbers. What is your option B for your cash and do you have other investments?

Hi Ottawa.. Thank you so much for your response..

I'm putting down about 60k for this 300k Condo. I figure my monthly payments will wind up being about $1750 after adding the common charges and taxes.

I have no other investments currently, which is why i'm so apprehensive. 1st time buyer!

I looked into comparables, and that's pretty much right for 1bd Condos in that area right now. However, I also looked into comp rents, because I would be renting it out of course, and they were in the $1,500 range, which is lower than my probable monthly costs.

So, i'm thinking once I buy it I will have to make some nice renovations, and ask at least enough to cover. But, from an investment standpoint, i'm most concerned about the long run. Wondering if you think that in the years to come, 15 or 20 years from now let's say, will I make a good return on investment??

If you're buying for investment purposes, don't buy a place where the rent you can charge is less than your carrying costs.

Sounds like short term, as well as long term this is not a good investment. Seems as if you will be out of pocket (in the red) for quite a long time.

Got it, thank you everyone for your feedback!

no

No one knows your financial situation better than you. Do your research and if it makes sense, & you're able, put more DP to make the #s work. KG depending on proximity to subway is only a 30-40 min commute to the city.

vslse65:

1. deal seems way overpriced as a rental
2. plus rental market in that area has been stagnant for years

ManhattanDreamer:

1. I might be able to get you a decent clean investment

2. if you want to follow up please e-mail my friend at
bookwormslh162@yahoo.com

Dreamer, As others mentioned this is not a good investment. Also note that you are a 1st time buyer. Does that mean you rent? Much more sensible to get yourself a decent place to live in. Then you can flip to rental in a few years if you want. And don't discount how much being a LL is a pain in the ass.