Hi, sorry if this double posts, new to Streeteasy! Here is the background info. My family travels to NYC several times per year for leisure. Our daughter is about to go to college in NYC. We are also, looking for investment opportunities. We were thinking of buying a condo, and using it when we visit. During the times we are not using, we would rent it on a "corporate" rental program (30 day... [more]
Hi, sorry if this double posts, new to Streeteasy! Here is the background info. My family travels to NYC several times per year for leisure. Our daughter is about to go to college in NYC. We are also, looking for investment opportunities.
We were thinking of buying a condo, and using it when we visit. During the times we are not using, we would rent it on a "corporate" rental program (30 day minimum rental). We obviously don't want to rent full time, because then we couldn't use it. Our daughter will be in a dorm. Also we are hoping to spend under 800 and keep our condo fees fairly low. Is this an impossible thought? Can we come close to breaking even on a monthly basis? If so, what areas would you look at? Also, we had brief contact with a realtor, but I guess he thinks we are too small potatoes to him. He offered little advice, even when we found one we would have bought (saw on street easy). Thank you for any input!!
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Response by fieldschester
over 9 years ago
Posts: 3525
Member since: Jul 2013
Why are you sending your daughter to school in NYC? Are you nuts?
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Response by fieldschester
over 9 years ago
Posts: 3525
Member since: Jul 2013
By the way, your post leads me to believe you can barely afford the mortgage and the tuition. Spare yourself the headache of this illiquid asset with the constraints of your ridiculous rental parameters.
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Response by Begue70
over 9 years ago
Posts: 5
Member since: Jun 2016
not sure how you got that idea, but have a great night and thank you fro your time. hope some positive energy comes your way.
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Response by CCL3
over 9 years ago
Posts: 430
Member since: Jul 2014
fieldschester = cranky response guy.
There are some substantive responses on the other thread you started.
I'm sure your daughter will love her time in NYC.
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Response by Begue70
over 9 years ago
Posts: 5
Member since: Jun 2016
yes, I did not mean to do two. My bad! :)
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Response by karenwnyc07
over 9 years ago
Posts: 3
Member since: Aug 2010
hi Begue70,
i am a broker in Manh., and I would be delighted to help you find a condo for investment reasons. Based on what you said above, I already know of some bldgs. that might work for you. Could we sent up a time when you could come to my office and meet. Snd. good?
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Response by fieldschester
over 9 years ago
Posts: 3525
Member since: Jul 2013
Karen who doesn't provide her contact information, let alone type full words like "sound" is going to be your savior.
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Response by karenwnyc07
over 9 years ago
Posts: 3
Member since: Aug 2010
Karen Weinberger, Douglas Elliman Real Estate, 1995 Broadway &68. 917-456-2919. karen.weinberger@elliman.com. Please call for all your real estate needs. :0)
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Response by Squid
over 9 years ago
Posts: 1399
Member since: Sep 2008
Before engaging with a broker, please do some of your own research (seems like you have already, which is good).
You haven't said which school your daughter is attending, but if it's Columbia then you should be able to find some decent-priced options in that area. NYU area will be a bit more of a challenge price-wise.
Be aware that if you engage with a broker, even without signing anything, he or she will start barraging you with listings that you'd be able to easily find on your own and you may then be obligated to include the broker in your deal. So peruse Streeteasy first, then decide if you even need a broker. Or, if you really want to use a broker, check out one of the commission-rebate outfits like the Burkhardt Group.
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Response by crescent22
over 9 years ago
Posts: 953
Member since: Apr 2008
Look for a non-doorman condo so no one knows you are violating the typical 12-month minimum sublease clauses with the condo management companies.
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Response by skrufi
over 9 years ago
Posts: 57
Member since: Oct 2013
Hi Begue, I think that what you're looking for is totally doable - especially in today's market that's definitely softer than several months ago. I just glanced at Karen's closed deals and each one was for significantly less than the ask - that didn't happen by itself. If you personally are a savvy negotiator and experienced with the New York real estate market then try it yourself or go with a discount broker. I think you'll be wasting time and money when you can get an experienced broker for free - I'd rather pay the least amount I can for an apartment with someone who's fiduciary duty is to me. Buyers' brokers don't get more business and referrals unless they've fought to get deals done without overbidding and given valuable guidance to their clients.
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Response by fieldschester
over 9 years ago
Posts: 3525
Member since: Jul 2013
there's so much meat on skrufi's post - where to start?
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Response by cbreeze
over 9 years ago
Posts: 39
Member since: Apr 2010
skrufi, you must have spent a lot of time doing that. Care to divulge a shortcut?
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Response by skrufi
over 9 years ago
Posts: 57
Member since: Oct 2013
Not really - just search for the broker on Streeteasy and look at her past sales where she represented the buyer (it's all under her profile). That's where you can see the stated ask and what it closed at.
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Response by dan@digsrealtynyc.com
over 9 years ago
Posts: 114
Member since: May 2012
The “Airbnb” investment model is certainly done all over the City and I have had several clients express an interest in buying a condo to implement that strategy. There are even property management businesses set up to cater to these types of investors. Most buildings, however, expressly prohibit short-term rentals in their governing documents, so if you pursue this strategy, you would likely be violating your building’s rules and subject to the condo exercising its remedies. If you are OK with assuming that risk, there are certain types of condos that are probably better for you to target than others. Happy to chat offline about it if you’d like.
Why are you sending your daughter to school in NYC? Are you nuts?
By the way, your post leads me to believe you can barely afford the mortgage and the tuition. Spare yourself the headache of this illiquid asset with the constraints of your ridiculous rental parameters.
not sure how you got that idea, but have a great night and thank you fro your time. hope some positive energy comes your way.
fieldschester = cranky response guy.
There are some substantive responses on the other thread you started.
I'm sure your daughter will love her time in NYC.
yes, I did not mean to do two. My bad! :)
hi Begue70,
i am a broker in Manh., and I would be delighted to help you find a condo for investment reasons. Based on what you said above, I already know of some bldgs. that might work for you. Could we sent up a time when you could come to my office and meet. Snd. good?
Karen who doesn't provide her contact information, let alone type full words like "sound" is going to be your savior.
Karen Weinberger, Douglas Elliman Real Estate, 1995 Broadway &68. 917-456-2919. karen.weinberger@elliman.com. Please call for all your real estate needs. :0)
Before engaging with a broker, please do some of your own research (seems like you have already, which is good).
You haven't said which school your daughter is attending, but if it's Columbia then you should be able to find some decent-priced options in that area. NYU area will be a bit more of a challenge price-wise.
Be aware that if you engage with a broker, even without signing anything, he or she will start barraging you with listings that you'd be able to easily find on your own and you may then be obligated to include the broker in your deal. So peruse Streeteasy first, then decide if you even need a broker. Or, if you really want to use a broker, check out one of the commission-rebate outfits like the Burkhardt Group.
Look for a non-doorman condo so no one knows you are violating the typical 12-month minimum sublease clauses with the condo management companies.
Hi Begue, I think that what you're looking for is totally doable - especially in today's market that's definitely softer than several months ago. I just glanced at Karen's closed deals and each one was for significantly less than the ask - that didn't happen by itself. If you personally are a savvy negotiator and experienced with the New York real estate market then try it yourself or go with a discount broker. I think you'll be wasting time and money when you can get an experienced broker for free - I'd rather pay the least amount I can for an apartment with someone who's fiduciary duty is to me. Buyers' brokers don't get more business and referrals unless they've fought to get deals done without overbidding and given valuable guidance to their clients.
there's so much meat on skrufi's post - where to start?
skrufi, you must have spent a lot of time doing that. Care to divulge a shortcut?
Not really - just search for the broker on Streeteasy and look at her past sales where she represented the buyer (it's all under her profile). That's where you can see the stated ask and what it closed at.
The “Airbnb” investment model is certainly done all over the City and I have had several clients express an interest in buying a condo to implement that strategy. There are even property management businesses set up to cater to these types of investors. Most buildings, however, expressly prohibit short-term rentals in their governing documents, so if you pursue this strategy, you would likely be violating your building’s rules and subject to the condo exercising its remedies. If you are OK with assuming that risk, there are certain types of condos that are probably better for you to target than others. Happy to chat offline about it if you’d like.
Dan Gotlieb
Digs Realty Group
www.digsrealtynyc.com