Condo Co-op Investment

There are plenty of condos for sale in brooklyn, and most condos allow leasing and financing. Just do a search on streeteasy for condos in brooklyn and you will see many options.

For how long are you looking to sublet? Many coops which allow immediate subletting will cap the number of years you can actually sublet. Most coops require 20% min down although I've seen it higher around 30% sometimes.

This is definitely a good idea IF...the fair market rent you will receive for the apartment will at least cover ALL of your expenses and possibly make a little more:

1. Mortgage
2. Maintenance
3. Property Taxes
4. Maintenance of Apartment
5. Sublet Fees to you (i.e. Broker's Fee, Right to Sublet Fees).

If you can then see the market and interest in the neighborhood is strong, it's a good idea.

Happy to help sell you your new investment!

Best to steer clear of areas dependent on the L line for now...unless you want to try to negotiate a bargain.

All condo's will allow you to rent - it's real property vs a co-op (http://www.hauseit.com/co-op-vs-condo-nyc/) ... I would avoid co-op's if you're looking at it purely as a rental property. Sure, some may have flexible subletting policies but that's the exception rather than the rule. Plus, many co-op's will only let you sublet a certain number of years (i.e. 3 out of every 5 yrs) and/or charge you a percentage of rental income. It's nuts.

Hi Topfetch,
Glad you are thinking about investing in NYC real estate because in my opinion it is the best place to put your money. However, it sounds like you need a little guidance. I am an experience real estate agent who has teamed up with a seasoned agent who grew up in Brooklyn, and who has successfully invested in many apartments in Manhattan, the Bronx and Brooklyn, and I know we can point you in the right direction!
The best thing to do is to call or email me to set up a time when we can all meet in my office and discuss this is person. Hope to hear from you soon. Karen Weinberger, Douglas Elliman, 1995 Broadway, NY, NY 10023. karen.weinberger@elliman.com, 917-456-2919.

I recommend whole-heartedly my broker Karen Weinberger who helped us find the best home for us. I am a second time home buyer. The first time was 8 years ago, before I knew Karen, so I used a different broker. I can therefore testify what a big difference having a good broker makes, especially a buyer's broker. Karen is friendly, has good customer service, and most importantly, is honest and ethical, a rarity in the RE industry. When I bought my first condo, no one educated me the importance of evaluating the condo's amenities. Now, with Karen, she educated me about all aspects of home buying, e.g. condo vs. coop, borrowing against 401(k), types of mortgages, and most importantly, the best location. Because of her advice, we were able to buy a junior 4 instead of just a 1 BR. Having lived in Manhattan for the past 12 years, I can't believe I never discovered this perfect location in manhattan before--we love our new apt in the UWS! My favorite part about the location is the river pier and jogging and biking path. The next most important thing about choosing a broker is one who is expedient, efficient, and detail-oriented. Karen put together our 200-page coop application in 2 weeks, a timeline that surprised even the most experienced broker. She knew the right people to talk to for every roadblock.
Conveniences: The crosstown bus stops right outside our building. The 1 train is one block away. We are surrounded by 4 playgrounds! And we are two blocks away from the kids' school. Kids activities closeby: Williams Sonoma, nypl, Hudson river, Lincoln center, YMCA swimming, Lowes workshop, American Folk Art Museum, Children Museum of Manhattan, American Museum of Natural History.

Karen, do you agree with your client bluesky2472 that ethics and honesty are a rarity in the real estate industry?

Perhaps Karen is an alumna of (blow my own)Trump(et) University?

John Miller?

There are a lot of good investment options in BK (and in Queens and BX too). At RealDirect, we work with a lot of investors who use us because of our experience as well as our generous commission rebate. The boroughs are good options because of the tax abatements, but there a lot of pitfalls and not every investment is a slam dunk. Check out our cap rate calculator to figure out your return on a given investment - it is a good place to start. https://www.realdirect.com/cap_rate_calculator/ - Doug