condo investment

If the projected expenses, returns, and risk profile are within your selection criteria, and the investment is a good fit into an overall portfolio, sure, you should buy a condo and rent it out.

Since you provide insufficient information about your near-term and long-term financial objectives and investment portfolio philosophy, it's impossible to provide a meaningful answer.

I would suggest reading any or all of the dozens of existing threads on this subject here.

was thinking about 500-600K range studio or 1 bedroom - was initially looking into Manhattan but realized that it's very difficult to come across a condo with that price range, and also HOA and taxes were very high compared to rent that could be collected. I started looking into Queens and Brooklyn - buildings in Queens seemed more run down whereas there were many new developments in Brooklyn (maybe less maintenance as they are newer?) Was looking into Gowanus and found out about the rezoning project surrounding the canal area and affordable housing projects.. not sure what that would entail.

Fair warning, if you go back too far looking for a thread, SE thinks you are a bot and suspends your account. Maybe I just had this problem because I use an ad blocker but there you go.

xoxo, Why would you want the headache for 2% yield (granted you do not pay taxes on it due to depreciation till the time you sell) unless you plan to use it for your family at some point of time. If you do decide to buy, I would buy run of the mill resale 1 bed room condo where the yields are the highest. Renters do not pay proportionately higher for high end finishes.

and for large rooms.

I am a former condo studio investor who sold my last property in late 2018 but like to keep an eye on Manhattan especially now. But enough about me :). Do u have any experience being a landlord? The most important item to remember is cashflow. Calculate what you know(rental income/mtg/prop tax/ cc/tax shelter etc) then leave a nice cushion for any special assessments that could pop out of nowhere and usually do. Dont think your appreciation starts right away. Unless you hit it just right your the appreciation could take years while your cashflow drains you. Your tenant can of course be a headache. Always stay visible with your tenant, never do not let them know you care about whats going on. Dont get a phone call for a $1000 fine for a roof deck party that caused some damage that of course your tenant will deny. Dont get caught with someone else also moving in to a studio for one. Stay visible always. Its a risk of course but with risk comes rewards. Learn like u r from coming here. Hope this helps!.......oh no one knows how this covid thing is going to play out. Does crisis bring opportunity with this one? This could be a game changer be even more careful

https://www.brickunderground.com/buy/how-investing-nyc-real-estate-opportunities-apartments-co-ops-condos-townhouse-changed-pandemic-coronavirus

Thank you for all the insight. I do not have experience being a landlord but wanted to get started in researching/building experience and hopefully future asset. Was looking into condo under 600K which was very hard to find in Manhattan, but more common in Brooklyn/queens area. Was looking more into Brooklyn as the buildings looked newer and which hopefully indicates less maintenance work, and attract more tenants... I've been diligently checking streeteasy on daily basis hoping to come across a good condo.... Maybe I'll wait it out for few more months, I'll see!

That Brick Uground story is so full of broker puffery. It's a bunch of people who make their living convincing people to buy real estate extrapolating the past with no regard for the fact that covid is fundamentally changing the way people think about life and where/how they live it.

As regards the OP's question, I agree with 300. Buy something you might live in, bc you just might be doing so if the brokers are wrong and NYC continues to suffer.

With zero evidence to present I'd still bet that most condo investors don't buy anything like what they would personally live in. Especially if it's half a dozen studios.

Agreed 30

Agreed 30