What to do if buy in near term, want to live in it not for a few years

depends on the lease...

So the lease terms can state an end date and that takes care of it?

yes

if you want more details feel free to email me at rglazer@bhsusa.com

best,
Rachel

Why on earth would you buy earlier than 2011 if that's when you plan to move to NYC? I don't have a crystal ball, but chances of prices going up anytime between now and 2011 are very, very small. Time is your friend here.

egad...

if someone asks advice on jumping out of the window, nb99 has it right---first response should be to question the suicidal urge and suggest more reasonable and less permanent alternative.

agent response is to inquire about window treatment design! what have we come to ?

I agree with NB99's sentiment.

When even health care companies are cutting payrolls (Glaxo announced today 6000-1000 in workforce reductions) the economy must be on shaky grounds. I'd be careful out there for a minimum of the next year and more likely beyond.

Correction: Should be 6,000-10,000.

As someone who just spent months of my time and thousands of my dollars evicting tenants in fairly pro-landlord Nassau County, I would say that you can't eliminate that risk.

ali r.
{downtown broker}

I would not buy until you move to NYC. Being an absentee landlord can be a lot of fun (in a bad way).

dont do this to yourself, i almost did, you see an apartment that you love so much and you just have to have. you think you'll never find one better but, you will. dont do this to yourself. mostly likely the rent you earn wont even cover your costs. you're better off burning your money. just wait until 2011

don't buy now... plain and simple.

Being a landlord is a job, and getting someone out isn't always easy. If you want to live in the apartment, but when you want to move, plain and simple.

Prices aren't going up anytime soon, so there is no urgency for you. in fact, waiting will likely save you even more money.

Plus, if you're not buying as your primary residence then you'll probably get a higher interest rate as an investment property.

The best way that you could insure that the tenant is out is a way that most tenants won't agree to. Have them sign a stipulation of settlement, whereby they acknowledge that they are a holdover tenant without any entitlement to possession of the premises, permit you to commence a holdover proceeding against them and obtain a warrant of eviction, and stay execution of the warrant of eviction until the date you want them out and conditioned upon full and timely payment of the rent. That way, if they don't get out (or stop paying rent), you could have the Marshal scheduled to do the eviction that day.

Of course, this is far more costly then just entering into a lease with the tenant and, while it provides greater assurances, still does not give you 100% certainty. Also - make sure to have a lawyer draft this up. Don't assume you can do this on your own.

Other than that - you have absolutely no certainty that the tenant will be out.

> AgentRachel
> 2 days ago
> ignore this person
> report abuse if you want more details feel free to email me at rglazer@bhsusa.com

Interestingly enough, Rachel Glazer isn't listed on their broker list...
http://bhsusa.com/agents.aspx

So, maybe the lying makes sense now.... is she a secretary?

aha...note above...someone spotted you before.

liar.

huh?

She's on the list
http://bhsusa.com/agent.aspx?id=RAG

She must have gotten promoted for all the lying.

She was not on the list when posted 4 weeks ago...

(which might also be why her page is pretty much blank, unlike the others)