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What is the best way to purchase NYC residential real estate in order to rent it out?There's actually 3 parts to getting this right: (1) getting educated on the NYC market, (2) finding the real estate, and (3) hiring the right person to manage the real estate.Part 1: Getting Educated on the NYC Real Estate Markethttp://AddressReport.com (for deep building data, renovation histories, crime reports, subway access, local amenities, area pricing)BrickUnderground (chock-full of NYC real estate guides)http://NY.Curbed.Com (to get a sense for what's "trending")Part 2: Finding the Real Estate Listingshttp://StreetEasy.com - the king of NYC sales listings aggregatorsNYTimes real estate section - still reliablehttp://HomeCanvasr.com - for off-market listingsPart 3: Managing (Renting Out) the Real EstateGo back to StreetEasy and locate properties that seem similar to the one place you've bought and note the names of 6-8 brokers who have made high volumes of (and/or very recent) sales (NOT rentals) in those properties. (The broker who just sold you the unit will likely be on that list, but shouldn't be the only name.)Confirm on AddressReport that these properties share similar qualities, subway access, and neighborhood amenities with the one you purchasedWith these "property comps" in hand, contact each broker on your list and ask if they interview them to determine which would be a good steward of your rental property; things to check for include an understanding of going rental prices for properties such as yours, the process they use to advertise your property and vet applicants; and whom they can refer as a maintenance contact for when things inevitably go wrong and you're not around to fix it (since you don't live in NYC or just don't want to deal with it).
How do I find NYC real estate investors? I am starting out with flipping a property.A great way to find real estate investors in any area within the US, is by searching for your local Real Estate Investors Association (REIA). REIA’s are great because they are typically free or low cost to join and have a wealth of people who are at every level of investing. They also tend to have many people who function in all aspects or real estate (agents, investors, contractors, mortgage brokers, bankers, hard money lenders, etc.) . Here’s a REIA thats located in NYC. I’m not a member or haven’t been to any of their meetings, so I cant vouch for them, however I found them through a quick google search :-)Real Estate Investors Association NYCHappy Investing and Best of Luck!KhariIf you want to learn more about Real Estate Investing, I teach a self paced online course that details, step by step, how to Fix and Flip properties for profit. Join my class to discover how to earn extra money investing in real estate:Discover How to Fix and Flip Houses, Step by Step!
How can I find out what new real estate buildings will be developed in NYC?One of the best sources to inquire about such information is your local city planning department of redevelopment department. You have to do a bit of work. There is not such source interested in making this information readily available on purpose. You have to ask.
What do cities (like NYC) get out of rich foreigners owning their real estate?It varies a lot on the city and the nature of the stay.Cities like London tend to offer our very best housing, to the very richest Oligarchs and Oil rich nations leaders.We get.- No direct property taxes.- People who race sports cars and don't pay parking fines.- Prestige.- Increases in property prices and a halo effect, which makes home owners feel richer, despite this being against their own self interest.- Some theoretical, indirect injection of cash into our economy from bribes paid to club doormen , expensive vodka, prostitutes, diamonds, expensive clothes for most of the summer.Cities like New York.- Huge property taxes ( some avoid this)- Prestige.- Increases in property prices and a halo effect.- People who don't ever really live there, it's like a game of monopoly.
How many cold calls should a commercial real estate broker in NYC make to be successful?I do not really like cold calling. Is it effective? Yes. Have I made money doing it? Yes. Is it the most effective? No.The thing with cold calling is that it is very time consuming. I find that a better alternative is direct mailing combined with a huge online presence to back up what you sent out in your direct mail letters.The thing with sales, especially Real Estate sales is you are going to be told no way more than yes. If you speak to 100 people only 1 or 2 are going to pan out into a sale for you. With letters 98 people can throw them away without taking up your time. So instead of cold calling 100 people with the hope to make 1 or 2 sales you could be mailing 1,000 people with the hope of making 10 or 20 sales. Real Estate (& most sales businesses) is a total numbers game. The failure to understand that is why I see many agents fail. They focus on too many things outside of marketing. Marketing is the 1st, 2nd,3rd,4th & 5th most important part of a Real Estate Agents business.Want to learn more about Real Estate?Follow me on Instagram.Subscribe to the Holton-Wise YouTube Channel.
Is there any evidence to indicate that there is currently a real estate bubble forming in NYC?The "bubble" narrative is affixed to a market condition once it is obvious that a boom and bust have occurred.We have a boom: prices are high in NY. Whether we use rental yield or home affordability, much better value can be found in other states of the US. Further price increase is not justified, given how unaffordable and low yielding this investment is. We do not have a bust though, the NY market slowed but did not even fall in march 2009 when stock market prices were divided by 3. The foreclosure rate in NY is 10x lower than the national average. It appears that NYC buyers are less leveraged than in other parts of the country, making corrections a less likely scenario than the alternative under performance over a protracted period.Many buyers see NYC as a very special place, an area that is very desirable to live in as a lifestyle choice, price performance is essentially dependent on more people seeing it the same way. People do not come to New York because of its location, they come to New York to meet other the people who come to New York, and that's what drives them to an area that is less affordable to them. This being said, if the reason for high price is lifestyle, and the rental yield is very low, aside for the distortion of tax consideration, renting appears to be the better deal.
Would it be difficult to start investing in real estate out of the NJ/NYC area and how much would you recommend starting with?it hard to say. I wouldn't do it now.People are leaving NJ plus high taxes defiantly no.New York has a lot of regulations. The market is on a peak now. But sales are slowing. Condos are overbuild. And more supply are comming. Single family homes don't have any financial fundamentals supporting the prices. Multifamily have some value, in certain areas. Particularly on rockaway beach. Because prices still low, after sandy, people are moving in. Not much land to build new supply. And strong rentals. But I wouldn't touch the rest of the market.
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People also ask
What is a binder on a house?What is Title Binder. ... A title binder is typically used to protect both the seller and buyer of a rEval estate property during the transitional phase of a sale when the seller's and buyer's home insurance policies do not necessarily overlap over the same time frame.
How much is a binder deposit?Binder Deposits To Private Sellers When giving a binder deposit to a private seller, you will always try to give as little as possible. Some private sellers will take as little as $100 as a deposit, but the norm' is usually from $500 or $1,000 and sometimes more depending on the sales price of the home.
Can a seller back out of a binder?The only way a seller can back out of a rEval estate contract before closing without risking litigation is if one of the buyer's contingencies are activated. However, if a contract has only been signed by the buyer, a seller can still back out of a contract before closing.
How much is a binder on a house?\u201cIf the agreement is accepted, the interested buyer typically puts down $500 to $1,000 of the purchase price,” he says. “The binder check is normally held by the seller's REvaltor and then given to the seller's attorney for deposit into an escrow account upon the signing of a rEval estate contract of sale.”
What is a title binder policy?A title binder, or interim binder, is not a title insurance policy. However, it does represent an insurance company's commitment to issue a title policy. ... Title insurance protects a property buyer and lender against unknown defects in the title.