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I'm from Belarus (last dictatorship of Europe).
I'm thinking about a legit job or business in the USA, and internet says it's possible to buy an apartment for around $100K, for example in Bronx, in "Netherland gardens".
Is it profitable to offer such flat for rent? Are there many clients who would be interested in renting such property?
How long does it take for a person to move from Bronx (for example from "Netherland Gardens") to Manhattan (for example, to the WTC area) by the subway? Half an hour?
Most apartments for sale in NYC are coops, not condos, and most coops have regulations against renting out the apartment. Also most coops have restrictions against who is allowed to buy. So those are things you’d have to check in every case.
Being a landlord in NYC can be a huge nightmare, so I wouldn’t recommend this course of action for someone who knows nothing about the city.
Google things like “coop vs condo nyc” and “landlord trying to evict tenant nyc”
I'm from Belarus (last dictatorship of Europe).
I'm thinking about a legit job or business in the USA, and internet says it's possible to buy an apartment for around $100K, for example in Bronx, in "Netherland gardens".
Is it profitable to offer such flat for rent? Are there many clients who would be interested in renting such property?
How long does it take for a person to move from Bronx (for example from "Netherland Gardens") to Manhattan (for example, to the WTC area) by the subway? Half an hour?
Thanks
Where did you hear about Netherland Gardens from? It is located in North Riverdale, and no it is not a 30 minute subway ride. Easily 15-20 minutes on the bus and then about 30 - 40 minutes by subway, so more like an hour. I also doubt that you could buy a co-op there for that cheap. The co-op boards are quite picky in Riverdale (keeps the area from turning into a dump) and you need to have a certain percent down.
Thank you very much for the info.
I've read about co-ops.
Quote:
The infamous co-op board sets their own standards in terms of the approval process as well as how the building is managed. Seeing that everyone owns shares in the building, the community as a whole is more concerned with who the building does or does not allow into the building. Co-op boards also require an interview (or interviews) to meet you and ask any questions regarding the information you provided. They can approve or deny any applicant as they choose.
A use case:
In case I want to buy an apartment for myself, this peculiarity of coops is a plus, because they can deny the deal for terrorists, gangstas, drug users etc, and my neighbors will be more or less adequate? Do I right?
Buying an apartment for $100K in Minsk means having "wealthy" neighbors.
I suppose that having problematic neighbors can be a real risk if I buy an apartment in the NYC for around 100K USD. Because in the USA, this is a very small amount of money and marginalized people can have such cheap apartments.
Here, in Belarus, a military major's salary is $500/mo, industrial engineer 200-500$/mo, bank loans offers start at 11%/yr in USD (but the rate of belarusan currency can fall 50-150% once in a couple of years), so with 100K USD I'm rich for Belarus and poor for the NYC.
Also I know that the government of the US pays "Unemployment benefit" to marginals, that's why marginalized people can have some money and get a chance to buy some apartments. May be I am wrong.
(In Belarus there was a law in accordance with which unemployed persons had to pay tax for being unemployed, they had a choice to pay "unemployment tax", go and work for 1-3 hundreds dollars per month on a factory, or spend2 weeks in jail, with forced hard labour such as collecting stones on agricultural fields (I've paid this tax 2 years ago for not being arrested and for not going to the work for a couple of usd hundreds a month ).
So I really think that the question of safety in cheap apartment can be actual, so co-op restrictions can be a plus if I want to buy an apartment for myself.
Thank you very much for the info.
I've read about co-ops.
A use case:
In case I want to buy an apartment for myself, this peculiarity of coops is a plus, because they can deny the deal for terrorists, gangstas, drug users etc, and my neighbors will be more or less adequate? Do I right?
Buying an apartment for $100K in Minsk means having "wealthy" neighbors.
I suppose that having problematic neighbors can be a real risk if I buy an apartment in the NYC for around 100K USD. Because in the USA, this is a very small amount of money and marginalized people can have such cheap apartments.
Here, in Belarus, a military major's salary is $500/mo, industrial engineer 200-500$/mo, bank loans offers start at 11%/yr in USD (but the rate of belarusan currency can fall 50-150% once in a couple of years), so with 100K USD I'm rich for Belarus and poor for the NYC.
Also I know that the government of the US pays "Unemployment benefit" to marginals, that's why marginalized people can have some money and get a chance to buy some apartments. May be I am wrong.
(In Belarus there was a law in accordance with which unemployed persons had to pay tax for being unemployed, they had a choice to pay "unemployment tax", go and work for 1-3 hundreds dollars per month on a factory, or spend2 weeks in jail, with forced hard labour such as collecting stones on agricultural fields (I've paid this tax 2 years ago for not being arrested and for not going to the work for a couple of usd hundreds a month ).
So I really think that the question of safety in cheap apartment can be actual, so co-op restrictions can be a plus if I want to buy an apartment for myself.
Do I think correct?
Thanks
It's hard to make comparisons because of the difference in earning power. Even in Italy when I lived there, I paid 1200€ a month in rent, plus water, gas and electric, so more like $1900 at that time, not including money for food, travel, clothing or anything else, and I was a college student at that time living off of my money and not working. Today with the exchange rate, it would be more like $1600, still much more expensive in comparison to Minsk. I imagine you can eat very cheap there. I don't recall what I spent in food, but let's say 400€ a month or $560 a month, because I would travel and eat out a lot in addition to cooking at home, so food and rent, water and gas and electric was about $2460 a month, and then whatever else you needed. I also went to a private school abroad, so we did a lot of activities that led to me spending more than perhaps I would elsewhere. By comparison here, my expenses a month are north of $3000.
I'm from Belarus (last dictatorship of Europe).
I'm thinking about a legit job or business in the USA, and internet says it's possible to buy an apartment for around $100K, for example in Bronx, in "Netherland gardens".
Is it profitable to offer such flat for rent? Are there many clients who would be interested in renting such property?
How long does it take for a person to move from Bronx (for example from "Netherland Gardens") to Manhattan (for example, to the WTC area) by the subway? Half an hour?
Thanks
Definitely worth buying just for the name .When people ask where you live you can just say " I live in Netherland Gardens."
Where did you hear about Netherland Gardens from? It is located in North Riverdale, and no it is not a 30 minute subway ride. Easily 15-20 minutes on the bus and then about 30 - 40 minutes by subway, so more like an hour. I also doubt that you could buy a co-op there for that cheap. The co-op boards are quite picky in Riverdale (keeps the area from turning into a dump) and you need to have a certain percent down.
There are also "maintenance fees" per month in co-ops in addition to the purchase price. There are also many fees with the purchase process. Heat/gas/electric are usually additional expenses. Water is usually included.
Even with the co-op board having the ability to determine who gets to live in the building, there still may be problems with residents. It depends on the co-op and it depends on the co-op board (who get elected by the residents and serve terms like in a democracy).
Unemployment benefits are temporary for people who just lost their job. I think you mean welfare. There are rules about owning assets with welfare and not everyone is eligible for welfare. There are plenty of poor people who live on the streets or in shelters for the homeless.
A studio for that cheap?? Must have to be renovated...
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