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I want to put my savings to us and I am thinking of buying a 1br condo in Westchester country within walking distance to the Metro North stop as investment (to rent out). My budget is up to 350K.
I looked online at some properties in White Plains, Bronxville and New Rochelle on Zillow and do see some 1br condos in this price range. Any other towns I should consider?
I am planning to put 40% and take a mortgage for the remainder.
Would appreciate any advice in terms finding the right place, engaging a broker to rent it out (since I don't have time to deal with it myself), etc.. I have never invested in real estate. The only purchase I ever made was my own primary residence.
I love investment properties, you can't go wrong (usually!). The problems I have with coops/condos as investment properties are you sometimes don't have as much control, since you have to deal with boards and other peoples regulations. I'd always recommend a single or multi-family property to maximize your investment.
In the above example, say you can get the above house for $325K and still put down 40% your estimated monthly payment would be - less then 1500/month (no PMI, but including taxes and insurance, excluding maintenance). You can certainly make a profit and get a nice deduction. :-)
I want to put my savings to us and I am thinking of buying a 1br condo in Westchester country within walking distance to the Metro North stop as investment (to rent out). My budget is up to 350K.
I looked online at some properties in White Plains, Bronxville and New Rochelle on Zillow and do see some 1br condos in this price range. Any other towns I should consider?
I am planning to put 40% and take a mortgage for the remainder.
Would appreciate any advice in terms finding the right place, engaging a broker to rent it out (since I don't have time to deal with it myself), etc.. I have never invested in real estate. The only purchase I ever made was my own primary residence.
Mount Vernon is going to re-do a run down area near Mt. Vernon West train station. It's not very nice now, but you might get a jump on it by buying something in the area. I believe there are 2 family homes all over that area.
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