U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Westchester County
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-22-2008, 08:43 AM
 
6 posts, read 25,176 times
Reputation: 11

Advertisements

Hi my husband and I went to school at Pace (Pleasantville) some years ago. We used to hang out in WP. Now we live in NYC and were thinking of buying a 1 bdrm unit in downtown White Plains and rent it out. I was wondering if that was a good idea. My concerns are the following:

- How is the buyer's market? Soft or not? Is there inventory, room for negotiation? What are the best areas (we were thinking to cater to commuters and buy something close to the RR and the law campus).
- How is the rental market?
- Condos vs. coops do coops allow you to buy as an investment property?
- How can I find out if there are any preforeclosure properties?
- Is there a newspaper online that has "sales by owner"?

Any feedback and general advice would be appreciated. We're newbies and want to take the appropriate precautions to make a sound investment. Thanks in advance.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-22-2008, 06:43 PM
 
490 posts, read 1,690,174 times
Reputation: 260
Hi,
I can help you with some of your questions. I used to live in WP (hope to come back soon).

-The rental market is great. Rentals go fast!
-Investing walking distance to the train is the best
-Co-ops are though. They don't allow renting easily and many charge a fee for you to rent your property out. Most will also make the tenant do the lenghty process of applying and meeting the Board. Buy a condo instead. For more on co-ops run a search in this forum and you'll see what we've talked about them!
-Prices in WP have gone down very little if at all. I look everyday too and I don't notice them coming down except for some of the lower end co-ops
-I wanted to find pre-foreclosure too but couldn't. Not easy in the area. There are not that many properties in that situation.
-Check the Journal News for some for sale by owners. There are a couple of websites but not sure if they'll have properties in WP. They are For Sale By Owner, homes for sale, houses, real estate, for sale and FSBO, For Sale by Owner Real Estate, Homes, Houses, For Sale.

With today's high prices, be careful and make sure you calculate all the expenses involved so you end up making a profit!

Wish you luck,
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-23-2008, 08:05 AM
 
6 posts, read 25,176 times
Reputation: 11
Thank you so much for your help. Have you tried getting the list of the Pre foreclosures from the county clerk's office? I called yesterday and they said that it was $20 for the weekly list and close to $500 for the yearly list. How did you go about finding them? I guess I should just focus on getting a good value. Do you know if there are any preferred condo complexes that are more desirable to get in? I don't know enough about the market to know the "good" condos vs. the not so desirable ones. Thanks!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-23-2008, 08:48 AM
 
490 posts, read 1,690,174 times
Reputation: 260
Quote:
Originally Posted by Zinebcb View Post
Thank you so much for your help. Have you tried getting the list of the Pre foreclosures from the county clerk's office? I called yesterday and they said that it was $20 for the weekly list and close to $500 for the yearly list. How did you go about finding them? I guess I should just focus on getting a good value. Do you know if there are any preferred condo complexes that are more desirable to get in? I don't know enough about the market to know the "good" condos vs. the not so desirable ones. Thanks!
____
I spoke to a broker that sold my co-op but she wasn't much help. I checked on-line in banks' REOs sites but nothing came up then. That was over two years ago. I didn't check the Clerk's office so I thank you for that idea.
Don't know the bad condos, to me they are all good. The Seasons, next to the train station has for years been a place for people not only working in the city but for young people and people with pets working near by. On North Broadway, there are a number condos that are very appealing too: 55 North Broadway, The Chateau, 89 North Broadway...10 Lake Street, 10 cottage place. These are all rentable with the only problem that they are sooo expensive, unless you have a huge down payment, the numbers will not ad.
Definitely check that list for $20 first so see if it is a viable option. Room for negotiation in WP is small but of course do whatever you can. Interview a number brokers (if you decide to use one) and find one that will work for you and you feel confortable with. Be strong and fire anyone that is not delivering or you feel is pushy.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-26-2008, 08:58 PM
 
Location: Rye Brook
178 posts, read 631,287 times
Reputation: 58
We don't have that many foreclosures in the area yet. Many of them are actually listed with brokers.

The market here still is a little high for condos, so you probably won't be able to get your mortgage, taxes and common charges paid from the rent unless you have a fairly large down payment.

You might get a better return on a multi-family home.

All the best!

Kevin O'Shea
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-29-2008, 08:19 AM
 
6 posts, read 25,176 times
Reputation: 11
Default Investment Property in White Plains- Follow up Questions if you don't mind

ambar371 and Kevin, thanks for your responses. I have some follow up questions if you don't mind. I was going through some posts and gathered that the area North of Broadway is nice. Just to get an idea, what is the rate for a 1 bedroom rental in that area? What is the approximate purchase price of a 1 bebroom condo around that area?

I ran some numbers in a spreadsheet that I set up and the real killer is the mortgage rate for an investmetn property. I called my mortgage broker and he quoted 6.375 +1 1/2 points. If you put less than 25% down than it's another $135/month in mortgage insurance. I understand that financing has become more of an issue now and 10% down for a condo is not acceptable anymore?? The most I can put down is $75K but would be more comfortable with $25-50K. Are there any other financing options? From what I can see, it might be better to just leave our money in the stock market and stay out of real estate. Am I missing something here? Thanks in advance for any input.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-29-2008, 09:12 AM
 
490 posts, read 1,690,174 times
Reputation: 260
Quote:
Originally Posted by Zinebcb View Post
ambar371 and Kevin, thanks for your responses. I have some follow up questions if you don't mind. I was going through some posts and gathered that the area North of Broadway is nice. Just to get an idea, what is the rate for a 1 bedroom rental in that area? What is the approximate purchase price of a 1 bebroom condo around that area?
_____
A one bed in the North Broadway area can rent for at least 1500 but most likely more. A broker can give you comps for rentals. Check realtor.com or the Houlihan Lawrence site to see how much condos in the area are being offered for to sell. You can check this link for recent home sales:
Search real estate sales | lohud.com | The Journal News

If the math does not ad up to a profit, then it may be obvious that a rental property is not the way to go.

Best,
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-02-2008, 10:29 PM
 
Location: Rye Brook
178 posts, read 631,287 times
Reputation: 58
You could probably get 17-1800 for a nice one bedroom condo. But you will pay around $300K for it so the numbers probably won't work out for you.

I wish I could say your money is safe in the market these days, real estate or stock.

All the best!

Kevin O'Shea
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-19-2008, 12:24 PM
 
2 posts, read 7,362 times
Reputation: 10
[FONT=Verdana]I work in corporate relocation and White Plains is a hot spot for rentals. But, remember you have a lot of competition. Furnished apartments such as Korman, Marriot Residences Inn, and City Center have many amenities and charge $4000 per month. You also have unfurnished such as Bank Street, Jefferson Place and Trump that start as low at $1800. Most of the condos on North Broadway do not have all of the amenities that these large complexes have. You need to be prepared to be vacant for a while.[/FONT]
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-27-2008, 04:47 PM
 
48 posts, read 140,652 times
Reputation: 21
Quote:
Originally Posted by Zinebcb View Post
Hi my husband and I went to school at Pace (Pleasantville) some years ago. We used to hang out in WP. Now we live in NYC and were thinking of buying a 1 bdrm unit in downtown White Plains and rent it out. I was wondering if that was a good idea. My concerns are the following:

- How is the buyer's market? Soft or not? Is there inventory, room for negotiation? What are the best areas (we were thinking to cater to commuters and buy something close to the RR and the law campus).
- How is the rental market?
- Condos vs. coops do coops allow you to buy as an investment property?
- How can I find out if there are any preforeclosure properties?
- Is there a newspaper online that has "sales by owner"?

Any feedback and general advice would be appreciated. We're newbies and want to take the appropriate precautions to make a sound investment. Thanks in advance.
Paying Rent is a terrible investment idea . It is a total black hole you lose money you do not own the property you than lose your place after you leave and than you have spent alot of money too not even be able too own it or sell it than all the while you are a slave too a land lord lol .
But too many people have bad credit , Banks are giving out less loans now for houses . IT seems renting will become a larger percentage in america now .

Renting out apartments and properties how ever are a great idea!

IF you have the money buy a small possible 3 - 4 tenant apartment . Live in one rent out the other three it is a money maker . If you ever want too leave you have a perfect investment property too charge rent on . Than you can hold onto it too the perfect time in the market and sell it .
I remember seeing a 8 tenant apartment in terry town for a price in the 700 thousand range the same as most houses go for in westchester .

Defiantly go condo over co - ops . Since many co - ops often give away fairly cheap apartments people can own . I have heard it is hard too sometimes find renters .
But there are still people who have bad credit and would love the advantage of living in a safe co - op with a monthly rent .

If you buy a condo or near the train is always good . But i skeptical the issues are that ferris avenue projects and longview projects are also in similar range too the train . The worst slums and crime waves seem too be with in a few blocks of the train stations . The old white plains slums were along the train stations and they tore then down and built projects , Be careful and check deeply into buying any properties close too the train station . You also have too watch out for a large illegal immigration problem that has hit many areas in white plains too . i would suggest buying more on the east side towards harrison vs elmsford . The harrison side at least has 684 and a bunch of large corporations . such as pepsi co and Closer too purchase college- and west chester country clubs rye play land ect . While elms ford does not have the greatest reputation and has the higher gridlock along 287 vs east white plains .

- The renters market country wide is great! Houses around the area have droped but rents are still steady and rising in many areas ! With house prices down! And people losing their homes . When people are losing there homes and panicing about the economy you will have many more people renting! Many of them will rent condos! Since condos are similar too houses that many people have lost . With a lack of rental apartments in recent years . Rentals are fairly high . Especially with the contractors ideas of almost only building houses that few can afford .

Last edited by Existtoexit; 06-27-2008 at 05:05 PM..
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Westchester County

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top