Sierra Residential works extensively with those who wish to purchase property as an investment. There are few more rewarding investments one can imagine than New York City real estate. Nowhere else in the United States have properties consistently appreciated and provided more consistent returns than throughout the Five Burroughs.
There are two types of residential properties in which individuals typically invest:
After purchasing a condominium as an investment, one can often count on years of relatively hassle-free income. Apart from painting, cleaning the units, and collecting rent, there is relatively little that an owner of a condominium has to do to maintain the apartment on a day-to-day basis. Most of the tenants’ concerns can be addressed by the condominium’s managing agent. In general, investing in condominiums provides a steady cash-flow in all market conditions.
Sierra agents understand not only how to negotiate the best price on investor-units, but also have a very strong sense of the rents that can be achieved. They also understand the seasonality of the rental market and will help to ensure that your leases begin and end when most beneficial to maximizing the investor-units’ income stream.
A multi-family property is a building which consists of several apartments. Purposes of investing in such a property can be as follows:
- One wishes to convert the multi-family property to a townhouse and then resell it.
- One wishes to keep the property in its present state and derive income from it.
- One wishes to use a portion of it as a personal residence and rent out the other units for income.
Sierra agents will help you throughout the process of purchasing this type of property. They will help you to pro forma the rental income stream and to determine the highest and best use of the building.
Sierra agents perform careful research to determine the building’s present expenses and to prognosticate the building’s future expenses. Typical expenses in a multi-family property are:
- Heating oil
- Miscellaneous maintenance and repairs
- Common area electricity and gas