Wouldn’t it be nice to know what to look for as an investor in Brooklyn rental properties so you could rest easy knowing you made a great deal? Real estate investing is a blend of continual education, exploring new niches among various market sectors and locating properties. In addition, a real estate investor’s job is to build a portfolio, and savvy investors utilize the most up-to-date technology, mathematical formulas and statistics, building a great team to ensure your property is structurally sound and managed.
Additionally, investors need knowledge of the Brooklyn real estate market and the ability to recognize the red flags from a distance that less experienced investors might overlook. Read on as we explore five things to look for in Brooklyn rental properties.
The New York Metropolitan Real Estate Market is unlike most of the country. Tenant laws are very strong in NYC. One must be aware of the advantages and disadvantages of buying rental properties in Brooklyn.
One of the biggest advantages is that the rent will be a decent amount due to the high demand of rentals in the NYC market and the current rental environment.
The disadvantage of buying a Brooklyn rental property is if a tenant decides to stop paying rent, it may take 6 months sometimes over a year to evict a non-paying tenant in NYC. This means that you as the owner/landlord will have to continue to pay the mortgage and continue to maintain the upkeep of the building, along with attorney fees incurred to evict the non-paying tenant. You always want to put aside a 6-8 month mortgage reserve and emergency fund in the event you encounter such circumstances.
Location is crucial when investing in Brooklyn rental properties, in case you haven’t heard. In addition to selecting the best neighborhood in Brooklyn, consider the location of the lot, is water nearby or is there mountain scenery that could increase the value in the eyes of tenants, who would be willing to pay more for a beautiful view? Again, professional buyers like those at Tristate Holdings 167 can help you focus on and narrow down your options to select the best location available.
The Brooklyn Real Estate Market has been extremely hot over the past couple of years so you should be fine for the most part regardless of wherever you decide to buy in Brooklyn.
Increasing property values are another thing to look for in Brooklyn rental properties as this usually reflects dropping crime rates and improving schools and other public amenities such as parks and transportation. Professional buyers at Tristate Holdings 167 know the market intimately, having built their careers investing in Brooklyn real estate, so why not let them help you locate your next investment property?
Increasing rental rates are another essential factor when investing in Brooklyn rental properties. As neighborhoods change, property values increase, and families begin to move in, creating more demand for rental properties and causing rental rates to increase. Professional buyers like those at Tristate Holdings 167 are your neighbors here in Brooklyn. The professional buyers at Tristate Holdings 167 are proud to be a part of beautifying properties and revitalizing our neighborhoods, improving citizens’ lives and increasing property values.
The bottom line is that you must understand the return on your investment before purchasing Brooklyn rental properties. Getting a good feeling about a property is not enough; you must have reliable numbers provided by contractors to understand the costs to bring an investment up to par and earn the highest possible returns. You also need a reliable timeline to calculate any holding costs if necessary repairs or renovations. Professional buyers like those at Tristate Holdings 167 have spent years building the necessary connections to have a team of investor-minded pros ready to move into action.
Tristate Holdings 167
Tristate Holdings 167 is a team of Cash Home Buyers. We Buy Brooklyn NY Houses in the following areas of Brooklyn, New York, (Williamsburg, Park Slope, Brooklyn Heights, Dumbo, Bushwick, Greenpoint, Carroll Gardens, Fort Greene, Prospect Heights, Bay Ridge, Cobble Hill, Red Hook, Crown Heights, Boreum Hill, Gowanus, Bedford-Stuvesant, Sunset Park, Flatbush, Clinton Hill, Canarsie, Bensonhurst, East New York, Windsor Terrace, Sheepshead Bay, Prospect Lefferts Gardens, Brownsville, Kensington, Cypress Hills, New Lots, Ocean Hill, Carroll Gardens, Coney Island, Flatlands, Midwood, Marine Park, Bergen Beach, Gravesend, Downtown Brooklyn, Vinegar Hill, Greenwood Heights, Mapleton, Boerum Hill, New Utrecht, Bath Beach, Brighton Beach, Dyker Heights, Mill Basin, Gerritsen Beach, Seagate, East Flatbush,Borough Park, Manhattan Beach, Fort Hamilton, Prospect Park), Bronx, Queens, Manhattan, Staten Island, Long Island, and other areas of New York.
The professional buyers at Tristate Holdings 167 know what to look for in Brooklyn rental properties and can quickly identify the warning signs that will help investors like you avoid money pits. Whether you are starting out as a beginning investor or a seasoned investor with vast holdings in your portfolio, you can count on the professional buyers at Tristate Holdings 167 to help make your investment dreams come true. Another way we accomplish this goal is by providing our investors at Tristate Holdings 167 access to our full-service in-house team of industry specialists, including every professional and specialist an investor needs. From real estate attorneys to titles and even the closing, we can handle it all at Tristate Holdings 167 to make investing easy and allow you to enjoy your passive income, living out your golden years in style and comfort. And don’t forget to ask your professional buyer from Tristate Holdings 167 Inc. about our steady inventory of the best investment properties available in Brooklyn. Call Tristate Holdings 167 Inc. at 1-(888) 788-7478.