Become a landlord

BECOME A LANDLORD​

The simplest strategy is to buy a condo units or several condo unit and build up residential portfolio. There has never been a better time to do that than now, when residential mortgage loans have record low interest. The rent levels, however, remain quite high, since while advancing money at low interest rates, the banks remain quite strict with the borrower’s approval process. In addition to condo units, investors can also consider some investor friendly coops and multifamily buildings. Please call us to discuss your condo purchase. 
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Help others to become a landlord

HELP OTHERS TO BECOME LANDLORDS

Financing options define real estate pricing in most markets, New York is certainly no exception. Townhouses with more than 4 units can only be financed with commercial loans at rates, which considerably exceed current interest rates on residential mortgage loans. Other considerations, such as DSCR (debt service coverage ratio) also restrict financing of multifamily units, increasing equity requirement and limiting the number of eligible buyers. Townhouses with 4 units or less can be financed with a regular mortgage loan at very attractive, low rates and make such purchase more accessible to many more buyers, especially live plus income owners. Such buyers want to use the part of the building as their residence and collect income from remaining units. Sometimes combining units to restore residential status of a townhouse is a great idea. Another option includes changing the building’s legal status to a condominium, even a small one, which would allow selling separate apartments in such building to individual owners. In such case, buyers of individual units will have access to regular mortgage financing and with lower per unit price, the number of potential buyers should be high. Please call us to discuss various townhouse conversion projects. 
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Deregulate

DEREGULATE

New York has complex residential code and many regulations, which apply to various rental units in older buildings. In some cases, landlords can’t charge market rate rents from their long term and especially elderly tenants. Such apartments can be “deregulated”, i.e. restrictions on rent and use can be removed, under certain circumstances, especially when the benefit is used improperly. In some cases, it is possible to buy out privileged tenants. While such projects present considerable risks, these options also offer great upside potential. Please contact us to discuss various deregulation projects. 
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VERUS REAL ESTATE, INC / T 646-896-9487 / INFO@VERUSNYC.COM

We strive to maintain all of the information accurate and up to date, so data is deemed reliable but is not guaranteed to be accurate.
All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable, however no representation is made regarding the accuracy of such information. It is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without prior notice. All square footage and dimensions are approximate. Please engage the services of a professional architect or engineer to get exact measurements. The number of bedrooms or rooms is provided by the listing agent is approximate. Each person should consult with his/her own attorney, architect or zoning expert when using any information for their decisions.