is it a hassle to own an investment property in new york city
we'll demystify this topic in the following video i'm Nick at Hauseit based
here in miami florida visit hauseit.com to learn how to save money if you are
looking to buy sell or rent in new york city long island the hudson valley or
here in miami and south florida so let's get started
so is it a hassle to actually own an investment property in new york city
this is something that most investors at least first-time investors don't think
much about as they begin the process of looking for a suitable property
but once you're on the other side you may start asking yourself the question
is it all worth the hassle and to be clear
owning investment properties in new york city or anywhere else in the world
does require considerable amount of time on your part to make sure that things
are running smoothly in addition to the time commitment you
have the uncertainty factor of not necessarily knowing when you'll be
called to arms to take care of a repair or sort out some other problem you might
have with the tenant so conceivably you can go many months in
some cases without hearing a peep from your tenant but then all of a sudden out
of nowhere you have a litany of seemingly endless problems
so in our opinion it is absolutely a hassle to own an
investment property anywhere and especially in new york city
the reason it's particularly difficult in new york city is because of the fact
that it is very hard in most cases to find a competent repair person at an
economical and fair price who can arrive and fix the problem in a timely manner
you simply have so much demand from other property owners in new york city
and there's a shortage of actual skilled laborers across the spectrum in terms of
plumbers handymen people who can do tile and the challenge as well is even if you
think you found your go-to handy person they might not necessarily be good at
everything so the person you use for say plastering and painting
might destroy your bathroom if you hire them to replace a cracked tile
so it's about sifting through and being able to have a rolodex of qualified
people within the various areas of construction which will ultimately make
your life much easier as a landlord in new york city
the other challenge and annoyance of owning an investment property at least
in manhattan or parts of brownstone brooklyn
is the fact that you have real difficulty with parking now let's take
for example the case of like the lower manhattan area let's say you're on the
bowery or somewhere in that general vicinity parking is extremely expensive
on the street and it's hard to find so when you call somebody up let's say
you call the ac repair guy he'll first ask where's your apartment and you say
manhattan he might hang up the phone he might say sorry we don't go to manhattan
it doesn't pay you literally have people decline you as a client because of where
the property is based and so when it comes to pricing anyone
you potentially discuss a repair with is presumably going to
factor in the annoyance of the parking and the cost and hassle associated with
it when they price or bid out your particular job
the other way it can be a hassle to own investment property in new york city is
if you actually don't live in the city at the end of the day you know sure you
can find somebody hopefully to make repairs but without you being able to
personally see the progress and the quality of the repairs you might not
necessarily be very happy when you come back and see what kind of repair work
has been done on your property because at the end of the day in new
york in particular time is money so a lot of these contractors handy persons
will do literally the bare minimum to make sure something is fixed you know i
have a good personal story you hire somebody to basically change a molding
around the door and the only thing they will do is
literally change the molding the worker literally just left without
taking out the old molding without sweeping the floor without mopping left
a tool on the floor left a rag on the floor so you know you really ideally
want to be in the city when you have to make repairs and of course like we said
because you don't know when repairs may arise you're not necessarily going to be
around just by way of it being a coincidence so
we hope you found this video to be helpful we're not looking to
actually deter you from buying an investment property in new york city i
personally own several and i have no regrets about that but you just need to
be prepared from a lifestyle perspective and from a stress management perspective
about how things will unfold if and when problems inevitably do arise if you have
any questions please give us a shout leave us a comment below the video or
send us an email to team@hauseit.com and please don't forget to like this
video and subscribe if you like our content also don't forget check out
hauseit.com to learn about ways to save money if you are looking to buy sell or
rent here in new york city we appreciate your time and we'll see you on the next
video