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Better investment than 3 fam house in heart of BP w incomes?

 
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amother




Pumpkin


Post  Sun, Jul 24 2016, 1:21 pm
I own a nice size 3 family home in the heart of Boro Park, valued at way over a million.

Prices of similar homes are going through the roof.

I pay taxes and expenses, but if the resale value of houses like these steadily increases, as it has over the last 10 years, makes it STUUUUUPID to sell this house. It wont be long til it will be sellable at close to 3 million. People are dieing for this area to be near schools and Shuls.

Is there an equally or more sound, secure, risk free investment if I were to sell a house like this, whether real estate or not?

Ideally Id like to move to Flatbush, but value of houses in Flatbush are going up but not as rapidly, and most houses have no income, theyre 1 family, with similar taxes and expenses.

Is there a way to not lose money, or even make more money, and buy in Flatbush?

WWYD?
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brooklyn11211









  


Post  Mon, Jul 25 2016, 12:52 pm
Did you consider taking out a morgadge on the BP house and buy a house in flatbush and make sure he rent in BP covers the loan and expenses so you don't loose the house plus you have a new one and down the road it will be worth a lot more
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amother




Pumpkin


Post  Mon, Jul 25 2016, 1:14 pm
brooklyn11211 wrote:
Did you consider taking out a morgadge on the BP house and buy a house in flatbush and make sure he rent in BP covers the loan and expenses so you don't loose the house plus you have a new one and down the road it will be worth a lot more


I dont get it. Why take out a mortgage on the paid up BP house? Whats the advantage? Id need a mortgage on the Flatbush house.

Is there an advantage to getting a mortgage for BP house over Flatbush house?
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chocolatecake









  


Post  Mon, Jul 25 2016, 1:30 pm
There are plenty of two family houses in Flatbush, why don't you look into that?
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GetReal









  


Post  Mon, Jul 25 2016, 1:30 pm
Maybe she meant to use the money from the mortgage towards a house in Flatbush, so you can live there and keep the house in bp as an investment.
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Amarante









  


Post  Mon, Jul 25 2016, 2:20 pm
Why do yu want to move. If you are happy where yu are, the house represents a good investment as it is unlikely to decrease in value since location is desirable.

If you want t free up capital to be more liquid, that's a different issue. Can yu realistically buy something for less elsewhere that you would like as well. Don't forget that you have significant tax benefits by owning rental property.

Do you have income left over to save and invest in other areas to diversify.

I don't know what area you mean by Flatbush, but I grew up in Mid wood near Avenue K and CIA and almost all the houses were two family and still are although my childhood home was demolished along with the one next door and they built a McMansion but the rest of the homes are tw family.
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married123









  


Post  Mon, Jul 25 2016, 2:23 pm
I may be able to buy it and give you a good deal for ur bp home, and use that money for a home in flatbush. Based on the size of old and new houae you may make some money after u pay for new house. Please pm me for more info
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amother




Pumpkin


Post  Tue, Jul 26 2016, 12:42 am
married123 wrote:
I may be able to buy it and give you a good deal for ur bp home, and use that money for a home in flatbush. Based on the size of old and new houae you may make some money after u pay for new house. Please pm me for more info


Not happening. Bec of sound advice given to me, the only way Id sell this house is if Id get an offer that would be close to double the market value. So if the house has a value of over 2 million, Id consider selling for over 3. I have people calling me day and night making offers. Theres no shortage of interested buyers. Id only consider a buyer who wants to pay double market value. This is my Yerusha to my kids, and good income. We made bad financial decisions/investments and we learned not to be stupid. Real estate in certain neighborhoods is as safe an investment as you can find.
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amother




Aquamarine


Post  Tue, Jul 26 2016, 12:52 am
amother wrote:
Not happening. Bec of sound advice given to me, the only way Id sell this house is if Id get an offer that would be close to double the market value. So if the house has a value of over 2 million, Id consider selling for over 3. I have people calling me day and night making offers. Theres no shortage of interested buyers. Id only consider a buyer who wants to pay double market value. This is my Yerusha to my kids, and good income. We made bad financial decisions/investments and we learned not to be stupid. Real estate in certain neighborhoods is as safe an investment as you can find.


Real estate is generally a good investment, but please diversify. You just never know.
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gp2.0









  


Post  Tue, Jul 26 2016, 11:16 am
There is no better investment! Don't sell the house. Keep the house, rent out the floor you're currently occupying, and use this money to rent a house or apartment in Flatbush. There's no need to own a home in Flatbush. Your expenses stay the same, your investment stays secure, and you get to live where you want. Win-win.
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ida1









  


Post  Thu, May 18 2017, 4:15 pm
did you decide yet what you are doing with your house? We are actually looking for 3 fam house in BP so if it is right location and wider than 20 ft wide then we would be willing to pay nicely. we are non mortgage contigent buyers and looking to move to Boro Park.

amother wrote:
I own a nice size 3 family home in the heart of Boro Park, valued at way over a million.

Prices of similar homes are going through the roof.

I pay taxes and expenses, but if the resale value of houses like these steadily increases, as it has over the last 10 years, makes it STUUUUUPID to sell this house. It wont be long til it will be sellable at close to 3 million. People are dieing for this area to be near schools and Shuls.

Is there an equally or more sound, secure, risk free investment if I were to sell a house like this, whether real estate or not?

Ideally Id like to move to Flatbush, but value of houses in Flatbush are going up but not as rapidly, and most houses have no income, theyre 1 family, with similar taxes and expenses.

Is there a way to not lose money, or even make more money, and buy in Flatbush?

WWYD?
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amother




Cobalt


Post  Fri, May 19 2017, 7:37 am
Don't sell, value is only going up and up!
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