New York City is a hot market for real estate investors. However, buying and flipping aren’t the only ways for real estate investors in NYC to make money. Knowledge and information are the key to success in the real estate investment market. Read on for our latest tips.
Renting Versus Flipping
The majority of real estate investors in NYC area buy properties, repair them and then resell them for profit. Although this is a short-term investment, more profit can be made in the long term from renting properties. As long as you properly manage and choose the right tenants, rental income is virtually risk-free. Not only are you the investor, but you are also the landlord and are required to do routine maintenance. However, the longer you own the property, the more you can expect the value to rise. In the meantime, you have a steady stream of rental income.
Get a Mortgage Advisor
Even though there are many financial options available for qualified borrowers, it would be well worth your time and money to get the advice of a mortgage advisor. A common misconception for real estate investors in NYC is the process involves first finding a property to purchase before securing a mortgage. However, prudent investors with good financial sense would dictate they first assess what they can afford before searching for a property to purchase.
If you’re looking for a variety of commercial real estate options in NYC with expert advice, check out the Avid Realty Partners website today.