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Do you want to own an apartment or a building?

Posted by MikeW on January 05, 2001 at 11:05:45:

In Reply to: Landlord: How To Become ? posted by Brenda on January 04, 2001 at 21:07:57:

I'm assuming your talking about NYC, but I'm not sure. If you are...

There are lots of coops and condos out their. Out in the boroughs they can be pretty reasonably priced. If you want to own, that would be the quickest, easiest, and cheapest way of doing it. However, you might want to wait a little and see if prices will start coming down with the stock market.

If you want to get into real estate to earn an income, you can buy buildings. However, I wouldn't be doing this now, and not in NYC. Right now prices are at a peak, and may start to come down. Also, NYC is probably the worst place in the country to be a LL, especially a small one. High taxes and high regulation. You really need to be one of the big boys to make money at it.

: Hello, I have done the calculations and have confirmed that owning property is most cost-effective than renting, over the long term. Does anyone have any advice on how to get started owning real estate ? Does the city offer any assistance ? How about buying an abandoned property and renovating it ?

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