5 answers
1
Question
Asked
459 views
how much does it cost to buy an entire apt building
i want to to get into realist in new yoyk city
Login to comment
5 answers
Updated
Yvonne’s Answer
Hi Nijuel!
To buy and entire apartment building can vary on cost depending on a lot of variables. As some others have shared the condition, location, and size are all factors into the price.
However, if you're looking to start a career in real estate, there are other ways to enter into this field. If you are interested in real estate you could look into some programs that can help you get your real estate license to start selling buildings and houses.
To buy and entire apartment building can vary on cost depending on a lot of variables. As some others have shared the condition, location, and size are all factors into the price.
However, if you're looking to start a career in real estate, there are other ways to enter into this field. If you are interested in real estate you could look into some programs that can help you get your real estate license to start selling buildings and houses.
Updated
Akansha’s Answer
It depends on the location in New York and the type of building. In all, NY has upper priced ranges compared to more rural or urban towns but it is all how your perspective of expensive is that determines the range for you.
Updated
Heather Rose-Marie’s Answer
I agree with the advice provided so far. You might want to go to a commercial bank a speak with a loan officer and let them know you are doing research on what is needed to buy an apartment building.
When you buy an apartment building it means you will be the landlord. As the landlord, you are responsible for the upkeep of the property. You need to know how to manage the following:
Garbage removal
Painting
Repair the interior and exterior of the building.
HVAC
When tenets move out, repair any damages to the interior of the apartment units.
Property insurance - Liability
If you can not perform the necessary repairs to the property, you will need to hire a professional who knows how to.
Read this article: https://www.forbes.com/sites/forbesrealestatecouncil/2021/04/12/four-reasons-and-three-ways-to-begin-investing-in-apartments/?sh=65708445648a
When you buy an apartment building it means you will be the landlord. As the landlord, you are responsible for the upkeep of the property. You need to know how to manage the following:
Garbage removal
Painting
Repair the interior and exterior of the building.
HVAC
When tenets move out, repair any damages to the interior of the apartment units.
Property insurance - Liability
If you can not perform the necessary repairs to the property, you will need to hire a professional who knows how to.
Heather Rose-Marie recommends the following next steps:
Updated
Ashley’s Answer
This would depend on many factors such as location, condition of the building, etc.
My advice would be to ensure you have the best possible credit, finance a building, have a thorough inspection done before purchase, and to remember things don't happen overnight... be patient with yourself.
My advice would be to ensure you have the best possible credit, finance a building, have a thorough inspection done before purchase, and to remember things don't happen overnight... be patient with yourself.
Updated
Fred’s Answer
That's not a simple question. Price is determined by just a LOT of factors...location, size, amenities, age, updates...
A quick google shows a lot that are currently for sale. Most look like they are being auctioned, so the final price isn't determined yet. I see a three-family unit starting at $2.6million, and a 10family unit starting at basically $11million.
A quick google shows a lot that are currently for sale. Most look like they are being auctioned, so the final price isn't determined yet. I see a three-family unit starting at $2.6million, and a 10family unit starting at basically $11million.