Passive Income simplified….

Passive Income - Simplified (1)

Let’s be honest – all of us would love to bring in a bit of extra money from time to time, right? There’s nothing better than being able to earn some money in addition to your day job. Apart from boosting net worth, this will also give you financial security, which is something all of us want. But if you’ve already got a demanding day job – you may not be up for doing a lot of additional work. And that’s where passive income comes in, especially if you’ve got a property you can rent out. That’s why I’ll give you a simplified rundown of passive income basics right here!

Passive Income And Rental Properties

Okay, so let’s talk about passive income. Just what is this in the first place? Well, the definition of ‘passive income’ is basically that it’s any earnings you make in a way that doesn’t take you a lot of effort to attain. As the word ‘passive’ implies, you’re not working for this type of income on a daily basis yourself. For example, this could mean investing your money into bonds, stocks, or earning from a rental property.

Obviously, having some passive income is awesome. With it, you can give your retirement savings the boost you may need to retire early, or simply build your wealth. Naturally, there are many ways you can invest in real estate – but today, in the context of passive income, we’ll take a look at rental properties.

Think about a very basic fact about life for a second – people move around all the time. For some reason or another, people use one of the many different moving options out there in order to relocate to a new home. But realistically, not everyone has the financial chops needed to buy a new household of their own. In that situation, many people resort to renting. And that’s where you come in with your rental property! At the same time, you solve someone’s household problem, while also making some long-term passive income. It’s truly a win-win situation.

Finding Expert Real Estate Agents

When it comes to rental real estate, one thing is certain – you can’t afford to make any beginners’ mistakes. After all, any sort of investment in real estate is a sizable one, especially for a high middle-class budget. And in the very beginning, you’ll definitely need to put some money into your rental property, if you want to earn a passive income later on. Sure, it won’t require any daily work once you’ve got a steady tenant – and you’ll get a nice monthly income for your initial effort!

But before you do anything or make an investment, find a real estate agent that is local and knows NYC, someone like Imma, Broker Owner of Tyler Vincent Real Estate Inc. You don’t want to entrust your real estate investment to anyone – you need a combination of experience and knowledge-ability that has the highest possible odds of yielding results.

Where To Buy

So, you’ve decided to invest in a rental property, in order to start making some passive income. But with that in mind, you should consider which area would bring you the highest profits. Generally, the rule of thumb is that you want to have a look in areas that have great schools. Buying a rental home in such an area may be more expensive, but it will also give you a better return on your investment than a condo or an apartment. Make sure you purchase only in a neighborhood where you know that prices have been rising for years.

Plus, such an area is more likely to get you the tenants you want, responsible renters that won’t be unpredictable in regard to payments, and won’t damage the place in any way. Also, keep an eye out for rentals that are near major highways or public transportation; these are usually more popular because of the chance for an easy commute.

If you’re making your first investment in real estate, you want to make sure that you’ll buy local – a property that’s nearby, so you can check on it from time to time. Conversely, your first rental being an out-of-state property would be a bad idea, regardless of the costs.

What to Buy

When people ask about renting and buying, I tend to tell them: firstly, it all depends on what you’re planning on doing with the rental. If you want to have regular renters for a prolonged period of time, you want to invest in an apartment. On the other hand, if you plan on selling your rental in a couple of years’ time for a neat profit – a house is a better idea.

/caption: If you’re renting, get a property that doesn’t require extensive renovations! /alt: A front door with a key in the lock.

If you’re planning on selling the property pretty soon after you purchase and give it some slight renovations, take a look at foreclosures. These are an excellent way to land an agreeable deal on an under priced property. On the other hand, when it comes to rental properties – don’t settle for fixer-uppers. You want to rent it out as soon as possible, instead of burying yourself in endless renovations and additional costs. Get something that’s basically move-in ready, if you plan on renting it out.

Finding Tenants

For those worried about finding the right tenants – know that it’s hugely important to set the right price for a property. You’d do best to consult with an experienced real estate agent on how much you’d be wise to charge for the property. Though, make sure that the rent covers your overhead on the property while bringing in some passive income as well. After all, every property means dealing with homeowner’s insurance, maintenance, HOA fees, etc. Take all of that into account while you set your rent! Hire a professional like Imma, who will screen the top qualified candidates for your property. It is all about damage control. Don’t just run a random ad, everyone has to prove their income and credit worthiness or they just do not cut the mustard.

Remember this is YOUR wealth portfolio we are building, not a not for profit. In some state L and T Courts are stacked against the landlord .. therefore you must avoid courts at all costs.

Remember if you do not watch your money, someone else will be.

Call me for one on one consultations – 30 minute call yours FREE for the holidays. I would love to chat.

 

 

 

 

 

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All this hoopla on commission!!

As I sit here shaking my head in disbelief at where the Real Estate Industry is heading I say to myself Imma, why does this still shock you?

Real Estate business is a very fascinating arena, it entails many many moving parts and the T.V. doesn’t do it any justice. Real Estate is not as sexy as they portray it to be, in fact it is very challenging since the only constant we face daily is change.

This change has many many masks, such as the government interference in private sector, the associations of real estate professionals deciding on things without looking at each micro market. Clearly we know Manhattan and Downtown Brooklyn is a totally different game than let’s say Boston MASS.

We are faced with inflation offsets, rising costs of materials which increases costs of housing. We also need to navigate interest rates and so many agents have a hard time riding the wave.

To some, Real Estate seems to be a steady market – ” it only goes up” I’ve heard a 1000 times – yet that is NOT true in micro moments and markets – Real Estate like every other thing on this planet is cyclical. It does go up and is by far for me, the ONLY investment to make. However if you are caught in what I call the “Real Estate WEB” you will lose money on your investment should the need to sell comes at a moment in time where things are on the way down. Let’s talk about commission! EVERY agent that brings about a transaction should be compensated by the SELLER as in NYS we are all sub agents of the seller as so I do not see an issue on this and this should be a STATE to STATE decision in the long run.

When Listing a property the SELLER needs to understand that the commission paid will be split – In NYC my experience over the last 2 decades has been that every one agrees so do the majority of the larger firms. WE ALL AGREE that we need to do business as usual.

The buyer side is super important – imagine having no buyers to buy? Everyone working just the listing end?? Seriously it does take 2 to tango and if we are all disclosing it there should be no issues. I feel the MLS and REBNY needs to disclose the commission – so that it keeps Brokers and Brokerages on the transparent train! WE need to continue co brokering to represent the SELLERS 100%.

Back in the Saddle

Real Estate is one of those businesses that you can simply walk away from then return to whenever you want..However there are a few things you need to know to pull this off when you need to step away.

1-Make sure you remain in constant contact with your Sphere of Influence

2-Make sure you have someone here locally that can show and go

3-Make sure you remain in tune with the market trends

4-Make sure that you keep your license current

It all sounds easier than what it will actually become.

Remain aware and visit once in a while where you can take your clients to coffee or lunch, breakfast or dinner.

During the pandemic many agents grew, some quit and others decided to remain dormant.

The Pandemic brought about a Real Estate change that is still occuring, people are still moving out of the State and into other areas where you can certainly make referrals.

I am now back in the saddle and ready to grow my office and offer to the agents that believe there is no hope for Real Estate my awesome and amazing transformational program.

So if you want to jump back into the saddle and you are not sure of where to start look me up so I can help you on your way!

Take advantage of my experience with customer service, Real Estate Sales, training and mentoring staff and brokering!

ASkimma giocoli on youtube, my office at Tyler Vincent Real Estate Inc. or find me on the web by googling my name – The Be who you are in Business movement is happening and YOU are the missing link!

Sincerely,

Immacolata Giocoli

What does a down arrow really represent?

With these uncertain times, how uncertain are they? Or are we looking at the glass being half full!

My eyes always see opportunity, no matter where we stand. Whether it’s on the way UP, TIPPING or Leveling off heck even if its on the way down!

There is ALWAYS opportunity! SO, why all the down arrows? When searching for Real Estate or evaluating markets the things I look for are arrows, days on market a.k.a. DOM, location, condition and quantity!

Buyers ALWAYS rule the markets all markets – right? RIGHT. Imagine not having a buyer to sell your home to?

Exactly, why the down arrows, the market is for sure shifting, it is on the way down and no that does not mean you are going to lose your shirt because in Real Estate we all know this is a long term investment vehicle – you should visit the case-schiller chart its amazing and accurate.

What goes up MUST come down! Did you learn that in 3rd grade? However hold onto it long enough and you will see that it will rebound, and generally creates a higher peak than where it last left off.

SO, Arrow down means opportunity! Buy LOW sell HIGH – basic economics. WHY is this downturn different than 2008, because we have many moving parts that we did not have in 2008.

We have fear, wars, pandemics and inflation to name just a few. Let’s not forget interest rates! While we ALL feel the hit on gas, food and cost of living we do not all make the same income. Clearly some will feel it alot harder than others but this is the way of life.

Opportunity awaits for people who have cash, can afford the higher rates and are frugal with their money. Real Estate will certainly rebound all the time and the short answer is WE ALL NEED A HOME TO LIVE IN, so whether you rent or buy, we all need that roof.

I look at the down as an opportunity to help people move, sell their homes or refinance their ARM – ADUJUSTABLE RATE MORTGAGES into fixed ones – NOW IS THE TIME –

WHY the gloomy faces? People thought / think the Real Estate market goes only up (they are not wrong however it also comes down) ..when I am asked when should I sell my home, I simply say WHEN you have the need to sell it! GREED usually replies ” what if I wait then sell when the market goes high, if I sell in the down I will lose” I have stories to tell you my friends. Selling your home has to be driven by a Reason to sell not money, its either financial or safety. You can wait assuming you can wait, and see what happens or you can sell now and gather your proceeds and buy on the down…bank the rest. If you sell on the beginning of the dip, hold and buy on the bottom you will be GOLDEN.

If you wait, who knows what will happen and honestly I have had clients who turned down 7.2M ended up with 5.4M , or had 4.7M and ended up with NOTHING – so drop the emotions and make decisions based on the need not the market, not the money – YOUR LIFE DESIRE.

Keep your eyes on the DOWN ARROWS!

Putting the REAL into REAL ESTATE !

When I started selling Real Estate, or rather when I first got licensed I could not believe the amount of caddy, crazy people that are in this business. WAIT! Let me rephrase that – GREEDY – NASTY and down right SNEAKY.

As a Highly Sensitive Person, I was uncomfortable, I felt as if I would NEVER make it. How can I walk amongst these people? I was mortified. The stories I would hear, the lies being told during showings, the secrets of the developers, the real ugly things that give this business the bottom feeder ratings it deserves. After all I think Real Estate “advisors” , Sales agents and Brokers were ranked the least trust worthy people in business .. NOW – HOW could I be a part of that!!!

My inquisitive self said , self there has got to be some good in all this bad because I am always optimistic and I always find the cup is half full never half emtpy; unless its a glass of wine and its mine, then maybe empty…waiting for a refill.

Being this need to know, has to be accurate, rule follower person, who suffered from procrastination, perfectionism and OMGGG a super strong GUT – I asked WHY the need to lie?

I would come home feeling defeated – I would say ” that’s it its not for me” , there is NO way, I do not have a poker face, I can’t spin a story and I for sure 100% refuse to lie. I guess I will NEVER EVER SELL ANYTHING 😦

Low and behold – decades later I not only SELL Real Estate, I continue to attract like minded individuals and the universe is yielding this way – FINALLY – people are no longer out of touch. The Gap is closing.

For the most part – Real Estate has many happy endings, then there are the horror stories. Trust me there are plenty horror stories.

How does a Highly Sensitive Real Estate Agent survive? By being your innate amazing self that is how, by creating magnetic marketing and attracting ONLY people who want true transparency and NOT a fairy tale. By never ever giving up on who you are and by harnessing your super powers.

So, its been 15 years since those dreadful days, now I work for my self. Not only did I overcome fear, not only did I NOT succumb to telling stories NOT only did I tell it like it is, I remained true to my inner core. It has served me well through the years. I do not work with everyone, nor do I take on everything. I say NO.

Especially when we are not aligned because I learned that when you are on opposite ends you will never meet – so, never chase the money – chase the relationships, the lives you will change and the inner guidance you have. Listen closely to its quiet tug, it knows.

So the next time you feel like you are NOT going to make it, or that you need to lie or that someone is telling you a limiting belief SMASH it like the mole game at the carnival and YOU will overcome the snake pits, the lies, the constant duck and weave – people, people like you will gravitate to you and the universe will yield.

Limiting Beliefs? Eagads what is that!!

As a Highly Sensitive Entrepreneur I know how challenging it is to allow limiting beliefs to hold you back, in fact I bet some of the things you think about – you do not categorize as limiting.

Here are a few for you to identify:

Someone told me that Real Estate is really hard

I was told that selling Real Estate requires you to lie and tell stories

Getting listings is near impossible

Landlords will NEVER give me an exclusive listing

or

If I do not list with a large firm my home will never sell

You get what you pay for

Smaller listing fees mean less exposure

or

Bigger companies offer more listing leads

Bigger companies will give me a better reach

Bigger companies have more to offer

These are all limiting beliefs! Every single one of them, just like thinking that more money means more problems, or bigger problems or people with a lot of money are unhappy.

This is all limiting- The human has unlimited potential ( except of course if there is a medical condition to prohibit that) WHY would you allow something limiting to stop you from creating unlimited potential?

What if I told you, that bigger is definitely NOT better, that Real Estate is NOT hard and that smaller listing fees do not deliver less exposure.

What if I told you I can help you shift your perception, unlock your potential and release the invisible chains that bind you!

As a Highly Sensitive Entrepreneur, I use my innate sensitive strengths as super powers.

Whether you are seeking to sell as an Agent, or a homeowner – call me anytime for your FREE Clarity Call I would love to help you release the chains, remove the FEAR and get you on your path!

http://Realestatemissinglinks.com

Putting the REAL into REAL ESTATE

When I made the decision to jump off the deep end without a life jacket I knew a few things could happen.

  1. I may sink
  2. I may not sink

I took the plundge because I knew I would never give up on myself and that I would fight to stay alive in the big sea of Brokerages. Making the final decision to JUMP was by far the scariest part of the whole experience.

The dive off the deep end couldn’t have been more refreshing. Not only did I swim, I learned so much about myself and overcoming fear that I not only know more is ahead, I also know that I want to share my journey with you.

Being an Independent Contractor for the bulk of my adult life gave me the sense that I was in fact Independent but I wasn’t. As a highly sensitive entrepreneur I knew down deep inside something was not feeling right. IS Bigger Better? Was this a limiting belief or was it real? I didn’t FEEL that it was, after all the people that I went out to meet, met me and not Douglas Elliman, they met Me and NOT Corcoran – We either jive or we didn’t.

Jumping off the deep end to pursue my perfectly balanced life work flow and create deals and transactions according to the needs of my clients is why BIGGER was NOT BETTER for me.

How much Independence is there as an IC under the umbrella of a BIG FIRM? NOT MUCH.

They need to overlook everything, you need approvals and signatures from all the layers of nonsense they have created.

Jumping off the deep end allowed me to get to know myself; the way I work and establish a footing I wanted to establish doing things differently.

I wanted to help people, despite how many times I was told this isn’t the business to help people.

I could NOT understand that, we have so much industry knowledge, we have experience in passive income and math formulas and connections how can we not help people?

When I decided Tyler Vincent Real Estate in fact was going to be the Best Little Brokerage in Town, I set out to do just that. I sell all types of NYC Real Estate, in every borough throughout the land. I offer a reduced commission with the same exposure, trust me the buyer will come regardless of who’s name is on the sign so WHY spend 6% when you can spend 4% ? Did you know that on 2M Dollar sale its a savings of 40k!!!! I think 40K can be better used elsewhere like College for your child, new car, or furniture heck donate it!

Jumping off the deep end not only served me well, it serves my community and the communities around me.

If you are thinking of selling, trust an area specialist, who loves to help people move! Who loves to make an impact, while costing you less. So, IS bigger better? Don’t fall for the bells and whistles if it were better I wouldn’t be here writing this story!

Call today for your FREE – no strings attached marketing evaluation!

I can’t wait to hear from you!

Buying and Selling at the same time! EAGADS

Buying and selling at the same time – how to handle it?

So, you’ve decided to pull the old buy-and-sell-at-same-time trick? That’s a tough one, just so you know. Ideally, you’d first sell your home, and the patient homebuyers would wait (as much as it’s necessary) until you’ve found your dream home and moved. Of course, the reality is much different. But, there’s no room for panic or similar feelings. Since you’re here, you might be wondering how to handle the stress of buying and selling at the same time. Just selling your home can be a tough nut to crack. In the article below, we’ll show you everything you need to know about the process. As we’ve mentioned: it’s a tricky one, but it’s doable. So stay tuned.A professional like Immacolata Giocoli, Licensed Real Estate Broker in NYC Tyler Vincent Real Estate handles many contingent sales. When asked about the risk she replied “ Every sale has risks, you should have experience in contingent sales as well as being able to stack them correctly so no one ends up homeless, I love handling complex Real Estate Transactions” !!

What’s the value of your current home? 

Before you do anything else, you’ll have to figure out the value of your current home. In other words: for how much you can sell it. How to achieve that? Well, you can ask the local realtors for help. You’ll need their assistance, anyway. Avoid asking just one, as they might give you a fairytale-ish approximation (to gain your sympathies). Contacting three real estate agents will do the trick to get an objective opinion and an accurate price. Also, while you have the opportunity, talk to them about some improvements to your home that can add value to it. 

Buy yourself a new home first (what a neat option)

If you have enough serious cash on your hands (for a downpayment), buying a new home before selling your old one is the way to go. To demonstrate you can afford both houses, you’ll need to show a six-month worth of payments in the bank for the two of them. Don’t forget about closing costs (real estate commissions, etc.), too. Of course, you can always borrow the money. Talk to your potential lender to see what your options are.

After selling the place, rent it back

In this scenario: the first thing on your list should be selling your old home. You can ask the buyers to rent you the home you’ve just sold for about a month or two (enough for you to find a decent new home and move in) after closing. Folks call this a rent-back contingency. Of course, the new homeowners aren’t obligated in any way to accept your offer, but it’s worth a shot. This can also be a bit tricky because you’ll need to work on a deadline. Not having enough time to act in the right way can lead to all sorts of mistakes. Anyway, once you find a home to your liking, feel free to check out the guys at capitalcitymovers.us to make sure you won’t lose much time leaving the home you’ve already sold to other people.

You can sell your home first and ask the new owners if they’d like to rent you the old place for a month or two after closing. They might not accept your offer, but it’s worth a shot.

Alt. text: A hand holding keys to a home. One way you can deal with buying and selling at the same time is to ask the new owners of your old place to rent it out to you until you find your new home.

Ask for a delay

One of the options you have when buying and selling at the same time concerns finding reasonable buyers. If you and your agent are sure the potential buyers will close in on the deal, you might want to ask them if it would be ok to delay the closing time for a few months (until you find your own place). Also, with some professional help, the tedious job of buying the perfect home can be more manageable. You’ll have enough time to organize everything, and this is probably the best option you come across. Finding patient and reasonable buys is a gift from above.

Stay with your friends or family

The new owners may not love the idea of a delay (presented in the paragraph above). It can happen; it wouldn’t be the first or the last time. Anyway, instead of wasting money on renting an apartment until they buy their new home, some people decide to spend less money by renting a storage unit for their belongings and asking their friends or relatives if it’s ok to stay with them for a little while. You’ll need good social capital for this one, that’s for sure.

And even if you have considerable capital, you will have to work fast to find housing for your family. You don’t want to overstay your welcome after all. If you’re doing apartment hunting in Brooklyn, for example, and you happen to stumble upon a place perfect for your family – you’re in luck. It is pretty competitive there, so move quickly. And then, to ensure your move is also quick and effortless, there are many Brooklyn-based professionals ready to help you. Instead of asking your friends or relatives to help you with the move (they’ve already done too much by letting you stay at their place), hiring pros to handle your relocation is most recommended.

Contingency clause

You can add a contingency clause when buying your new home (before selling the old one), you can add a contingency clause. That means that you cannot guarantee when you will have the opportunity to seal the deal (it’s dependent on the time you’ll sell your home). Considering the state of today’s market – this might not be a good option. Currently, the supply is far below the demand. That can create many multi-bid situations. Imagine another buyer has the cash to close the deal ASAP; you and your contingency clause probably don’t stand a chance. It might sound a bit harsh, but that’s the way it is, unfortunately.

Final words

These were some tips on how to handle buying and selling at the same time. Hopefully, you now have some useful information and know what to expect of the process ahead of you. It will be tough; there’s no other way of putting it. But (because there’s always a but) avoid going into panic mode before anything happens. Who knows? Lady luck might’ve set her eyes on you, and some of the unlikely scenarios we have mentioned above (buyers letting you stay for as long as you want in your old home, for example) might become a reality for you.

Meta description: Wondering how to handle buying and selling at the same time? We’re talking about real estate, of course. Click here to see what you can do.

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Pandemic Buying Hysteria

The Real Estate Market has seen a frenzy in home sales during the pandemic.

Most people thought the market was going to totally collapse. That is not usually the case.

But let’s take a closer look. The National reports are not quite reflective of where we live or desire to live.

So we need to take a closer look. In NYS the housing market was on fire on Long Island and Upstate N.Y.

Rightfully so! The City (5 boroughs ) were totally out of control. Not only did people feel like they were living in bird cages, they had no room to spread out, no room to accomodate working and learning remotely.

There was just not enough space, so many apartment dwellers left the city.

Most fled for space, a yard, an extra room etc. The Pandemic has changed the way buyers look at Real Estate in the sense that now we think ” what if it happens again” ? YES that is possible, buying hysteria caused many people to make poor decisions like over paying, waiving inspections and buying sight unseen.

I never recommend ANY of those choices. FIRST you need to STOP the emotional FEAR rollercoaster and take a deep breath.

Real Estate is one of the most sound investments but can totally be a disaster if you are not being guided correctly or if you choose to buy out of fear.

YES the pandemic was/is scary for sure, now that most people are vaccinating the city is jumping back into action.

Manhattan had a huge dip in pricing, a huge vacancy rate for rentals and that hurt many property owners.

Manhattan also had a decline in Co-op Sales and Condos – people felt they were trapped and needed space – they decided to sell and leave. N.Y.C. was experiencing lots of unrest, protests and out right lawlessness. People did not feel safe.

There are always many variables to the Real Estate Market. It is never driven by 1 factor not even the virus.

Brooklyn also took a major hit and priced declined, apartments were vacant and the effects were very similar to Manhattan.

Both rebounding nicely.

The BRONX – has both massive scale apartment buildings, co-ops and very residential areas – the residential areas did well whereas the heavily populated areas decreased.

Queens, saw a huge uptick – Queens has many suburban style neighborhoods therefore people flocked there to buy a home with outdoor space and extra rooms for remote learning.

Staten Island very similar to Queens, having very suburban areas therefore in some areas saw a major uptick.

Buying Real Estate is like the stock market, you want to buy when it is on the downslide, not the up.

The hysteria caused bidding wars and put people on edge.

Things are simmering down, the outer areas are cooling and Manhattan and Brooklyn are skyrocketing.

Think of it like a see saw! This is all normal until the market stabilized.

So we went from selling in 2 weeks to 3 months. No big deal – but we also dropped at least 10% to 20% in some markets in terms of pricing.

My advice is to always release the fear, the panic and MUST BUY NOW because that drives the market so high you may just be bidding it up to a point where you can be priced out.

If you decide to move or buy Real Estate or a country home, let me know. I am a native New Yorker and have a vast amount of neighborhood knowledge not only in the city.

Stay healthy and safe and breathe.

Things you need to know when renting in NYC !! By Betty White

Things You Need to Know Before Renting an Apartment in NYC

Thorough research and proper planning are essential when renting an apartment in NYC. When searching for an apartment, you should consider multiple factors, like the size and the location. In New York, there are several districts to choose from depending on your interests and preferences. If you want to live in one of the more popular areas, you should start looking for an apartment as soon as you possibly can. Renting an apartment in NYC can be extremely difficult compared to other US cities. Finding the ideal spot for yourself in New York City will probably take some time and lots of work, but it will be well worth it.

Selecting a Borough

Queens, Staten Island, Manhattan, Brooklyn, and the Bronx are the five boroughs of New York City. Most people moving to the Big Apple want to live near their workplace, which is usually Manhattan. As a result, real estate in Manhattan has become extremely expensive and restricted in terms of different property types. Keep that in mind when apartment hunting in NYC. On the other hand, some of the boroughs outside of Manhattan, such as Brooklyn, offer more attractive neighborhoods, bigger homes, and greater value for money.

Keep your daily commute in mind

According to experts from Slattery Moving and Storage, moving too far from business districts significantly extends your daily commute to work. There is an excellent public transportation system, but the subway is usually highly congested during rush hour. Expect to drive for up to an hour from the outer boroughs. Driving is an option, but traffic during the rush hour, mainly via tunnels, can add a significant amount of time to your commute. 

Different types of properties

When thinking about renting an apartment in NYC, you should research all the different types of properties available in the city on useful blogs and websites. The majority of rentals in Manhattan and the business district are apartments. You will often find apartments in big, well-maintained buildings with a guarded entrance and a doorman. Older pre-war buildings have excellent construction quality and are visually appealing, although they may lack modern amenities.

Maid services, valet parking, gyms, and similar amenities are often found in newer buildings built in the last decade. These apartments are in high demand, and there is a complex application process to get into one. The outer boroughs offer bigger townhouses that usually have some outdoor areas.

Finances

Some landlords will have some financial eligibility requirements on their rentals and need evidence of income as a part of the application before renting an apartment in NYC. Therefore, you might need proof of your employment or a contract, as well as your salary.

Fees and payments

You will have to pay rent in advance for one to three months depending on your landlord. A security deposit will always be required for any rental apartment. Foreign nationals with no credit history in the United States may be required to pay a larger security deposit as high as a year’s rent. You will also have to pay a real estate charge, which is 15% of the yearly rent for a one-year or longer lease. There is also a chance that you will have to pay some brokerage fees, but that isn’t very common.

Moreover, you will also be required to pay communal building expenses. That will include a guard and other shared amenities such as parking, gyms, valets, etc. Some utilities, such as water and heating, are sometimes included. But, other utilities are paid individually and may require a deposit with the supplier. The first application and credit check costs are the additional costs that you will probably need to pay.

Find the right agent and moving company

The US rental market is more complicated than anywhere else in the world, so choosing a reliable agent is crucial. A skilled and trustworthy agent will know what rentals are available or will soon become available, and they will tell you about all the necessary steps that need to be completed for you to move in.

Hiring a reputable residential moving company will also help with your move. You will need somebody to relocate all your household items to NYC and into your apartment. Make sure to always choose a trustworthy moving company! That way, the risk of damaging or losing your items is reduced to a minimum. 

Be ready to act fast

The New York rental market moves at a very rapid pace. Before you start actively looking for rentals, you should get everything else in order. This means that you have already researched locations and property kinds.

You also need to be ready to commit to a lease because if you can’t act fast, there is a big chance that you will not get the apartment. This entails having all of the necessary funds on hand. You will also need the required documentation for the application.

Pay close attention when reading your lease

Make sure that you read the contract carefully for any restrictions on pets, noise, or usage of amenities. Check to see whether any amenities are solely available to owners rather than tenants. Also, check if there are any additional expenses. Pay close attention to which utilities are included in the lease and what communal fees you are expected to pay.

In conclusion

Renting an apartment in NYC can be complicated, but it’s worth it. New York City has more to offer than any other city both in terms of work and entertainment. So be ready to put some work into your move, but also be aware of all the possibilities that you will get when you move to the city.

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Meta description: If you are thinking about renting an apartment in NYC, you probably have many questions. We will try to give you all answers here!

Paying Brokerage fees

For some this is a touchy subject while for others a no brainer!

Why? You might ask..

Well so many people feel the commissions are too high.

The rental fees vary brokerage to brokerage and now that the ruling came in, fees will swing into the laps of the renters.

Always a great idea to check with your CPA to determine if the fees are tax deductible.

If they are tax deductible great.

If not negotiate them.

I believe there is always a win win situation and a way to work that out.

As for listing commissions this too is a negotiable instrument. Agents will say ” our company policy doesn’t allow for that” or “for this” or ” you get what you pay for”

Well, as the consumer I would say show me.

Or I would ask them via email to ask a higher up to allow for less.

I would NOT just hand over 6% to anyone, unless I had too.

Biggest thing a home owner looking to sell should be concerned with is exposure.

If the exposure is the same go with a lower commission.

Ask questions like, which MLS or RLS does your firm belong to?

How many deals have you co brokered with forms in and out of your own MLS affiliations?

Every home needs a buyer, with that said there are many great buyer agents like myself who expect and demand answers when representing buyers.

Sellers should ask listing agent where they think the buyers are coming from!

Brokerage fees are like specialist fees, and worth every penny for the knowledge and expertise Brokers and Agents bring to the table.

If I am delivering 5M dollars to a seller then the fee is totally justified.

Thats 1 way to look at commissions.

No one wants to go to work and not get compensated for a job well done.

Tyler Vincent Real Estate a people’s Brokerage.

We believe therea always a win win in every sale or rental.

Questions? Email me or call.

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