How to Buy Apartment in NYC

1. How to Buy Apartment In NYC

2. Step 1
Decide if you want to purchase a residential
Apartment complex of a mixed use-building
A mixed-use building has a combination of
office and residential units, but at least
80% of the space has to be residential.
The complex has to have a grade of C+ or
higher. This means you can’t rent the units
daily or weekly, and the units can’t be
single-occupancy, as in a rooming house
or motel

3. Step 2
Ask yourself these questions before you Consider applying for a loan:
• Is the price reasonable?
• Will I be able to finance it? Is it a profitable enterprise? Lending
institutions look at rent income, taxes and mortgages to calculate an
accurate value of the property for financing. In the eyes of commercial
lenders, your personal financial state is not as important as the building’s
ability to pay for itself.
• Do I have a good credit rating?
• Do I own property that I can use as collateral?
• Should I consider taking out a loan as a corporation or Limited Liability
Corporation ?
• Will I be able to manage the apartment building by myself, or will I have
to pay a property management company to handle tenant problems or
maintenance issues that may arise?
• Should I consider a partnership?
• Is the building in good condition?
• Will I be able to increase the value of the building?

4. Step 3
Gather Information about the building you would like to buy
You may not be able to get a
loan if the building will require
excessive maintenance, or if the
complex has not had 85%
occupancy for the three months
immediately preceding your loan
application.

5. Step 4
Talk to other commercial real estate visitor
Ask them about the pros and
cons of owning an apartment
complex

6. Contact US
800-236-7761