Is It a Hassle to Own an Investment Property in NYC?

Is it a hassle to actually own an investment property in NYC? This is something that most least first-time investors don't think much about as they begin the process of looking for a suitable property. But once you're on the other side, you may start asking yourself the question: is it all worth the hassle?

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Owning investment properties in NYC or anywhere else in the world does require considerable amount of time on your part to make sure that things are running smoothly. In addition to the time commitment, you have the uncertainty factor of not necessarily knowing when you'll be called to arms to take care of a repair or sort out some other problem you might have with the tenant.

So conceivably you can go many months in some cases without hearing a peep from your tenant but then all of a sudden out of nowhere you have a litany of seemingly endless problems. So in our opinion, it is absolutely a hassle to own an investment property anywhere and especially in NYC. The reason it's particularly difficult in NYC is because of the fact that it is very hard in most cases to find a competent repair person at an economical and fair price who can arrive and fix the problem in a timely manner.

You simply have so much demand from other property owners and there's a shortage of actual skilled laborers across the spectrum in terms of plumbers, handymen, people who can do tile
and the challenge as well is even if you think you found your go-to handy person they might not necessarily be good at everything. So the person you use for say plastering and painting might destroy your bathroom if you hire them to replace a cracked tile.

So it's about sifting through and being able to have a rolodex of qualified people within the various areas of construction which will ultimately make your life much easier as a landlord in NYC.

The other challenge and annoyance of owning an investment property at least in Manhattan or parts of Brownstone Brooklyn is the fact that you have real difficulty with parking. Now let's take for example the case of like the lower Manhattan area let's say you're on the Bowery or somewhere in that general vicinity parking is extremely expensive on the street and it's hard to find.

So when you call somebody up let's say you call the ac repair guy he'll first ask where's your apartment and you say Manhattan he might hang up the phone he might say sorry we don't go to Manhattan because it doesn’t pay. You literally have people decline you as a client because of where the property is based.

So when it comes to pricing anyone you potentially discuss a repair with is presumably going to factor in the annoyance of the parking and the cost and hassle associated with it when they price or bid out your particular job.
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https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

Hauseit Group LLC, Licensed Real Estate Corporation
Tel: (888) 494-8258 | https://www.hauseit.com
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