2 ms·
Late 30s, single, owner of multi family in New York City of all places. Bought it a few years ago in an up and coming area that's now exploding. Original idea
by mancerayder 7y ago
Late 30s, single, owner of multi family in New York City of all places. Bought it a few years ago in an up and coming area that's now exploding.
Original idea: fix it up and either live in part and rent part, or rent it all. Rents are high here and mortgage is fixed at a low rate.
Reality: living in an up and coming area when you're a professional and gentrifier, and surrounded by 25 year old barristas, artists and rock stars is difficult. Rats are annoying and always find a way in. Construction costs are not 10 or 50 pct more than what was estimated to me by several people when I bought, they are 300 pct what the estimate is. I can't afford it. What else is hard, an insulated brick house from the late 1800s, illegal work done before me, and dealing with contractors and handymen.
It's going for sale next week, unrenovated.
Would I do it again? Probably not.
What I gained: equity (1/4 of the mortgage) plus rental income minus mortgage and taxes means I paid 1K a month for a brownstone while a 1 bedroom apartment costs 3200 here. Thus I saved money.
What I lost: several years of my single life being stressed in a commute and in a lawless/hostile neighborhood.
It's a real toss up. I'll be a renter again soon.