Arthur Korant and Gerry KendrickÂ of the boutique real estate brokerage firm CORE, joined me on âTurn the Pageâ to share their guidance on investing in the hottest destination for foreign investors, New York City!
Listen to our conversationÂ to benefit from their advice on optimizing your decisions as an international or domestic investor.
Based on their philosophy that âproperty in New York City can be one of your most important investments, as well as a place for you to create your best life,â Arthur and Gerry shared offered the following âbonusâ tips after the show:
BUYERS AND INVESTORS, NOW IS AN IDEAL TIME TO BUY!
âComplete this checklist BEFORE YOU FIND an apartment you want to bid on:â
1. Have on hand an international or local / state ID
2. Gather your bank and tax records
3. Speak with your accountant
4. Determine the maximum price you are prepared to pay
5. Establish a priority list of âmust-havesâ in an apartment, building and neighborhood. Â Contact the Kendrick-Korant team to conduct a Buyer / Property Personality Survey through which youâll zero in on the right properties for you.
6. Ensure that you have the correct team in place to support you in clarifying and meeting your requirements: Real Estate Broker, Banker, Attorney, Accountant or Financial Planner.
7. If buying for investment purposes, secure a realistic estimate of anticipated rental income.
8. Obtain a detail of all costs associated with buying.
9. If financing, have financing in place.
SELLERS, HEREâS HOW TO PREPARE!
1. Consult with a real estate broker to maximize the realistic price your property will fetch.
2. Your paperwork must account for current carrying costs, real estate taxes, building assessments, the property deed, stock certificates, etc.
3. Ensure there are no open permits on your apartment or building that would delay a closing.
4. List minor and other repair and maintenance needs and costs.
5. Understand that the way you live and the way you show an apartment to SELL are distinct. Get your apartment ready to SHOW TO SELL.
6. Understand the costs you will face associated with selling.
7. Maintain up-to-date information on all of your building costs and expenses.
8. Assemble a team that will help you to cover the intricacies of selling: Real Estate Broker, Banker, Attorney, Accountant, or Financial Planner.
Contact GerryÂ and ArthurÂ to request buyers and sellers guides to New York City real estate. Visit their Facebook pageÂ to explore their current listings, and apply the wisdom of the experience they generously shared with meÂ on âTurn the Page!â