You can look at upper west side apartments for sale or at Harlem apartments for sale if you’re wanting to make money. First, you have to find a building and then buy it. Then you have to clean it up and find tenants. These tips on doing these things will get you where you need to be.
An apartment building should have minimal damage. And you can find apartments with more space in harlem. If you don’t care about that because you can afford to fix it up, the try to do the math to find out what you will make when you rent some of the building out and how long it will take to make a profit. Sometimes it can take many years for this to happen if you put a lot into it and luxurious homes and properties can really be expensive. Some places are easy to make money off of because they are ready right away and that’s always going to make things simple for you.
Another thing you have to be aware of is whether or not there are pests in the building of some kind. Sometimes people don’t take care of their tenants, or the tenants that used to be there hid a lot of the problems from the staff. See if you can hire an expert to go through and check for pests. If they are there, see how much it will cost to rid the building of them and how long that will take so you can be prepared if you do go and buy the building.
Does the building have all that it needs for people to be comfortable? You can add in new doors, locks, windows that are sealed right, and carpeting. There are a lot of ways to make people more likely to move in. Another idea is to add amenities like laundry facilities and anything else like a pool that gives you something to draw people in with. Of course, you have to keep up with any of the amenities because if you let them get bad you can’t really say that you have a broken pool and make people happy to be there.
Seek out a property management company to take care of your building if possible. Sometimes there are a lot of issues with your building that you can’t take care of on your own. At least hire someone to run your office and to do maintenance when the situation calls for it. You will notice people that have problems every day with something or other so you’ll always be busy if you don’t have some kind of help. Being able to make residents happy makes them tell others about it and you can always count on having people rent from you after that!
Any of the Harlem apartments for sale that you look into a need to be able to make you money. Whether you’re fixing up the building to sell later, of if you’re renting out the apartments to people, it’s a good idea to always be aware of what it takes to make the most money out of it.