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In conversation with Rob Break, Andriy Makoviyuchuk shares deep insights about understanding the New York real estate market. Andriy highlights that New York’s real estate market is quite diverse, with each region having unique features, prices, and buyer preferences.
He cites an example, “Manhattan, known for its skyscrapers and high-rise condos, paints a different picture compared to the calm suburban feel that Long Island offers.” As such, it’s essential to understand the various regional differences thoroughly.
Andriy adds that pricing in the New York market is a function of different factors – location, type of property, current market conditions, and future development plans. Therefore, an in-depth understanding of these aspects can offer an edge to investors. He emphasizes, “A property’s value in New York can change dramatically depending on whether it is located in a bustling city center or a tranquil suburban area.”
Keeping an eye on market demand, is another crucial aspect discussed. Andriy suggests that observing buying trends helps predict desirable localities and types of properties, which is essential to property investment. He also advocates for identifying areas with burgeoning growth, often translating into higher property prices.
Lastly, Andriy speaks on the importance of understanding property taxes. He advises exploring the local and state-level taxation policies, which can significantly impact investment returns.
In conclusion, Andriy and Rob agree that successful investing in the New York real estate market requires thorough market understanding, investigating property prices and taxes, and keeping a keen eye on changing market trends.
But first, if you want financing for your next investment and want to know what type of collateral may be involved, click the link below for a free strategy call with our mortgage team at LendCity to discuss your specific situation.
Decoding New York’s Property Investment Opportunities
In the podcast episode, Rob Break talks with Andriy Makoviyuchuk, a Real Estate Guru with vast experience in the New York market. Andriy explains the variety of opportunities available for Canadians in the New York property sector. He highlights the benefits of investing in different types of properties, from commercial to residential, and their potential returns.
New York’s real estate market is characterized by its diversity. According to Andriy, this diversity opens up many investor opportunities. He points out that the city’s property market includes a mix of high-rise apartments, townhouses, detached homes, and commercial properties.
In the discussion with Rob, Andriy particularizes the appeal of commercial properties for Canadian investors. He elaborates on how commercial real estate provides long-term stability in terms of rental income and appreciates over time.
He also talks about the pros of investing in mixed-use properties, which include residential and commercial spaces. These properties, Andriy notes, can offer diversity in income streams and more stability against market fluctuations.
Andriy also emphasizes the benefits of investing in residential properties. He highlights that residential properties in New York are in constant demand due to the city’s population density. However, he advises investors to be cautious and do thorough research before investing, as the residential property market can also be volatile.
Another key takeaway from Andriy and Rob’s discussion is performing a neighbourhood analysis before investing. This analysis includes researching demographics, the local economy, and real estate trends in the area. Again, Andriy emphasizes the importance of thorough due diligence before making an investment decision.
Practical Steps for Canadians Wanting to Invest in New York
Let’s delve into the steps Canadians must consider when investing in New York real estate. Andriy Makoviyuchuk begins by explaining that a well-planned approach is crucial.
- Understanding the Market: Familiarize yourself with the real estate market dynamics in New York before diving in. States have different laws and market practices that you need to understand. Doing your homework is essential before making any purchases.
- Legal Formalities: As a foreign investor, there are specific regulations you need to comply with. Therefore, consulting with a trusted attorney is wise to handle all the legalities of investing in real estate.
- Financial Aspects: Besides understanding the property’s cost, consider other expenses like property taxes, maintenance costs, and potential rental income. Andriy says that balancing all these aspects together results in profitable investment.
- Property Management: Last but not least, if you’re purchasing rental property, you’ll need to think about property management, especially if you live far away in Canada.
Rob Break chimed in, offering his insights into the importance of each step.
“None of these steps should be taken lightly,” Rob mentioned. “To ensure a successful investment, strict adherence to these steps is vital.”
As Andriy and Rob discussed, you can’t just jump into the New York real estate market without preparation. You must understand the market, legal stickers, financial aspects, and property management concerns. Rob and Andriy agreed that preparation is critical for success in any investment, especially when navigating foreign waters.
Investment Strategies in New York Real Estate
In this section, Andriy Makoviyuchuk outlines some effective investment strategies for investing in New York real estate. It’s important to note that every investor and every investment is unique. As such, while these strategies are founded in Andriy’s years of practical experience and deep industry knowledge, they may not necessarily apply to every situation.
Long-term Rental Investment
According to Andriy Makoviyuchuk, one can purchase property in New York and rent it out long-term. A combination of steady rental income, potential property appreciation, and the security of knowing the property is occupied makes this a solid investment option. The key is selecting the right property in a high-demand location.
Flipping involves buying a property at a low cost, typically needing renovation, and selling it at a higher price after making necessary improvements. Often, this can generate a sizable return. Andriy Makoviyuchuk underscores the diligence required to estimate renovation costs, predict market trends, and manage project timelines.
Capitalizing on the popularity of short-term rental platforms like Airbnb, one might consider investing in properties suitable for such—andriy advocates understanding local laws and regulations about short-term rentals before diving into this strategy.
Commercial Real Estate Investment
Finally, there’s potential in commercial real estate—purchasing property for businesses to lease. Welcoming its intricacies, Andriy Makoviyuchuk points out the necessity for understanding the unique nature of commercial leases, tenants’ business health, and local commercial property outlook.
Regardless of the chosen strategy, Andriy Makoviyuchuk reiterates the importance of comprehensive research and understanding local market dynamics. He encourages independent thinking while considering expert advice, urging you never to underestimate the impact of seemingly small decisions at the start of your investment journey.
Getting to Know Andriy Makoviyuchuk: A Real Estate Guru
In this episode of the much-loved podcast “Investing Journey,” host Rob Break dives into an enlightening conversation with Andriy Makoviyuchuk, a seasoned real estate investor from Canada with significant investment experience in New York State.
Makoviyuchuk, originally from Ukraine, moved to Canada and later initiated his property investment journey in New York, quieter than the city yet full of opportunities for discerning investors. His story is intriguing and educates aspiring investors on the strategies and steps to make it big in the New York real estate market.
Makoviyuchuk’s story of becoming a successful real estate investor started rather unexpectedly. Initially an IT professional, he was drawn to the real estate world after reading Robert Kiyosaki’s bestseller, “Rich Dad Poor Dad.” The promise of financial freedom and wealth creation led him to buy his first property – an event that marked the beginning of his journey in the property investment realm.
Andriy’s property investment exposures extend from Canada to New York State, allowing him to gather worthwhile insights about both markets. Makoviyuchuk believes that the New York State real estate scene, while being an entirely different ballgame from Canada, presents many opportunities for those willing to understand and navigate its nuances.
From his experience, Andriy feels that though real estate investment can be lucrative, it isn’t an avenue to becoming an overnight millionaire. It takes time, effort, persistence, and, most importantly, a deep understanding of the market dynamics. His advice to aspiring investors? Stay persistent, keep learning, and don’t make decisions without proper research and consideration.
Andriy Makoviyuchuk’s journey from an IT professional to a successful real estate investor proves one can genuinely carve one’s path in the real estate sector with determination and knowledge. His experience and insights are invaluable to others starting this exciting and rewarding journey.
Financing Your New York Real Estate Investment
Rob Break and guest Andriy Makoviyuchuk next explore financing a real estate investment in New York as a Canadian. With his years of experience, Andriy provides insights into the different routes a Canadian investor can take.
According to Andriy, a Canadian investor should diligently assess their financial situation before obtaining a mortgage or seeking a lender in the US. He advises creating a financial plan to understand how much one can afford to invest, considering the changes in Exchange Rates and possible fluctuations in the housing market.
“There are multiple paths one can take when it comes to financing,” advises Andriy. He delves into the details of these paths, including working with American banks, borrowing against Canadian assets, or using private lender services.
- American Banks: While it may seem the most straightforward route, Canadian investors must be ready for stricter requirements and higher interest rates at US banks.
- Borrowing Against Canadian Assets: Depending on your financial position, you can consider leveraging your assets in Canada to finance your American investment. This may mean borrowing against your home or other real estate properties you own.
- Private Lender Services: Finally, another solution could be to use private lender services. They might provide more flexible loan options than conventional banks, simplifying things for investors unfamiliar with the American market conditions.
Ultimately, Andriy points out that the most crucial factor is understanding your financial situation thoroughly and picking a financing solution that aligns with your short- and long-term goals. He stresses the importance of proper consultation with a professional to guide you through international real estate investment complexities.
Due Diligence for Canadians Investing in New York Real Estate
In tackling real estate investment in New York, you can’t overstate the importance of comprehensive due diligence. Here, Rob Break spoke with Andriy Makoviyuchuk, providing insights on the crucial steps every Canadian investor needs to follow.
Firstly, Andriy emphasizes the importance of understanding the New York market. New York’s real estate market dynamics differ considerably from the Canadian market. Scope out the areas where properties are in high demand and recognize the local prices. Andriy suggests frequent visits to the state – observing, interacting with locals and studying market trends.
“Don’t just invest blindly; invest in what you know. Understand your circle of competence,” says Andriy. It’s crucial to pick your niche and gain proficiency in that milieu. This might mean specializing in single-family homes, apartments, commercial properties or retail spaces.
Understanding the legal framework for property ownership in New York State is essential. Andriy advises recruiting a US-based attorney well-versed in real estate law. This would ensure that you navigate the complexities of the American legal system without unnecessarily risking your investment.
Andriy reiterates the importance of finding competent property management. A quality local team looking after your properties can make all the difference. A good property management team removes maintenance stress and ensures you maximize your rental income.
Finally, perform a rigorous financial analysis before purchasing any property. It would be best to account for all costs – purchase, renovation, maintenance, and potential vacancies. Real estate investing is about the numbers. “If the financials don’t stack up, walk away, no matter how appealing the property seems,” Andriy cautions.
Conducting due diligence may be daunting, but it’s vital to safeguard your investment. With these guidelines from Andriy Makoviyuchuk, you’re well-equipped to make informed decisions in New York’s real estate market.
Building Your Real Estate Portfolio in New York
Constructing a robust real estate portfolio in New York is a step-by-step process. It requires careful planning, savvy decision-making, and patient execution. Let’s break this process down into simple instructions guided by our experienced guest, Mr. Andriy Makoviyuchuk.
The foundation of your real estate portfolio lies in grasping the nuances of the New York market. Understand the dynamics of the different neighbourhoods, the factors influencing property prices, and the projected growth of these localities.
Launching your journey with a modest, affordable property is a prudent route, as emphasized by Andriy Makoviyuchuk. This protects against possible risks and offers a tangible learning experience during the initial stages of your investment journey.
Andriy suggests focusing on value-added properties – these are properties that have room for improvement and, thus, potential for increased returns. Investing in renovations can significantly boost the property’s value and enjoy higher rental income or sale prices in the future.
Diversification is critical in real estate investment. Do not limit your portfolio to a single property type or geographical area in New York. Instead, venture into varying scales and types of properties in a range of neighbourhoods.
Keeping track of each property’s performance, expenses, and income generated is vital. Tools and software that assist in property management can be beneficial here, offering a transparent view of portfolio performance.
Securing a foothold in New York’s real estate market is an attractive prospect for Canadians. You can tap into the market’s potential while mitigating risks by building a well-diversified portfolio, applying due diligence, and following expert insights from industry virtuosos like Andriy Makoviyuchus. Remember, you’re investing not just in properties but also in the future of your financial well-being.
If you are ready to start investing today and want more information about how your mortgage may be secured – or are looking to apply for a mortgage today – click the link below for a free strategy call with our mortgage team at LendCity today.