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Are Luxury Condos in Long Island a good investment ?
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If the superb views are what you are really
looking for, then luxury condos in Long Island would definitely be a great
buy. But if great investments are what you want, you might want to know if
great views make for great investments ...
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Luxury Condos in Long Island may seem like a
great investment, with Long Island property prices sky rocketing and developers
rushing to build more residential units. But are luxury condominiums in Long
Island really as good an investment as it may seem at first sight ? Some people
feel that may not be so ...
Even though the transportation is excellent, some
people in the real estate industry feel Long Island does not have the services
that are needed to make the prices boom for a long time - services like
supermarkets, stores and cinemas.
The following article by Steve Gillman discusses
what makes a good investment.
Which Type Of Real Estate To Invest In
by Steve Gillman
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There are different types of real estate, and
different ways to invest in them. Which way is best is for you to decide,
according to your particular needs. Here are a few ways to consider, with their
advantages and disadvantages.
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1. Rental houses. Advantages: One of the easier ways to get started, and good
long term return on investment. Disadvantages: Being a landlord isn't much fun,
and you typically wait a long time for the big pay-off.
2. Rent-to-own houses. Advantages: When you buy, then sell on a rent-to-own
arrangement, you get higher rent, and the buyer is usually responsible for
maintenance. Disadvantages: The bookkeeping is tricky, and most tenants don't
complete the purchase (this can be an advantage too, but it does mean more work
for you).
3. Low income rentals. Advantages: The same as with any rentals, but with higher
cash flow. Disadvantages: The same as with other rentals, but with more repairs
and tenant problems.
4. Fixer-uppers. Advantages: A quick return on your investment, and it can be
more creative work. Disadvantages: Higher risk (many unpredictables) and you get
taxed heavily on the gain.
5. Buy for cash, sell for terms. Advantages: You get a high rate of return by
paying cash to get a good price, and selling on easy terms to get a high price
AND high interest. Disadvantages: You tie up your capital for a long time.
Continued on luxury condos in Long Island part 2
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