Episode Summary
In this episode of Affluence and Advocacy, Kevin Rosenquist and Natalia Sishodia discuss the unique aspects of land lease buildings and provide insights on what potential buyers should consider before purchasing an apartment in one. They cover the pros and cons, financial implications, and the importance of consulting with an attorney and financial advisor when navigating the complexities of land lease agreements.
Timestamps:
00:00-00:30: Introduction to the episode and guest, Natalia Sishodia.
00:30-01:00: Natalia explains what a land lease building is.
01:00-01:59: Discussion of the pros and cons of buying in a land lease building, including affordability and added monthly costs.
02:00-02:28: Explanation of the standard term and reset for ground rent in land lease agreements.
02:28-04:00: A case study of a client (John) facing unexpected fees and lease renewal challenges.
04:00-05:00: How Natalia helped the client navigate the situation and the importance of due diligence.
05:00-05:48: Advantages of buying in land lease buildings, including prime location benefits.
05:48-06:28: Discussion on resale value and how land lease expiration impacts property value.
06:28-07:19: Insight on whether land lease buildings are suitable for short-term buyers and considerations for long-term investments.
07:19-08:27: What buyers should do first when considering a land lease building, including consulting with a real estate attorney and financial advisor.
08:27-09:21: Final advice on buying in a land lease building, emphasizing the importance of understanding long-term commitments and resale potential.
09:21-09:44: Conclusion and invitation for listeners to reach out for further real estate questions.
About The Show
Affluence and Advocacy is a podcast focused on providing expert insights into New York real estate law, with a particular emphasis on navigating complex legal and financial situations in property transactions. In this episode, host Kevin Rosenquist and attorney Natalia Sishodia delve into the intricacies of buying in land lease buildings, explaining what potential buyers need to consider, from affordability and prime locations to the long-term financial commitments and potential risks. The episode highlights the importance of due diligence, consulting legal and financial experts, and understanding the nuances of land lease agreements to make informed decisions in real estate purchases.
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