Everything clients ask,
answered once
Ten years of client questions converge on the same fifty. Here are the most asked, answered directly — each with the deep chapter behind it linked.
Before you read on
- General information as of August 2026 — the linked guides carry the depth and caveats.
- Answers assume the common case; your facts may differ.
- Not legal or tax advice.
Point 1Eligibility and access
Can foreigners buy New York property? Yes — no citizenship, residency, or visa requirement exists for owning US real estate; the constraint is building type (co-op boards resist non-residents; condos and houses do not care). Does buying grant a visa? No — ownership confers no immigration status whatsoever. Can I buy through a company? Yes — condos and houses routinely close in LLCs and other entities per the structure guides; co-ops mostly refuse them.
Must I visit? No — remote purchases via POA close constantly (the buying-remotely chapter). Is financing available without US credit? Yes — foreign-national and DSCR programs lend on documented global finances and the property's income, at larger down payments (the mortgage chapters).
Point 2Money and costs
What do closing costs run? Roughly 2-5% for buyers (mansion tax rising with price, recording tax with loans), 8-10% for sellers including brokerage — the closing-cost chapters itemize. What are the monthly carrying costs? Charges or maintenance plus taxes plus insurance — the fee-anatomy worksheet normalizes any building's true number. How much must I bring? Price plus closing costs plus reserves — with 10% liquid at contract signing per the deposit chapter.
How does money move from abroad? Documented wires through the source-of-funds review — the moving-money chapter's sequence, started early. Yield expectations? Manhattan grosses modestly with depth and stability; the boroughs and other markets trade higher yields for other frictions — the yield and market chapters run honest numbers.
Point 3Process and ownership
The recurring process surprise: New York's accepted offer binds nothing — the contract-and-deposit stage days later is the commitment. And the recurring ownership surprise: the 30-day rental minimum (short-stay rentals are effectively prohibited) — the Airbnb assumption dies in the short-term-rental chapter.
| Question | Short answer | Chapter |
|---|---|---|
| How long does buying take? | 3-6 months typically | The purchase timeline |
| Condo or co-op? | Condo, for nearly all foreign buyers | The comparison guides |
| Do I need an attorney? | Yes — NY closes through counsel | Working with attorneys |
| Can I rent it out? | Condos generally yes, 30-day minimum | The leasing chapters |
| Who manages from abroad? | A manager plus the team the guides map | Managing from abroad |
| What taxes while owning? | Property tax, and income tax on rents | The tax calendar |
Each answer's caveats live in its chapter — the short answers assume the common case.
Point 4Exit and estate
What happens when I sell? Transfer taxes, brokerage, and — for non-residents — FIRPTA's 15% withholding reconciled by filing (the selling chapters' machinery, started early). What about capital gains? Taxed federally and by New York, computed from the basis your records preserved — the records chapters' payoff. Can I defer via exchange? Yes — 1031s work for foreign owners with FIRPTA coordination (the exchange chapters).
What if I die owning it? The estate-tax exposure above ~$60,000 for non-residents — tamed by treaties (Japan's proration), structures, or debt per the estate chapters; heirs receive the stepped-up basis either way. The meta-answer under all fifty: every question has a chapter, every chapter has a checklist, and the buyers who read before acting spend less on every answer — which is the library's entire proposition.
Yes — POA closings, remote diligence, and the buying-remotely chapter's protocols close purchases sight-unseen routinely. Visiting helps judgment, not legality.
Falling for co-ops — months lost to boards that were never going to approve. The condo default exists for reasons; the comparison chapter explains them.
Financed at 60-70% foreign-national terms: roughly $700-900K down plus ~$80-100K closing costs plus reserves. Cash purchases skip the recording tax and appraisal.
No — under-30-day rentals without the host present are unlawful citywide. Furnished 30-day-plus rentals are the legal model.
Credits and treaties prevent most double taxation on income; the Japan estate treaty shelters most estates. The machinery works when filed — the tax chapters and your preparer deliver it.
The credentials package and the first-purchase checklist — then the search with this library behind you. Or start with a conversation; that is what we are for.
RELATED GUIDES
Let’s talk first
Question not on the list? Ask it directly — the fifty-first question is how the library grows.
Important notice
The figures on this page are general information as of August 2026 and do not represent an offer, a quote, or a guarantee of any transaction terms. Reinvent NY does not provide legal, tax, or investment advice. Confirm anything material with an attorney and a CPA before you act on it. Nothing here is a solicitation to invest, and no return is promised. Real estate brokerage services are provided through R New York.