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Real Estate Deal Analysis & Advice

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Tanya Potter
  • Whitestone, NY
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Starting out and Investing nearby NYC--bad neighborhoods?

Tanya Potter
  • Whitestone, NY
Posted May 25 2015, 22:45

I'd love a little advice specific to my area.  I'm researching areas around NYC to buy an investment property however as you all are aware, anywhere within the city limits in a decent neighborhood is $500k plus. Anywhere just outside the city is a little cheaper but taxes are crazy high.  So it seems to leave only a few options:

1. Properties in the hood, not so safe, risking a bad source of potential tenants 

2. Search for a foreclosure, short sale or pre-foreclosure

3. Search for a property to rehab/flip but still have to deal with high initial investment

The idea of buying a property to flip is scary to me since my husband and I work long hours and have 2 little kids. I don't think we can handle flips right now. This is why i think buying a single family home to hold and rent out would be best right now.  Finding an affordable multifamily would be great but again, I'm concerned that we can only afford properties in bad areas. We only have $30k to work with. I've started researching seller financing and hard money lending but again I don't know if it makes sense.

Any advice would be greatly appreciated. 

Thank you!

Tanya

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