Rockville Center, NY · Member since 2022 · 16 posts · 2 votes
I live in Nassau County, Long Island but feel that as a new investor, properties here are very expensive. I also don't see people mentioning Long Island as a good place to find deals. I have been trying to joggle numbers using the 2% and 50% rules but they seem not profitable. I would appreciate any thoughts on investing in downstate New York as a whole especially for short and long term rentals.
Attorney · New York City / Long Island, NY · Member since 2020 · 597 posts · 248 votes
4y
Hi Stella
I have an investors' education & networking group that meets in person in Nassau County, NY on a regular basis. I'm about to schedule our next meeting, & I post them on Bigger Pockets in the Events & Happenings section. We talk about investing in properties in all parts of the U.S. & have investors that have purchased properties in different parts of the country, even as their 1st investment property. We're not a sales funnel, there is nothing sold here, just a group of like minded individuals who want to learn more about investing in real estate.
Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
4y
Hey @Stella Jack - you may have realized this already, but in areas where property prices are way above the national median, it gets incredibly difficult to cashflow or meet any of the investment ratios... unless you decide to focus on appreciating the property and selling it after several years.
I'm an investor and realtor based out in LI and help a lot of first timers make their initial investment. It's not impossible to find a decent deal, but it may need some tweaking of your search criteria (for example, searching in lower cost neighborhoods, etc.)