Is investing in NYC a bad idea

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Is investing in NYC a bad idea

Jessenia Hartage
Member since 2024 · 18 posts · 14 votes

Am totally new to investing, but every training session i read or listen to, says to start in your back yard.  Am in queens, NY is not landlord friendly.  Since this is new to me should I still consider NY like bklyn and queens or should I just stay away?  If yes to invest in NY, what would be the recommendation criteria that I can implement to protect me to some degree.

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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
2y

The areas of the country that are the most anti-landlord are also where you make the most money, because they have the highest demand. NYC, Boston, DC, LA, San Fran, Seattle. It takes just owning a few properties in these areas to turn you into a multimillionaire in a pretty quick time. 

Some strategies to consider implementing;

1) Buy B class properties and higher

2) Don't be afraid of vacancy

3) Know the laws like the back of your hand

4) Hire good property management 

5) Treat your tenants well

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  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    2y
    Quote from @Jessenia Hartage:

    Hi Engelo!

    Thank you for your advice.  I have decided to shift market as I was not finding anything that cashflow.  I decided to look into Georgia and South Carolina, now those two are landlord friendly state.  So far, I see I get more for the money.



    My pleasure and wishing you much success
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  • Anderson S.Business Member
    Lender · Brooklyn, NY · Member since 2024 · 209 posts · 50 votes
    2y

    Not that it's a bad idea, but the barrier of entry is much higher than other areas.

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  • Jessenia Hartage
    OP
    Member since 2024 · 18 posts · 14 votes
    2y

    love that thank you.  I have been looking in GA. ( Augusta, Columbus, Sandy Springs, Savannah, Roswell, GA area /  If you have any multi family under $4mm /20 or more units/ value add / B or C property in B area / mix of 1 and 2 bedroom / population more than 30k please let me know. 

    Thanks, 

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  • Ivan Terrero
    Investor · Naples, FL · Member since 2016 · 256 posts · 75 votes
    2y
    Quote from @Jessenia Hartage:

    Am totally new to investing, but every training session i read or listen to, says to start in your back yard.  Am in queens, NY is not landlord friendly.  Since this is new to me should I still consider NY like bklyn and queens or should I just stay away?  If yes to invest in NY, what would be the recommendation criteria that I can implement to protect me to some degree.


     As an ex NYer and  property owner I would stay away from investing in NYC...

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