Buying my first investment property

[Steven Zai]

Hi all,

I am a new investor and am beginning to look around the NYC area for my first investment property as well as a place to live. I have been told that multi-family houses are the way go, however given the costs in the area I am looking (Queens) it will run around $700k and drain all my liquid cash.  I was initially leaning towards renting out 1 side and living in the other, however now I am beginning to think I should start small and invest and build up equity in a 2 BR Co-op or Condo and possibly acquire 2 of these in the near future instead?

Any thoughts or suggestions? I would love to hear others experiences.  My ultimate goal is to own a few properties and rent them out in order to maintain a steady cash flow so that I can retire early.

Thanks in advance!

[Carlos Velasquez]

Condos have something I do not like condo fees! And it is a hit to your cash flow. Nevertheless, each market works for different individuals. I suggest that instead of concentrating in the property you should concentrate in the deal. It seems that you have the capital so first get into a local Reia and network with people then find what is a good deal in your market and what makes sense for you. For instance, I wanted to first buy multi fam homes but too many people were beating me in obtaining them. Then I saw that single fam. Were not touched and found great deals. Find your deal buddy.