Queens NY

15 Replies

Does anyone invest in queens New York? If so can you share your story how you were able to invest there, I want to invest there but the prices are way up there. I am trying to use some creative financing but I need some advice, I want 2016 to be a big year for me.

@Ramesh Ramdatt

Welcome to the vibrant BP community. Ok, now that you have taken your initial step, below are some quick links to get engaged.

Your profile indicates an interest in flips, so I added the below links for your review.

With regard to your struggles in Queens, NY, welcome to the club! If you search the forums you will see past threads which addressed the challenges of owning high priced properties in NYC and its environs.

However, as I have said before just like a card game, you have to play and try to win with the deck/hand that's served.

While you try to figure out how to make your first move, below are some links to review prior to taking action with flips.

http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)

https://www.biggerpockets.com/renewsblog/2013/03/21/flipping-houses-101-j-scott/ (Flipping houses 101 with J. Scott)

https://www.biggerpockets.com/renewsblog/2015/07/09/bp-podcast-130-ten-smart-tips-for-making-1m-flipping-houses-with-will-barnard/ (Smart tips for flips)

https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)

https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)

REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.

https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/

REI books suggested by BPers

https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books (books recommended by BPers)

Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

Feast on the Podcasts, #askbp Podcasts, blogs and webinars

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

Hi @Ramesh Ramdatt , welcome to the BP community! It's always tough especially in the high priced neighborhoods, but I think you can still find good deals in Queens, or you try the Bronx it's much more reasonable. 

Good luck!

Hello, I live in Queens househacking and familiar with the market. Hot neighborhoods like Astoria, LIC, and Forest Hills will continue to go up imo. Neighborhoods that are up and coming include Woodhaven, Richmond Hill, Ozone Park and Jamaica are still on the cheap end and getting a lot of attention. The home we recently purchased was straightforward with bank financing and help from family. Hope that helps. 

I'm interested in the same market and have had trouble finding anything that makes income unless its a cash purchase or huge down payment. The only deals with finiancing are some of the co-ops in astoria that rent for 2k but are worth under 500k.

Hey everyone, 

I'm also a Queens investor. I recently put in an offer on a place in Rego Park, was listed at $140k but needed about $20k in work. I offered $120k, then $130k... and decided that $160k all-in for a Rego Park studio was too much (they wouldn't budge from $140k). That said, I did plan on living there. Anyway, I'm still on the hunt. Live in Sunnyside currently. I have a private lending option of $100k with a 5% interest rate and can come up with the rest myself. However, I'm really not wanting to spend over $200k. I think my sweet spot is going to be Jackson Heights/Elmhurst. 

Please reach out if you guys ever connect in person, I'd love to engage.

Elizabeth

Hi Everyone -

I'm glad I stumbled on to this thread as I am looking into making some commercial real estate investments in Queens NY, specifically Sunnyside. I was wondering if there is anyone who has been investing in queens for sometime that I could chat with just to get a sense of what you are seeing and to better understand the ecosystem. 

Would be very grateful for your time and may be able to return the favor with some deal flow. 

Best,

Samir

@Benjamin Qiu was spot on here with his forecast of the Ozone Park, Woodhaven market given pick up in price and demand in the past few years.

Curious to know if other people are finding cash-flow-positive rental areas in Queens still? My radius has now shifted to The Bronx but wondering if there’s still untapped value within Queens that I may be overlooking. Cheers. 

Originally posted by @Marzan Khan :

@Benjamin Qiu was spot on here with his forecast of the Ozone Park, Woodhaven market given pick up in price and demand in the past few years.

Curious to know if other people are finding cash-flow-positive rental areas in Queens still? My radius has now shifted to The Bronx but wondering if there’s still untapped value within Queens that I may be overlooking. Cheers. 

 I have been struggling to find a cash-flow-positive place in Queens for the longest! It seems almost impossible with any of these Coops and the houses are just so expensive. Would love to know the answer to this as well! T_T

Agree, I came to the conclusion that the market is just too hot to be buying, but still having an eye out for potential deals. I do realize listings are staying on the market a little longer lately, but who knows


Originally posted by @Jane Wish :
Originally posted by @Marzan Khan:

@Benjamin Qiu was spot on here with his forecast of the Ozone Park, Woodhaven market given pick up in price and demand in the past few years.

Curious to know if other people are finding cash-flow-positive rental areas in Queens still? My radius has now shifted to The Bronx but wondering if there’s still untapped value within Queens that I may be overlooking. Cheers. 

 I have been struggling to find a cash-flow-positive place in Queens for the longest! It seems almost impossible with any of these Coops and the houses are just so expensive. Would love to know the answer to this as well! T_T

Originally posted by @Elizabeth S. :

Hey everyone, 

I'm also a Queens investor. I recently put in an offer on a place in Rego Park, was listed at $140k but needed about $20k in work. I offered $120k, then $130k... and decided that $160k all-in for a Rego Park studio was too much (they wouldn't budge from $140k). That said, I did plan on living there. Anyway, I'm still on the hunt. Live in Sunnyside currently. I have a private lending option of $100k with a 5% interest rate and can come up with the rest myself. However, I'm really not wanting to spend over $200k. I think my sweet spot is going to be Jackson Heights/Elmhurst. 

Please reach out if you guys ever connect in person, I'd love to engage.

Elizabeth

Any updates on the property ?

Originally posted by @Benjamin Qiu :
Agree, I came to the conclusion that the market is just too hot to be buying, but still having an eye out for potential deals. I do realize listings are staying on the market a little longer lately, but who knows


Originally posted by @Jane Wish:
Originally posted by @Marzan Khan:

@Benjamin Qiu was spot on here with his forecast of the Ozone Park, Woodhaven market given pick up in price and demand in the past few years.

Curious to know if other people are finding cash-flow-positive rental areas in Queens still? My radius has now shifted to The Bronx but wondering if there’s still untapped value within Queens that I may be overlooking. Cheers. 

 I have been struggling to find a cash-flow-positive place in Queens for the longest! It seems almost impossible with any of these Coops and the houses are just so expensive. Would love to know the answer to this as well! T_T

 I believe everything is over priced as well. Very challenging market!

@Joe Khan hey! Yup, this was a long time ago! I bought the unit in Rego Park for $130k. Then put in about $20k in renovations. I lived there for a year but have since moved out of the city and tenants are in there paying $1.3k in rent. Worked out pretty great! I was lucky enough to pay off the mortgage, too, so it was a great investment!