Anyone investing in Cypress Hills/East NY Brooklyn?
Hi everyone. I am looking to invest in a property this year, through an owner occupied FHA loan. I am renting right now close to NYC by Long Island City. As much as I love this area, prices are extremely high and not affordable for my budget. I did a search, and East New York, Cypress Hills area has been showing some very affordable multi-families. My plan would be to live in one unit, and rent out the other unit.
My only concern, is the safety. I have heard that this is a rough area. Is the area as a whole dangerous? Or only certain pockets? I did a drive through of Bed Stuy and Bushwick to scope out the area. It seems like there was a mix of nicer buildings, and older properties as well. I noticed a "hipster" vibe in some parts. Those areas are crazy expensive though.
Does Cypress Hill have potential as an up coming neighborhood for investment? I would consider the Bronx as well, but I am not familiar with the area as a whole. Are there any other areas recommended? Thanks.
Anything near then J or Z is what happens next. Stay far away from the L train and buy property close to the train lines that will remain open.
In respond to the thread post though, I personally am wholesaling in east new york and brownsville you are a little late to the party with bushwick it's become a lot more competitive. East new york is somewhere you can pick up a short sale though or get something into contract under the 200k price point. I would do these deals all day long.
Originally posted by @Tiffany Campbell:also the L train will be out of commission for at least a year possibly around 2018 so hopefully that's not the only train line near his investment.
Originally posted by @Anthony Perez:
In respond to the thread post though, I personally am wholesaling in east new york and brownsville you are a little late to the party with bushwick it's become a lot more competitive. East new york is somewhere you can pick up a short sale though or get something into contract under the 200k price point. I would do these deals all day long.
Good info to know thank you
What are you buying for $200K in NYC?
Two family converted from one in East NY. Rehabbers are picking them up for like 350k. Lot sizes are usually 20x100 if that helps @Charles Worth You can still short things around here just gotta dig.
$350K sounds a little more like what I have seen, under $200K I had not seen really unless there is a major issue.
Maybe you aren't looking hard enough I shorted something for 200k. I also have to pick stuff up under 350k to make a spread it just depends on the deal. I've seen stuff go for 120k you really just have to look. PM I'd be happy to show you comps. @Charles Worth
I recently bought in Cypress Hills. A block away from Highland Park. This area, surrounding Highland Blvd has a magical quality to it. Safety does not seem to be an issue for us. I have lived in Crown Heights across from a NYCHA building for the last 5 years, so moving to Cypress Hills will be an improvement.
Michael Charles since you live in LIC and exploring in Brooklyn, I'm sure you know that the L train will be out of commission for about two years. That's going to redirect a lot of folks over to Western Queens in neighborhood such is Sunnyside, Woodside Jackson Heights, Corona and Elmhurst. Prices are already high in these neighborhoods but several hundred dollars less per square foot than equivalent areas in Brooklyn. I think the spread between Brooklyn and Queens will decrease quite drastically over the next 3 to 5 years. You could probably find a two or three family in Woodside that needs work (but would still qualify for FHA) for about $600K.
Good luck!
East New York is about to see a lot of revitalization. The city has approved rezoning and plan on putting millions of dollars into this neighborhood. http://ny.curbed.com/neighborhood/1353/east-ny-brownsville. Remember that with FHA you only have to live in the property for one year and then you can move. There are good and bad areas in all neighborhoods but from an investment prospective ENY is still a good deal because of the low property taxes and access to multiple trains.
Hi @Anthony Perez, interested to know there are still property in nyc under that price range. Do you mind to PM me with more detail?
Thanks,
Danny
Michael Charles yea if you have a billion dollars. If your interested in out of state investing I can share with you what my company does.
-
Developer
- IKEPTIT Real Estate LLC
@Anthony Perez Hi Anthony. Are the short sales you do all cash deals? I searched in ENY for a home and it was quite competitive.
Originally posted by @James Northrup:
@Manny Vasquez Agreed. That has been my impression as well.
For some perspective on the history of ENY, check out the incredible documentary "The 75": https://www.youtube.com/watch?v=FRRTie0i_TQ
Is this Documentary still available? I cannot find it at that link or keyword search.
@Diana L. The documentary is still available, but you'll have to pay to see it: https://www.youtube.com/watch?v=FRRTie0i_TQ