Updated almost 9 years ago on . Most recent reply
Newbie investor looking for advice
Hi everyone!
I am a newbie investor from the NYC/Nassau County area. I'm most interested in multifamily, BRRR projects, and flipping, but I wanted some feedback. What are the best REI niches/strategies for the NYC/long island area? Where have people found success? I also have limited funds, so any financial advice is also appreciated.
I would love to chat about your experiences if anyone is willing. Please reach out! I'm excited to begin my REI journey!
-Danielle
Most Popular Reply
@Christopher Blanco has a good point. With limited experience and little capital it is very tough to invest in NYC/Nassau.
The city is full of full-time investors who can buy and sell for cash and who have been doing it for years. Plus these advanced investors know the best markets for appreciation, which is the key in NYC as opposed to cash flow in other markets. It's virtually impossible to find deals at 1% in NYC, I would advise looking at markets along the Metro-North or NJTransit lines which don't necessarily have the squeeze of the NYC market.
It might be worth your time to stay in the forums, ask and answer (learn the answer if you don't know it) forum posts, read the blog, listen to the podcast, and set aside some money so that when you want to really jump in you'll have a good base of knowledge and capital. And then look in other markets that can offer cash flow or cheaper appreciation.