Updated about 8 years ago on . Most recent reply
First Investment Guidance
Hi All,
My partner and I are in the beginning phases of purchasing our first multi-family investment property in Brooklyn, NY. Since this will be our first investment property, we are seeking a turnkey investment that we can quickly generate immediate cash-flow. However, with the barrier to entry being around $1.1M in the up and coming neighborhoods including Flatbush, Bed-Stuy, Bushwick, Sunset Park, etc., we are having a difficult time obtaining a portion of the funds needed to purchase.
The multi-family route is our first preference, but we have also looked into starting with a short-sale or condo since those require a lower barrier to entry. However, with a short-sale, we understand that could end up costing us more money in the long run. With a condo, we would not be generating cash-flow as we would only have one door. Our goal is to secure 2-3 multi-family investment properties by the end of this year throughout Brooklyn and the Midwest.
We are seeking guidance and advice from experts in the New York market as well as any recommendations you may have for investors looking for partnership opportunities in this fast growing market.
Many thanks!
Shane & Gabriela