My name is Jeremy and I am new to real estate. My goal is to buy my first rental, most likely an apartment or condo, by the end of this year. I would love to get in contact with anyone whose familiar with the most favorable markets in the New York, NY and/or Long Island areas. My gut tells me to look close to New York City because I live in Long Island City without a car. Any feedback would be greatly appreciated.
Jeremy C. Schwartz
Welcome! I live in your neighborhood as well.
You'll definitely get a few different viewpoints on this forum. I am (obviously) only representative of one, but I have found it to be a fairly common conclusion.
The NYC metro area is extremely tough for cashflow. For other strategies, it's not easy. Good inventory is tough, and most bidding wars will end in a retail buyer paying way above the fundamentals. Given the new package of state rent / landlord related laws that just passed, I think it'll get tougher to do investment within the state.
My investment has all been out-of-state, and I have really enjoyed / profited from that. Even the few investors I knew who were doing projects in New Jersey have decided to go farther south with new opportunities.
Happy to talk at length about my experience sometime soon, if you want to meet up.
Thank you for the feedback! That makes a lot of sense. I think I'll have to look out of state. I'd be happy to meet up. What's the best way to contact you?
hey Jeremy and Trevor , I share the same outlook as the both of you. I'm looking for a condo unit to buy and rent out or a multi, but ther numbers are really hard. Perhaps the three of us can meet up