Success with Turnkey properties in NYC?

Question

Hi BP members,

I'd like to know if turnkey investing in saturated markets like NY and California is a viable option. I know cash flow is greater in up and coming states in the midwest however there is a certain peace of mind that comes from investing in your own backyard. Has anyone here had success or even failures in this area of investing and is a large amount of capital needed to get started? Thank you, any response is appreciated!

Rich Ramjatan · Answer

@Shulammite Ng

All depends on which part of NYC.  Properties are barely cash flowing here .

Shulammite Ng · Answer

@Basit Siddiqi Thank you for the input! I was thinking somewhere in yonkers or Long island, where there's still some room for properties that can appreciate and potentially under 500k. Is there a turnkey company you'd happen to be able to recommend based in NY?

Basit Siddiqi · Answer

@Shulammite NgYou mention New York...which is huge. What area of New York are you looking to acquire turnkey properties?In reality anything is possible - if you do find a turnkey property in NYC, expect the price point to be higher than the midwest and the return to be less. Your potential for appreciation might be higher.I can understand why turnkey is more advertised in the midwest than in areas like NY/CA.Pricepoint is high and landlord laws are unfriendly.If an investor buys a property and gets burned by one bad tenant, it can leave a bad sting for that investor.