Rental Property Investor · Bronx, NY · Member since 2019 · 46 posts · 6 votes
Hi everyone, I’m looking into the Bronx market and had a few questions. Are there still opportunities to purchase smaller multi-family properties (2–4 units) in the area? Specifically, I’d like to get a sense of the current average cost for 3- and 4-family homes.
Also, how would you describe the Bronx real estate market overall right now? in terms of entry price points, demand, and potential for long-term value?
Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
1y
Fab,
All of my NY clients have been moving thier REI purchases out of NY in the last 18 months. The purchase to cash flow ratios are on the decline. You have have a few things contributing to that like over priced homes, rents coming down, increased contract defaults, Mortgage rates now dropping fast causing a rebound from renters market back to buyer's market.
Unless your into and secure with section 8 and have confidence in that contract and security it is tougher than 5 years ago. If you have the ability to buy out of state which is actually easier and costs less I would check out some other states like IN, OH, TN, FL, NV, NC, GA and a few others. You also have a larger rental income capacity if you use certain locations and get into STR, LTR, even Co-living that is growing faster!
Reach out if you have any questions I have a large Network of investors I can make some email introductions or even talk neighborhoods that are performing. My goal is to help more BP members build their REI portfolio and avoid lost time or money!