I am a new investor living on Long Island, New York. My question is what do people think of the real estate market in Long Island? As a new investor I like the strategy of Buy and Hold investments but I am not clear as to if Long Island is a great place to invest in - I would like to invest here as its where I live. I don't see too much construction and/or population growth occurring here - which my understanding is are key factors to look out for in terms of buy and holds. Seeking guidance from experts as to if my assumptions are correct or not?
I live on long Island, I don't think there are a lot of high yielding buy and holds in our area. I am making offers on my first flips but even using the 70% rule is seems to be tough where I am looking. I own buy and holds in Rochester NY and have found that once you grasp the skills of a out of town investor you can generate more cashflow elsewhere.
I live on LI as well and have found that going the buy and hold route doesn't seem to work since the price of homes, and the taxes makes it somewhat difficult to cash flow. I also have invested in the Rochester NY market and have found that the numbers work pretty good up there.
Thanks guys for the advice. Its what I was looking for. Time to start looking elsewhere.
How about places nearby Long Island like queens and such? Same story?
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