Rental Property Investor · Glen Cove, NY · Member since 2016 · 109 posts · 25 votes
Hey everyone. I am extremely new to real estate and want to begin investing within the year. I live in Nassau County on Long Island, one of the most expensive places to live in the country. As I begin to research houses for sale on the island, I am beginning to question if purchasing rental units here can ever be profitable.
I know a few people who own multifamily homes around here, and said they just about break-even. I know that you need to find a really great deal to make money here.
Does anyone have any good experience investing here on Long Island?
After joining BP, I am beginning to realize that its not necessary to live close to the area investing in. I used to think I need to live close to my investment but now see that so many of you guys purchase without seeing the places. Just starting out, I think it can be very advantageous/inexpensive to invest in markets outside of Long Island.
As I said I am just starting out and trying to learn as much as I can, so any advice is appreciated.
Investor · Lindenhurst, NY · Member since 2015 · 5 posts · 1 vote
9y
I'm in Long Island as well (western Suffolk) and it is absolutely difficult, but not impossible, to find deals here. Suffolk county bodes a better chance than Nassau to find a cash flowing property due to taxes and lower entry points. I personally prefer to be local to rental properties (and not invest remotely) so the market is all relative; The 2% rule goes out the window around these parts, but generally I've heard and found that a 0.5% property on Long Island is a good find for long term buy and hold strategy. The foreclosure process takes much longer in NY compared to other states so there are still good foreclosure deals to be found, albeit with some heavy competition. Stay persistent in your search and you will prosper. Also I would suggest to search around for local REI groups and go to the live meetings once a month to get a better feel for the market and network the players
Rental Property Investor · Glen Cove, NY · Member since 2016 · 109 posts · 25 votes
9y
Thanks for the info Johan. I see in the communty tab I can find REI events, but are there any I should know about that may not be posted on here?
I definately notice that suffolk looks better for investing than nassau. Have you been able to/ or know anyone who has found some profittable rentals? It definately has to be that hidden gem of a deal around here.