Hi guys I'm from NYC (Bronx). I know the NYC market is very expensive for newbies like myself and I feel like I may have to look outside of the city to get started. Eventually I want to get a duplex in NYC to live/ rent out. As far as investing I will have some capital to invest soon and I feel like I should start either wholesaling or flipping in an area where the housing is cheaper for example looking at Buffalo. Id like to know where other NYC investors are investing at. Any ideas or feedback would be appreciated.
@Ben Vargas , I just moved out of the city. I'm looking at the Berkshires (around Pittsfield, MA), central CT-East of Hartford, Danbury/Waterbury.
Some parts of Westchester are attractive: Have you looked in Ossining or Tarrytown?
I have friends who are doing well in both Rochester and Albany.
Eastern PA also has some opportunity.
Pittsfield area was just recognized as best small city in the country for the arts. We own 2 quads there and they have been solid thus far.
@Ben Vargas Hey Ben, NYC is not the place to be if you're just starting... I don't even think its the place to be if you're seasoned haha. The prices there are crazy and lots of the market is solely based on appreciating the value of real estate not even cash flow or income from flipping. I think North/Central Jersey would be a good place for you to get rocking and rolling. If you are looking to start flipping look for something more central Jersey, that will be a good place to start with good price points for newbies. I was in your shoes not too long ago and I have managed to get out of the newbie phase.
If you have any questions about REI or anything in general, I am mainly a builder/flipper, so I will better assist you with questions pertaining to that, but I can also answer any questions about rentals and buy and holds to the best of my knowledge and help you out. Connect with me and PM me, I would love to learn about your ambitions and how you planned to start RE investing.
Hi @Ben Vargas like you I also feel NYC has become more expensive now then a year ago. Queens and Brooklyn have been on fire especially areas that were less desirable.
Anyhow I invest in Rochester NY. It's about 6 hour drive or an hour flight from where you are. Prices are good and the cash flow is great. Like every town, there are some sketchy areas so be careful. Let me know if you need any additional help. Good luck!
I invest in central NJ, best combination of cash-flow and price. Having invested there for some time I would not invest in NYC unless I develop building or have a really great deal. For the amount of money you can get a single family house here you can get over 15 in other places. Best
Rochester, NY is a steady market. I am biased, but I believe it is a top cash flow market.
I'm considering investing in Ossining or house-hacking there. Still doing research on the area before going for it but so far it seems to have pretty reasonable prices and still within reach from NYC.
Check out Pennsylvania. Most areas can produce a 10% return or better at a very reasonable entry price.