Hi All - Since the title describes the main issue, let me drill into the specifics and I would love to get feedback from the knowledgable individuals in this forum.
This is a hot market for real estate and it's even hotter in major metro areas, with New York (Long Island) being one of them. I have tried, over the past few weeks to look for deals via MLS, and have been mostly unsuccessful. Since I have a full time job, and have watched a few videos, and read a couple of books, I am not sure I am at a level of using the ‘creative' methods just yet and would rather stick with traditional for my first couple of deals. That being said, I am not too impressed with turnkey investing, as most of the good deals are not available AND these companies tend to exaggerate and requires that an investor does their own research. Added to this, the Long Island market is hot and expensive and does not have any multi-families that would provide positive cash flow. So, given that I don't have the time to start driving for dollars and send mass mail direct marketing, any thoughts on next steps? Should I wait it out?
I am familiar with another market, namely Connecticut, but have read many articles that say that Connecticut is actually losing people for the past several years (including me), and so, also not a good option for investments.
@Asim Sheikh great job on getting started by reading and educating yourself. I grew up across the river (New London, Ct) and know Long Island to be a tough market to get started due to the high prices you mentioned. For this reason- your immediate surrounding towns are not much better.. Jersey and the Fairfield County. If your looking for cash flow I would look towards central Ct- areas like New Britain, Bristol, Middletown ect.
- As it relates to your comment about people leaving Ct- that may be true, but it's still a great area to invest in cash flowing property. Coincidentally, the largest fuel cell plant in the country is currently being developed in New Britain which is going to be bringing over 3k jobs.... much needed housing. Additionally, there was approval for a Casino in Windsor, Ct.
I personally own and invest in MF property in these areas. You could also consider looking at property in New London County- areas like New London, Norwich, Groton. As you may know, there is always a need for Military housing in New London County because of EB and the sub base.
I wouldn't discount Ct just yet- if you have any questions about any of the towns I mentioned don't hesitate to reach out.
@Michael Doherty - thanks for the advice! Do you have a number where you can be reached today, as I have several additional questions based upon your great commentary above? Thanks again!
@Asim Sheikh sent you a DM!
My partner also handles the long island market I dont mind helping out answering questions as well
@India Spivey - Thanks for reaching out! As stated above, the MLS hasn't yielded any good deals at all, and I firmly believe that it has to do with market conditions, and a loosening of lending regulations, to a certain extent, although not as bad as pre-2008. That combined with low interest rates, low down payments, and every potential investor wanting a piece of the pie, makes big cities a hard market for new investors. Thoughts?
Which is very much true, and another reason why we target off market deals