Updated almost 6 years ago on . Most recent reply
Investing in New York
Hey guys, brand new investor here from New York, Westchester county to be exact. As some of you may know, a 2 or 3 family house in a class C neighborhood can easily go for 500-600k and up with 10k a year taxes. I'm struggling trying to find any deals that cash flow In the green, granted I'm only looking on the MLS and that is probably my first problem. I'm sure I should be focusing on more off market stuff. Are there any investors from expensive markets with any tips for me? I'm getting a little discouraged. I have enough saved up to put down 10% on most things I'm looking at. Should I wait till I have 20%? Should I look into flipping? I'm following the guidelines and factoring in for cap ex, vacancy, managemtn ect. Even though I'll be managing myself for now, I just want to do it right. Any advice would be greatly appreciated.
Most Popular Reply
Hey Dillon, I am originally from Westchester County and still work in the area. I have been analyzing deals on the MLS for some time now and can usually find about $200-$300 in month cashflow but only a 4-5% Cash on Cash ROI. Just find numbers that work and if asking price is too high rerun the numbers to where it would work for you. Remember every property has a certain price that would make it a deal, so it never hurts to submit an offer where the returns make sense to you.
Good Luck
Nick Mann