Is Buying in NYC a good idea now?

Is Buying in NYC a good idea now?

Investor · Queens, NY · Member since 2017 · 13 posts · 1 vote

Hello RE Investors in the New York area. As you already probably heard that there is a record high of 13K vacant apartments in Manhattan right now and this number is likely to increase. Work from home is inevitable so does buying a 2 family house in Queens/Brooklyn as a rental make sense even if numbers look right? I'm looking at a 800K house with a potential of 24K a year in cash flow (9% Cash on Cash)? This is in a C working class neighborhood with many people that work in restaurants, construction and other manual labor type of jobs.

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  • Rental Property Investor · New York City, NY · Member since 2017 · 493 posts · 386 votes
    6y

    @Sergio Martinez

    Im not seeing any big price drops in the outer boroughs rents and sales price are pretty stable in Manhattan is where Im seeing the rent drops. If you have the reserves yeah it might be a good time to buy from a distressed landlord just keep in mind the eviction Moratoriums who knows when they will be lifted. You make a mistake w wrong tenant or you inherit a bad tenant there will not be much you can do

  • Investor · Queens, NY · Member since 2017 · 13 posts · 1 vote
    6y

    Yes, that's a good point! Thanks.

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