How do I spend 150k in NYC metropolitan area???

Question

I currently own a 4unit rental property in westchester county NY.   Wanted to do BRRR with the aforementioned money.  This area is high priced and NY eviction policies favor the tenants.  Was hoping someone can offer advice from their experience as to out of state purchases and local (NYC tri-state area) purchases because this areas market has always been high now add the booming/complex covid market numbers have sky rocketed. I am new to bigger pockets and any feedback would be greatly appreciated

Shane Bladel · Answer

Joke is on point lol.  Thank you for your response it’s tough to narrow down a specific route but I do agree in bordering states.  I have also considered your recommendation of investing just tough to trust an entity/person heading that company.

Jaysen Medhurst · Answer

@Shane Bladel, we really need to better understand your goals and requirements. How involved do you want to me? What kind of properties? How much are you looking to invest? While it sounds counter intuitive, the more specific you get the more opportunities present themselves.

Cody Benedetto · Answer

Check out New Haven county (CT). Not too far, borders Fairfield county, coastal, New Haven is a sizable city with many employers... There are still opportunities especially, lots of condos. West Haven and New Haven are worth a look.

Shane Bladel · Answer

Thank you for replying and for being specific. I will definitely be looking into that old industrial area. Pennsylvania taxes and relatively reasonable real estate prices has always been intriguing

Nicole (Dunlap) Pendergrass · Answer

@Shane Bladel I agree with @michael baker.... Not to being more competion to the area lol, but I have a 3 fam in the Bronx, refi'd and put my equity in a deal in Allentown... Lehigh Valley is attracting a lot of money from NY/NJ.

Michael Baker · Answer

You might look into Allentown, PA. That's about 90 minutes out of NY but it's quickly appreciating. It'll take some research but it's an attractive area.

Scott Wolf · Answer

@Shane Bladel, "How do I spend 150k in NYC Metropolitan area"?  Go out for lunch!  (sorry, super cheesy joke)

If you want to invest, and not spend, you can become a private lender, invest as an LP in a syndication(may need to be an accredited investor).  You can also buy smaller MF in upstate NY, Fairfield county CT some places in NJ.  Or long distance RE investing as well.  The world is your oyster.  You just need to pick what you want!