Moving to NYC, How should we invest our money in real estate?
Hello everyone and thanks to all for creating an awesome community on Bigger pockets.
Me and my partner are moving from London England to New York City in roughly one year for her work. She works in investment banking and earns a very good salary. I am currently working as a real estate agent in London and will do the same in New York but will of course be starting over as I will need to get licensed and accustom myself to a completely different process. Essentially we will have a guaranteed income of $200K to start but this will be more once I begin earning an income as well.
We have always talked about getting into real estate investing and since we will be now selling our London property, we want to start investing in New York rather quickly. I lived in New York for 4 years before moving to London so I generally have a good understanding of the city.
We will be coming to New York with roughly $1,000,000 in cash that we will be putting into property. The rest of the purchase will be made with as much mortgage money as banks are willing to lend. From my understanding, we are likely to receive a much higher mortgage when purchasing a BTL than a live in landlord mortgage.
The big question for me is, do we purchase a multifamily townhouse in an NYC Burrough and be live in landlords? or do we find a few good investment properties or an apartment building outside of the city to purchase?
We are torn between being a bit more aggressive investors and having to rent in manhattan/Brooklyn or owning our own townhouse with say three units and having the two extra units support our mortgage payments.
At the end of the day, we are just trying to get as far ahead as possible like anyone else.
We are also both youngish professionals with no dependants.
Really looking for peoples opinions on what they would do if they were in my position.
Thanks to all who take the time to read and reply!