Rental Property Investor · New York City, NY · Member since 2018 · 38 posts · 7 votes
I’m in NYC and can’t really find commercial properties that pass the BP rental calculator evaluation process. I’ve read Crushing It in Apartments and Commercial Real Estate by Brian Murray. I’ve attended a few webinars for Brandon Turner and listen to his podcast daily.
I’ve used the calculator and evaluated a few properties even out of state. My confusion lies in which area to consider to invest as prices in NYC aren’t good investing in multi family apartments. I am good with 5 units as a starting point.
So I want to know where you are investing and why?
@Alina Trigub thanks for the advice. The only issue I have is that I have all my family and friends in NY and I travel mostly to Caribbean. I’ve been randomly looking all over the US and doing Google searches on best places to invest in real estate in America. I’ve been all over the place and have looked at a lot of properties without a clear direction.
To add to @Alina Trigub's advice, you'll either need to identify ways to add value that make the low cap rates worth it or invest out-of-state. Once you've created your list, start reaching to to local brokers and property management companies to determine the good and bad neighborhoods in the market.
@Gaurav Bhasin . There are lots of people who invest (successfully) in places they have never seen. I'm a visual person and I like to see things with my own eyes for my own comforts. Here is what I would do.
I would narrow down my choices based on specific set criteria, then take a trip (week end trip) to places I would like to invest, meet with brokers, agents, property managers ... etc. And start building a relationship with them.