Seeking NYC Rental Property Advice

[Gabby Proeh]

Hi all, I am new to real estate investing and figuring out where I want to make my first investment. I am considering Bed-Stuy (Brooklyn) Westchester County, or Queens. I would love to hear advice anyone has to share. Thanks!

[Eric Hajdu]

Gabby, congratulations on looking to get into your first investment property, if I could share any advice based on your post, it would be to greatly narrow down and specify your search.  You mentioned 3 different markets, with two of them being large regions.

I would really try to get it down to something as specific as, I want a 3 or 4 family in Bed Stuy that cost X and is between a certain 20 block radius.  This will help you get serious, and also if you chose to use a broker on the buy side be very helpful to your search.

Lastly, I have been investing in Brooklyn since 2001, and you have to throw all traditional cash flow metrics out the window, you'll be buying for capital appreciation and wealth creation.  Hope this helps a bit, please don't hesitate to reach out, best of luck!