Updated over 4 years ago on . Most recent reply
Investing in Manhattan
You're probably thinking, "She's crazy." "Why would she even ask this?"
I love NYC (before you call me out on making an emotional decision, hear me out haha). Maybe I'm just clinging to the hope that it's not too saturated. One thing I know for sure it that rent is always consistent and if a tenant breaks lease you could replace them in 30 minutes.
Also - Has anyone ever done a BRRR in NYC? I feel like there is less room for improvement if we aren't talking about a standalone home but I also feel like rents in NYC will ALWAYS go up. Maybe that's naïve?
Also - I'm sure you will suggest looking a little outside of NYC... But I'm really curious about Manhattan itself. I feel like there are many hidden gems with lots of passive income potential.
Thank you in advance :)
Most Popular Reply
@Kathleen McCabe Not sure if youve been keeping up with the news but NY just passed very strict rent control regulations which will likely cause prices on commercial buildings to fall very fast and very hard. Definitely want to wait this out for a bit until the dust settles. And a sit is you could wait a year to evict a non paying tenant in NYC. I would recommend looking at Jersey City NJ as some parts of it are as nice as NYC and there is no rent control on buildings under 4 units. Landlord tennat laws are still skewed for the tenant but its not nearly as bad as NYC. Plus you have easy access to NYC and can be in midtown in about 20 minutes. I've been investing there for a while and have had real solid cash flow plus a ton of appreciation the last few years. I think thats the place to look if you want access to the NYC metro area.