@Cheri I. Welcome to BiggerPockets!!! Ever want to grab a coffee let me know.
Are you looking just to rent out the apartments or are you looking to flip for a profit?
I'm looking for an investment property (6 family) to rent out the units.
Welcome to bigger pocket. I am currently investing in jersey city. it is a growing market and very easy commute via path train. If you are looking for $2k on $1.8mm investment (assuming you put 25% down, $450k), we are talking about 5.3% cash on cash return. it is much lower than my average return (7% and above) in jersey city and other cities in Hudson county.
I agree with you that brokers are not too helpful. I would say especially hard to find to a good broker in NY. they spent more time working with sellers rather than buyers. as everyone else, my partner got his license to be able to look for deals on our own. I am not sure about your situation. if i were you, i would start with smaller scale investment and find a trust worthy partner to start. Once more trust is built, you can also add most deals into your portfolio. there are deals in real estate market all the time, cash is always valuable. there is no hurry.
Thank you Diana. I appreciate your good advice. So you are suggesting that I invest in Jersey City rather than in Astoria? It's hard for me to find a partner and one potential partner does not have funding for a down payment. So u believe I may be doing this on my own. Let me know any thoughts. I am eager to invest so I can have the income each month. What numbers do u suggest? Buy something smaller ?
Are you looking just to rent out the apartments or are you looking to flip for a profit?
I'm looking for an investment property (6 family) to rent out the units.
Welcome to bigger pocket. I am currently investing in jersey city. it is a growing market and very easy commute via path train. If you are looking for $2k on $1.8mm investment (assuming you put 25% down, $450k), we are talking about 5.3% cash on cash return. it is much lower than my average return (7% and above) in jersey city and other cities in Hudson county.
I agree with you that brokers are not too helpful. I would say especially hard to find to a good broker in NY. they spent more time working with sellers rather than buyers. as everyone else, my partner got his license to be able to look for deals on our own. I am not sure about your situation. if i were you, i would start with smaller scale investment and find a trust worthy partner to start. Once more trust is built, you can also add most deals into your portfolio. there are deals in real estate market all the time, cash is always valuable. there is no hurry.
Thank you Diana. I appreciate your good advice. So you are suggesting that I invest in Jersey City rather than in Astoria? It's hard for me to find a partner and one potential partner does not have funding for a down payment. So u believe I may be doing this on my own. Let me know any thoughts. I am eager to invest so I can have the income each month. What numbers do u suggest? Buy something smaller ?
Real estate invest is very local especial for individual investors. it takes long time to study an area/neighborhood. I wasn't trying to convince you coming to jersey city. the reason i brought up Jersey city is because I have been investing for three years, i am have better understanding in this market. When it comes to choose partner, i always ask what they can bring to the table: money, experience, deals, or anything important for you. I am currently working with my partner who has zero experience in real estate but she can help me to build reputation, which is valuable for my business at this stage. I am guessing what is meaningful for you now is deals and experience. I would go with who has both but also give you a reasonable split (capital gain split).
Last, numbers vary a lot. it really depends on the neighborhood. in Jersey city/other cities in Hudson county, there are two family priced at $400k - $500k but generate $4k rent per month ( after all the expenses, 1k - 1.5k cash ). But you might have to pay double the month in Astoria. you might argue with appreciation in Queens is more than jersey. But i am more focused on cash flow. So it is really depends on your investment objectives. why i am suggesting small scale is to give yourself more buffer to learn, and pick the right deal and right partner.
Are you looking just to rent out the apartments or are you looking to flip for a profit?
I'm looking for an investment property (6 family) to rent out the units.
Welcome to bigger pocket. I am currently investing in jersey city. it is a growing market and very easy commute via path train. If you are looking for $2k on $1.8mm investment (assuming you put 25% down, $450k), we are talking about 5.3% cash on cash return. it is much lower than my average return (7% and above) in jersey city and other cities in Hudson county.
I agree with you that brokers are not too helpful. I would say especially hard to find to a good broker in NY. they spent more time working with sellers rather than buyers. as everyone else, my partner got his license to be able to look for deals on our own. I am not sure about your situation. if i were you, i would start with smaller scale investment and find a trust worthy partner to start. Once more trust is built, you can also add most deals into your portfolio. there are deals in real estate market all the time, cash is always valuable. there is no hurry.
Thank you Diana. I appreciate your good advice. So you are suggesting that I invest in Jersey City rather than in Astoria? It's hard for me to find a partner and one potential partner does not have funding for a down payment. So u believe I may be doing this on my own. Let me know any thoughts. I am eager to invest so I can have the income each month. What numbers do u suggest? Buy something smaller ?
Real estate invest is very local especial for individual investors. it takes long time to study an area/neighborhood. I wasn't trying to convince you coming to jersey city. the reason i brought up Jersey city is because I have been investing for three years, i am have better understanding in this market. When it comes to choose partner, i always ask what they can bring to the table: money, experience, deals, or anything important for you. I am currently working with my partner who has zero experience in real estate but she can help me to build reputation, which is valuable for my business at this stage. I am guessing what is meaningful for you now is deals and experience. I would go with who has both but also give you a reasonable split (capital gain split).
Last, numbers vary a lot. it really depends on the neighborhood. in Jersey city/other cities in Hudson county, there are two family priced at $400k - $500k but generate $4k rent per month ( after all the expenses, 1k - 1.5k cash ). But you might have to pay double the month in Astoria. you might argue with appreciation in Queens is more than jersey. But i am more focused on cash flow. So it is really depends on your investment objectives. why i am suggesting small scale is to give yourself more buffer to learn, and pick the right deal and right partner.
Thank you for the great advice. It is very helpful. I am focused on cash flow as well. I just was considering doing this in Astoria because I'm familiar with the neighborhood and its close to subway. A friend suggested jersey city but I don't go there so often and its unfamiliar. If you know of any good ways of finding properties let me know. Thanks again for the advice.
Are you looking just to rent out the apartments or are you looking to flip for a profit?
I'm looking for an investment property (6 family) to rent out the units.
Welcome to bigger pocket. I am currently investing in jersey city. it is a growing market and very easy commute via path train. If you are looking for $2k on $1.8mm investment (assuming you put 25% down, $450k), we are talking about 5.3% cash on cash return. it is much lower than my average return (7% and above) in jersey city and other cities in Hudson county.
I agree with you that brokers are not too helpful. I would say especially hard to find to a good broker in NY. they spent more time working with sellers rather than buyers. as everyone else, my partner got his license to be able to look for deals on our own. I am not sure about your situation. if i were you, i would start with smaller scale investment and find a trust worthy partner to start. Once more trust is built, you can also add most deals into your portfolio. there are deals in real estate market all the time, cash is always valuable. there is no hurry.
Thank you Diana. I appreciate your good advice. So you are suggesting that I invest in Jersey City rather than in Astoria? It's hard for me to find a partner and one potential partner does not have funding for a down payment. So u believe I may be doing this on my own. Let me know any thoughts. I am eager to invest so I can have the income each month. What numbers do u suggest? Buy something smaller ?
Real estate invest is very local especial for individual investors. it takes long time to study an area/neighborhood. I wasn't trying to convince you coming to jersey city. the reason i brought up Jersey city is because I have been investing for three years, i am have better understanding in this market. When it comes to choose partner, i always ask what they can bring to the table: money, experience, deals, or anything important for you. I am currently working with my partner who has zero experience in real estate but she can help me to build reputation, which is valuable for my business at this stage. I am guessing what is meaningful for you now is deals and experience. I would go with who has both but also give you a reasonable split (capital gain split).
Last, numbers vary a lot. it really depends on the neighborhood. in Jersey city/other cities in Hudson county, there are two family priced at $400k - $500k but generate $4k rent per month ( after all the expenses, 1k - 1.5k cash ). But you might have to pay double the month in Astoria. you might argue with appreciation in Queens is more than jersey. But i am more focused on cash flow. So it is really depends on your investment objectives. why i am suggesting small scale is to give yourself more buffer to learn, and pick the right deal and right partner.
Thank you for the great advice. It is very helpful. I am focused on cash flow as well. I just was considering doing this in Astoria because I'm familiar with the neighborhood and its close to subway. A friend suggested jersey city but I don't go there so often and its unfamiliar. If you know of any good ways of finding properties let me know. Thanks again for the advice.
Would like to connect and share with you about projects I am doing.
Are you looking just to rent out the apartments or are you looking to flip for a profit?
I'm looking for an investment property (6 family) to rent out the units.
Welcome to bigger pocket. I am currently investing in jersey city. it is a growing market and very easy commute via path train. If you are looking for $2k on $1.8mm investment (assuming you put 25% down, $450k), we are talking about 5.3% cash on cash return. it is much lower than my average return (7% and above) in jersey city and other cities in Hudson county.
I agree with you that brokers are not too helpful. I would say especially hard to find to a good broker in NY. they spent more time working with sellers rather than buyers. as everyone else, my partner got his license to be able to look for deals on our own. I am not sure about your situation. if i were you, i would start with smaller scale investment and find a trust worthy partner to start. Once more trust is built, you can also add most deals into your portfolio. there are deals in real estate market all the time, cash is always valuable. there is no hurry.
Thank you Diana. I am happy to connect with you.
Hi Cheri, my name his David and I am local dentist, currently living in manhattan and am dying to do a deal with some one in Queens. I am a local Queens boy and know the market well.
Brooklyn is basically at Manhattan prices now so everything will have to eventually squeeze into Queens for the next 5-10 years. Astoria and LIC are the best neighborhoods to be in right now.
Please keep me in the loop on how things are going for you and if you ever want to talk or meet. I am looking for something very similar to you so lets see if we can help each other out with this process.
Keep in touch
DJ
@Cheri I. Welcome to BiggerPockets!
There are many great members here on BP who are tremendous resources of information and will help you greatly. And there are some who are just here to try to sell you something so don't be naive to it. Their true intentions come out eventually.
Be sure to read through the rules of the forums here. How you'll get the most out of BiggerPockets is to understand how to navigate through it and understand that it's a two way street. You'll get out of it what you put into it so become active and help us grow the community and wealth of knowledge that's already here.
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Again welcome to Bigger Pockets!
Hi BP!
My name is Napoleon and I'm 23 years old. I'm on Bigger Pockets to fuel an interest in Real Estate and more specifically, Real Estate Investments. I like to consider myself ambitious and I look forward to utilizing the education I get here to I can dive into the world of Real Estate!
Hi Cheri, my name his David and I am local dentist, currently living in manhattan and am dying to do a deal with some one in Queens. I am a local Queens boy and know the market well.
Brooklyn is basically at Manhattan prices now so everything will have to eventually squeeze into Queens for the next 5-10 years. Astoria and LIC are the best neighborhoods to be in right now.
Please keep me in the loop on how things are going for you and if you ever want to talk or meet. I am looking for something very similar to you so lets see if we can help each other out with this process.
Keep in touch
DJ
Hi David, I think Astoria and LIC is a good place to invest. I'm trying to get in but not easy to find a property. I will keep you posted on how its going. Let's touch base about it.
Are there any threads on just Jersey city multi family?
Are there any threads on just Jersey city multi family?
Keep me posted if you find any. Just moved to the area. Would love to start in JC.
Astoria is a great market. The only issue you're going to have is that being one of the hotter areas in the boro's right now you'll be limiting your upside (althogh that's not really a concern based on what your are looking for) but your income will be pretty safe and I think your goals are very achievable. Brokers can be very helpful (but I'm biased :) ). Let me know if I can help in any way.
Astoria shows no signs of easing up. There is still plenty of upside. As long as it's less expensive than high end parts of Brooklyn there is almost no end in sight. Houses that were listing for about $850k two years ago are now going on the market at $1.3M or more and easily selling for $1.25M. Too many pluses compared to some overhyped areas of Brooklyn like Williamsburg where, if you are not close to the river in one of the new high rise condos, the housing stock is pretty poor. Astoria has a superior recreational park and there is not place in the city that it takes a back seat to when it comes to dining. Unless you work all the way downtown, midtown is alot closer than nearly all parts of Brooklyn. An argument can be made that Astoria is still a bargain. If want a more residential and less densely populated feel the Ditmars section is preferred. You can still own a car and find parking on most of the blocks closer to the park. If you prefer the nightlife, the Steinway-Broadway-30th Avenue area is the way to go but forget about owning a car.
It was a long time before Astoria and LIC was finally "discovered" and I really feel it will be a while before it finally tops out and that includes the rents which continue to go up at a healthy clip. I get a knock on the door every month or so on average with someone asking if I want to sell my house. If I wanted to sell, I probably would not need a broker and it would be almost like cashing in a CD at the bank.
I have searched the astoria market and I have worked here for two years three days a week. I understand your struggle, and will be the first to say we are both looking for unicorns. Astoria is littered with duplexes not triplexes. its not what you want, unless you want two of them, but each duplex as of 2017 has been going for 900k-1.2 mil. The stronger investors have started raising the floors and the prices due to zoning changes and free money. Old two bedrooms go for 1800-2200. you might not make 2000 clean and if your loans at this rate are for 1.8 you might not make any money.... that's not a problem though. as long as you can manage paying the taxes (try govt programs), afford 10% in rental loss due to non paying tenants. Fix any small repairs you should come out with about 5 % appreciation on your property. This is all my guess work. Its not that there are no deals; its that all the deals are cutting it too close. I can talk for hours about it. I had some ideas for your down payment that might involve multiple co-ops instead of a full house. I am not a broker or agent and cant stand them in NYC. Just send me a message if you need to hear more about my ideas or if we can start a local rei group together and bring more like minded people together