Dan from Queens, NY- In stage B of BRRRR

[Daniel Lee]

Hi Everyone, excited to be part of the community. After being 10+ years in the real estate industry, I finally pulled the trigger and purchased a duplex in Queens last year. Honestly, this deal fell into my lap( Parent's landlord for 20+ years) so it was not like I was actively looking and analyzing deals.

Now that I have some equity, I'm looking to cash out and keep the momentum going. Interested in knowing what strategies other investors in NYC are employing. It seems that most investors are looking to buy out of state due to the high prices in NY.

Curious to see if areas such as the Jamaica,Bronx, East NY, Staten Island, Jersey City, etc are good areas to invest in.

[Amit Kal]

Hi @Daniel Lee, welcome to BP. Happy to give you some advise but you need to supply some more details. Is the duplex considered your primary residence? What is the market value of the duplex now and how much do you owe on it?

You asked: 

"Interested in knowing what strategies other investors in NYC are employing. It seems that most investors are looking to buy out of state due to the high prices in NY."

I can tell you that after building up a small portfolio in NYC, I shifted my focus out of state for two main reasons - 1) much better cash flows, 2) I can participate in more deals per year (3-5 acquisitions) vs having to save 18-24 months to get 20% to put down on something in NYC that would cost $650k+