New Investor - Long Island New York

11 Replies

Hi everyone, 

I am looking to invest in real estate on long Island. I just bought my first home, which is essentially a live-in flip. In the past 10 months of living here we redid the floors, created a master bathroom and walk in closet, redid the siding, built a shed, painted and landscaped. Still a work in progress! I am interested in buy and hold investment, either on long Island or in another region close by. I know competition is high here! I am super motivated and excited; ever since buying my first home I have been hooked on real estate. I hope to learn from many of you and look forward to connecting! Cheers, 

Josh 

Thank you Scott! I am definitely open to looking upstate. I am actually interested in investing near universities. Do you have any experience with that, positive or negative? 

@Josh Feldman

Northeast, in general, is a very tough place to invest. Personally, I go out-of-state and out of region.

Still, if you can run the flip, you have some value-add potential. This is certainly more than a passive investor like myself can offer.

Originally posted by @Josh Feldman :

Thank you @Scott Wolf! I am definitely open to looking upstate. I am actually interested in investing near universities. Do you have any experience with that, positive or negative?

 Hey Josh, I have no personal experience with investing near universities, but I do have an acquaintance who started doing so when they were at U. of Minnesota (Minn U.?) and they have had great success.  I know one of their keys was making sure the parents were on the lease as guarantors.

I am looking to make my first investment in real estate and am curious to know for those that have invested out-of-state or even upstate NY, how have you been able to manage your properties? Do you hire a third party? The goal is clearly to find a cash flowing deal, which seems very hard in the immediate LI area, but I've been told by many with experience that it's always better to go after something "in your backyard". I do subscribe to the fact that no one will ever care for you asset as much as you will.

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