New member from Jersey City, NJ

24 Replies

Greetings all!

I have recently been pretty interested in real estate investing, found BP podcast, and here I am! I'm very excited join this community and learn from so many experienced and motivated people.

About me, I currently live in Jersey City NJ, working 9-5 in NYC, and I'd love to start investing in buy and hold properties with some good cashflow.

It's pretty hard to find properties with positive cash flows here in JC or NYC, so I'm thinking to go after New Haven, CT or Pittsburgh, PA. Any comments on these two areas? Does anyone know of any other places to start out in that's within 4hrs drive to New York City? 

Please let me know if you have any recommendation for real estate investing groups & Meet-Up in NYC. Looking forward to interacting with all of you.

Cheers,

Wendy

@Wendy Liu

Welcome to bigger pockets!!! Personally I wouldn’t limit myself to a market that’s just 4 hour driving distance. Regardless you will need Property Management why limit yourself just pick the right market. Although I do understand it’s nice being able to drive to your market..

Best of luck !!!

Thanks for your advise!! I was just thinking to start with a place that I can spend more time doing my research, and there seems to be a lot of options within driving distance. Of course I'm open to all possible opportunities. 

Happy to hear your story in investing in NYC.


Originally posted by @Raul R. :

@Wendy Liu

Welcome to bigger pockets!!! Personally I wouldn’t limit myself to a market that’s just 4 hour driving distance. Regardless you will need Property Management why limit yourself just pick the right market. Although I do understand it’s nice being able to drive to your market..

Best of luck !!!

 

@Wendy Liu - why a 4 hour drive? You can't self manage being 4 hours away unless you have staff in the area. Look at all cashflow states nation wide. Either way, you need a PM.

@Wendy Liu Hi Wendy, Though more than a 4 hour drive from NYC, Pittsburgh PA., as you mentioned, is a great market to invest in as the buy-in is a lot more conducive than other more saturated markets. Pittsburgh has changed for the better with the influx of technology based businesses hiring more people who are in turn looking for places to rent. This combined with a very proactive Mayor who seeks initiatives that encourage economic growth have really become attractive to those investing in Pittsburgh.

My advice to anyone investing is to first determine what kind of REI property you are looking for, talk to the locals, get on automated searches, tour or have a real estate expert tour for you interesting properties, get your financing in order (Always consider getting a pre-approval) and get ready to "Pounce" once you see a property you want as it's still a Seller's market and many are vying for the same property as you. Timing is everything. Feel free to reach out to me if you want to talk more about Pittsburgh, PA.....Thanks, Gary

@Wendy Liu , while I no nothing about the Pittsburgh market, I personally know people that have invested in New Haven, and their advice to me was "RUN".  So check out Pittsburgh!

@Wendy Liu

Welcome to Bigger Pockets!

This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/pro

If you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/renewsblog/

The site has quite a few tools that can be helpful for new members. I like the search features: https://www.biggerpockets.com/search

@Scott 

@Scott Wolf I own one property in the New Haven CT area and looking for 2bd now. Do you mind sharing why your contacts advise you to “RUN”?  

Is it a matter of high prices or a function of the state of CT?  

Thanks for your time. 

Jack

Originally posted by @Scott Wolf :

@Wendy Liu, while I no nothing about the Pittsburgh market, I personally know people that have invested in New Haven, and their advice to me was "RUN".  So check out Pittsburgh!

Hi Scott. Thanks for your post! Same question as Jack, do you mind share why they advise you to “RUN”? The area has pretty good return from cashflow. Is it because of the lukewarm economic growth and limited upside in real estate appreciation? 

Originally posted by @Gary Swank :

@Wendy Liu Hi Wendy, Though more than a 4 hour drive from NYC, Pittsburgh PA., as you mentioned, is a great market to invest in as the buy-in is a lot more conducive than other more saturated markets. Pittsburgh has changed for the better with the influx of technology based businesses hiring more people who are in turn looking for places to rent. This combined with a very proactive Mayor who seeks initiatives that encourage economic growth have really become attractive to those investing in Pittsburgh.

My advice to anyone investing is to first determine what kind of REI property you are looking for, talk to the locals, get on automated searches, tour or have a real estate expert tour for you interesting properties, get your financing in order (Always consider getting a pre-approval) and get ready to "Pounce" once you see a property you want as it's still a Seller's market and many are vying for the same property as you. Timing is everything. Feel free to reach out to me if you want to talk more about Pittsburgh, PA.....Thanks, Gary

 Thanks Gary, definitely very impressive changes are going on in Pittsburgh now. Do you know what are the major real estate investors in Pittsburgh? First time home buyers, experienced investors, or maybe even company invest for their own employee housing...?

@Jack D. and @Wendy Liu , my friend told me that collection of rents, city government, and lack of appreciation all made him wish he had never invested there.  He bought 40 units +/- and is managing from NYC.

Originally posted by @Chris Martino :

Hi @Wendy Liu,

Have you looked into Philadelphia at all? There are definitely some good areas to invest in for flips or buy and hold. 

Thanks Chris. Actually I personally have never looked at it before. what areas do you suggest for buy and hold? And why? 

Originally posted by @Jack D. :

Thank you @Scott Wolf for the reply.  Hopefully he has better luck there.  I am hoping to keep investing in the area as Yale, Quinnippiac College and SCSU are a good draw.  

Good luck to you. 

Hi Jack, how do you like the property there? Any issues you have seen so far? I do see a very attractive cap rate near Yale and I don't quite understand why many investors are selling their properties other than for the high property tax there.

Hi @Wendy Liu ,

The property has done well so far. It is located about half way between Yale and quinnpiac university.  I have noticed a lot more multifamilies coming on the market lately and prices are inching down but need to come down more in my opinion, especially in  the nicer new haven neighborhoods.  Taxes are definitely an issue so you have to look at a lot of properties and be aware of the property taxes. 

Hi @Wendy Liu ,

It depends what type of buy and hold you are looking for. If you are interested in student rentals then I would suggest parts of West Philly or areas by Temple. Both of these sections do have some rough areas so you have to be pretty knowledgeable about which blocks you are buying. The Kensington area which has notoriously been a rough area with a lot of drug activity has now become an area that investors have become very interested in. In my opinion this area has the most potential for long term buy and holds. 

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