New Member Interested in NYC and/or KC

New Member Interested in NYC and/or KC

Rowayton, CT · Member since 2013 · 11 posts · 3 votes

A friendly hello!

My name is Robin Halsey and I live in NYC (by way of KC, LA, and most recently, Charlottesville, VA).

I began my career in corp finance consulting and inevitably ended up in RE working to untangle distressed investments. It was a fun ride, but the corporate drag, not to mention cross-country commute became less than appealing… Thankfully it introduced me to RE.

My goal is to begin accumulating small, MF properties. I am primarily interested in the LT play – focusing on cash flow, forced appreciation, and establishing / maintaining a strong tenant base.

My biggest question is what market? The local price point (NYC – Long Island) is staggering compared to the Midwest where I grew up and have stronger connections.

That said:

1) What advice do KC investors have for an out-of-towner? My family is local and we visit ~4-5 /year. I like the idea of picking up several properties (and experience) quicker compared to NYC, but am worried about appreciation.

2) Alternatively, what strategies do my fellow NYC investors implement and/or recommend?

3) We are paying off my husband’s student loan debt – anyone else begin investing with student debt?

I just saw the post about the NYC meet-up on the 15th – see you there!

Robin

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  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Hey @Robin Halsey welcome to the site! I'm a huge fan of multifamily properties (have you read this post yet?) so let me know if you have any questions! Definitely jump in to the community here, start asking questions, offering advice where you can, and just become a familiar face around here. The great part about the site is that everyone helps everyone succeed and grow - no matter what level they are currently playing on :)

    Also be sure to set up some Keyword Alerts for "New York" or other names you wanna be kept in the loop about!

  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    13y

    Welcome to BP Robin! I'm like you and Brandon. I like smaller Multi-fams that create great cash flow. This website is great. Chock full of info and people to throw ideas past and work with. I see you're headed to the NYC meeting next week. Happy to chat with you then and discuss strategy.

  • Rehabber · Glen Rock, NJ · Member since 2013 · 28 posts · 2 votes
    13y

    Hey Robin - welcome to BP! I'm new myself and so far I love it. Unfortunately I'm not in the NYC market, my focus is Northern NJ at this point. However, I recently helped out a friend with some analysis on the Woodside section of Queens though, I wouldn't mind passing it along if I can find it.

    As far as KC goes, there's a fairly large development company I've become familiar with who not too long ago invested 100MM or so in multi-family rehab units in the New Hyde Park section there. From their past experience they tend to pick spots they feel are under valued, so maybe something to look into.

    As far as student loans go all I can say is, ugh! It's like owing money to the mafia, once you're in there's no way out. The mob may be more forgiving for all I know - it's crazy.

    Anyway, once again welcome and I look forward to meeting you Thursday!

  • Real Estate Broker · Leawood, KS · Member since 2013 · 150 posts · 23 votes
    13y

    @Robin....Welcome to BP! I was born and raised in Queens NY, that's where I started my real estate career.

    I now live in Prairie Village KS, and work as a full time broker/investor & focus on the urban core including the surrounding suburbs. from the River Market to Waldo/Brookside/PV areas....I agree with Bill regarding the Hyde Park area, this has been a popular area for investors over the last few years.

    I tend to focus more on SFR since that's my comfort level....Good luck!

    PS. KC is great for Cash-Flow

  • Rowayton, CT · Member since 2013 · 11 posts · 3 votes
    13y

    Thanks for the welcome!

    @Brandon Turner – I found BiggerPockets linked from your prior blog Real Estate In Your Twenties. I thought that was a gold mine and now it gets bigger and better. So much better - thank you for your service and focus on MF!

    @Darren Sager and @Account Closed – It’s great hearing from people in the area. I look forward to meeting with you next week to dig deeper. It sounds like we will have some great newbie and experienced input. Bill, I’d love to chat further on Hyde Park – I have heard good things.

    @Ray Orellano – I love your location. We are living opposite lives! I will send you a PM, I’d like to learn more about your work and possibly connect with some BP'ers when I’m in town next month.

  • Real Estate Investor · Stuttgart, Germany · Member since 2013 · 40 posts · 5 votes
    13y

    Robin,

    Welcome! I'm new as well, but the BP website truly is a gold mine.

    I've lived in very similar locations (grew up in KS, stationed in Yorktown/Williamsburg, VA, Ventura County, CA), but KC is definitely the only place I would look to invest out of that lot. I have a few properties, but I'm always looking for more.

    Managing from a distance is not easy (still haven't found a property management company I'm happy with!), but I know all the heartache will be worth it down the road. I get back maybe once or twice a year, but I'd like to get involved in an REIA when I'm back.

    As long as you become a Yankees fan while you guys are in NYC, all will be well...

    David

  • Investor · The Bronx, NY · Member since 2012 · 226 posts · 44 votes
    13y

    Hi Robin, welcome. See you at the meetup next week

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    13y

    Robin

    NYC using a special populations can produce higher 2-4 times rental return. Special pops include student housing, social agency housing and homeless veterans programs.

    NYC is a top emerging market where equity is rapid and huge. NYC is popular with foreign investors they tend to pay more for a property but need people locally.

    KC market link with 3 different local REIA clubs, great source of people, resources and info. Visit the club websites to connect in advance with people.

    Owning from a distance is a matter of getting the best of the best team locally. For good property management go to IREM.org search for ARM certified for <50 units, CPM certified >50 units

    Looking forward to seeing your expertise on the site.

    Paul

  • Rowayton, CT · Member since 2013 · 11 posts · 3 votes
    13y

    @David Jayne - thanks for the note. Look forward to bouncing ideas around w/r/t REI in KC.

    @Paul Timmins I know foreign capital is prevalent in NYC, but would you recommend this for a newbie like myself? The high capital costs continue to worry me, but I open to see how the numbers stack up. Initially, I prefer the ability to acquire a few properties quickly as opposed to tying up too much capital / financing on my first deal. Further, I would expect to gain even more experience and diversification with this strategy. Thoughts? I think REIA clubs are an excellent recommendation!

    @Pete Nater - see you soon. I look forward to learning more about your wholesale perspective.

  • Investor · Wichita Falls, TX · Member since 2010 · 3k+ posts · 603 votes
    13y

    Welcome to BiggerPockets @Robin Halsey !

    Seems like you have a solid plan in place and you're poised to make some moves soon. That's awesome! I wouldn't worry about market appreciation. Focus on your cash flow and forced appreciation.

    I'm in Los Angeles and I invest out of state for many of the reasons you're stating about NYC.

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